LE PAIN QUOTIDIEN · 2019. 10. 4. · Today, this same rough, reclaimed wood continues to bring a...
Transcript of LE PAIN QUOTIDIEN · 2019. 10. 4. · Today, this same rough, reclaimed wood continues to bring a...
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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124 7TH AVE. | MANHATTAN, NYOffering Memorandum
LE PAIN QUOTIDIEN 124 SEVENTH AVENUE, MANHATTAN, NY 10011 SUBJECT PROPERTY
124 7TH AVE. | MANHATTAN, NY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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124 7TH AVE. | MANHATTAN, NY
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Investment Overview
Offering Summary
Property Summary
Lease Abstract
Tenant Overview
Maps
Demographic & Location Overview
Table of Contents
124 7TH AVE. | MANHATTAN, NY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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Investment Overview
Marcus & Millichap is pleased to present for sale Le Pain Quotidien located at 124 7th Avenue in the Chelsea neighborhood
of Manhattan, NY.
The subject property has 27 feet of frontage along Seventh Avenue, between West 17th Street and West 18th Street. Le Pain
Quotidien occupies the entire 2,767 square-foot gross leasable area (GLA), uses the additional basement space for storage,
and has been operating there on a 15-year NNN lease which expires in June 30th, 2021. It is likely that Le Pain Quotidien will
not extend their lease. The air rights for the property have been previously sold.
The one-story retail building is supremely located in the heart of Chelsea, one of the most sought after and dynamic
neighborhoods in the city, both rich in culture and character, with over 200 art galleries, the much celebrated High-Line
Park, and Chelsea Piers. It is also home to some of the best retail, restaurants, and companies in the city such as Barneys
New York, Malin+Goetz, Printed Matter, Comme des Garons, Jeffrey New York, Del Posto, The Chelsea Market (home to
famed eateries such as Miznon, Los Tacos No.1, and many others), Okuda, Old Homestead Steakhouse, Google, WeWork,
and much more. Chelsea is surrounded by other prudent neighborhoods with Greenwich Village and the Meatpacking
District to the South, Union Square to the East, and Hudson Yards to the North.
Chelsea is also one of the city’s wealthiest neighborhoods with an average household income within a one-mile radius of 124
Seventh Ave of over $182,500 with a population of over 209,000 people. 124 Seventh Avenue is a tremendous opportunity
for investors to acquire a perfectly positioned retail building in one of the most desirable neighborhoods in New York City,
tenanted by a well-known franchise providing very healthy triple-net cash flow for almost two years.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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124 7TH AVE. | MANHATTAN, NY
Offering Summary
PERIOD COMMENCEMENT DATE EXPIRATION DATE ANNUAL RENT MONTHLY RENT RPSF
Years 12-15 7/1/2018 6/30/2021 $563,679 $46,973 $204
PRICE $7,500,000
Rent Schedule
Cap Rate
GLA
Expiration
Lot Size
7.52%
2,767 SF
6/30/21
2,767 SF
Price/SF
Current NOI
Years Remaining
Lease Type
$2,711
$563,679
1.75 +/-
NNN
HIGH LINE PARK
124 7TH AVE. | MANHATTAN, NY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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Property Details
SUBJECT PROPERTY
Street Address 124 Seventh Avenue
City State Zip NEW YORK, NY 10011
Building SF 2,767 SF
Lot Size 27.67' Frontage X 100' Deep
Tax ID 00767-0041
Zoning C6-3A
Year Built/Renovated 1920/1999
Building Class One-Story Retail Building (K1)SUBJECT PROPERTY
SUBJECT PROPERTY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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124 7TH AVE. | MANHATTAN, NY
Lease Abstract
Article 36.13 Except as specifically provided in section 35.1, it is the purpose and intent that the lease be an absolutely NET, NET, NET lease and landlor shall not be required to provide any services or do any act or thing with respect to the demised premises.
Rent & Additional Charges Tenant's RE Tax Reimbursements Tenant shall pay (reimburse) landlord for all real estate taxes.
Tenant Insurance Reimbursements Tenant will hold all required insurance policies and pay premiums directly
Tenant's CAM Reimbursements N/A
Tenant's Utility Payments Tenant will pay for all utilities directly
Maintenance & RepairsTenant agrees to put, keep, repair, maintain and replace in good working order and condition, the property, fixtures and improvements within the de-mised premises. Tenant's responsibilities include interior, exterior, structural, nonstructural, ordinary, extraordinary, and utility lines serving the premises.
Assignment & SublettingTenant may not assign or otherwise transfer this lease without written consent of landlord. See lease for full list of acceptable scenarios.
Free RentTenant was granted 6 months of free rent spread out over the first two years of the lease term
GuarantyPQ New York, Inc. guarantees this lease.
Tenant PQ Chelsea, Inc.
D/B/A Le Pain Quotidien
Landlord Leesam Realty Inc.
Property Location 124 7th Avenue
Original Lease Date 5/23/2006
Lease & Rent Commencement 7/1/2006
Lease Expiration Date 6/30/2021
SUBJECT PROPERTY
124 7TH AVE. | MANHATTAN, NY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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Tenant Overview
Le Pain Quotidien means the daily bread. It’s much more than mere sustenance; it’s a way of life. As LPQ’s loaves emerge from the ovens, warm and fragrant, friends gather around LPQ’s communal tables to share in the time-honoured tradition of breaking bread. The hum of conversation fills the air, jam is passed around the table, and, ever so gracefully, time slows. LPQ’s bakers blend organic stone-ground flour, sea salt and water with a wild yeast levain starter to create a humble four-ingredient beginning. The dough is then kneaded patiently by hand, and baked in LPQ’s stone-lined hearths. These are the artisanal loaves of LPQ’s past, baked according to tradition. LPQ’s handmade bread serves as the canvas for a myriad of organic and seasonal ingredients. They come together to become LPQ’s tartines, the Belgian take on the sandwich. At once simple and elegant, LPQ’s tartines bring taste to the table and delight to the palate. And although LPQ’s handmade, organic bread is how they got their start, they serve a variety of healthy options like organic coffee, pastries, eggs, tartines, soups, salads and desserts. At Le Pain Quotidien, they believe that community is what nurtures, inspires and feeds the soul. LPQ’s first communal table on Rue Dansaert in Brussels was built from wood salvaged from the floors of retired Belgian trains. Those simple planks became a tradition. Today, this same rough, reclaimed wood continues to bring a rustic comfort to their stores, and the communal tables have become their centrepiece. Long enough for all to fit and narrow enough for all to talk, LPQ’s tables are where friends reconnect and new friendships are forged over the shared appreciation of delicious food and good company. In a space where colour comes to life, music mingles with the melody of conversation and fresh-baked smells stoke the imagination, there will always be a place for you at the Le Pain Quotidien table.
Tenant Le Pain Quotidien
Industry Quick Service Restaurant
Parent Axon Partners Group
Public/Private Private
Number of Stores 200+
Headquarters 50 Broad Street, 12th Floor, New York,
Website www.lepainquotidien.com
Year Founded 1990
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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124 7TH AVE. | MANHATTAN, NY
*Borders are approximate and to be used for reference purposes only.
Parcel Map
SUBJECT PROPERTY
W 17th St / 7,756
VP
D
W 18th St / 6
,174 V
PD
7th Ave / 30,492 VPD
124 7TH AVE. | MANHATTAN, NY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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*Borders are approximate and to be used for reference purposes only.
Regional Map
SUBJECT PROPERTY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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124 7TH AVE. | MANHATTAN, NY
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Please add some of the places I mentioned in the overview (Barneys New York, Malin+Goetz, Printed Matter, Comme des Garçons, Je�rey New York, Del Posto, The Chelsea Market, Okuda, Old Homestead Steakhouse, Google, WeWork, Chelsea Piers)
*Borders are approximate and to be used for reference purposes only.
Retail Map
SUBJECT PROPERTY
MADISON SQUARE GARDEN
124 7TH AVE. | MANHATTAN, NY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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Location Overview (1 Mile Radius)
Pulled from STDB.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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124 7TH AVE. | MANHATTAN, NY
About MANHATTAN, NEW YORKManhattan often referred to locally as the City, is the most densely populated of the five boroughs of New York City and its economic and administrative center, cultural identifier, and historical birthplace. The borough is coextensive with New York County, one of the original counties of the U.S. state of New York. The borough consists mostly of Manhattan Island, bounded by the Hudson, East, and Harlem rivers; several small adjacent islands; and Marble Hill, a small neighborhood now on the U.S. mainland, physically connected to the Bronx and separated from the rest of Manhattan by the Harlem River. Manhattan Island is divided into three informally bounded components, each aligned with the borough’s long axis: Lower, Midtown, and Upper Manhattan.
Manhattan has been described as the cultural, financial, media, and entertainment capital of the world, and the borough hosts the United Nations Headquarters. Anchored by Wall Street in the Financial District of Lower Manhattan, New York City has been called both the most economically powerful city and the leading financial center of the world, and Manhattan is home to the world’s two largest stock exchanges by total market capitalization: the New York Stock Exchange and NASDAQ. Many multinational media conglomerates are based in Manhattan, and the borough has been the setting for numerous books, films, and television shows.
Source: https://en.wikipedia.org/wiki/Manhattan
MANHATTAN, NY MANHATTAN, NY
124 7TH AVE. | MANHATTAN, NY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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2019 Summary 1 Mile 3 Miles 5 MilesPopulation 209,148 1,183,154 2,603,226
Households 117,527 592,944 1,187,837
Families 28,395 218,645 514,696
Average Household Size 1.63 1.93 2.13
Owner Occupied Housing Units 37,839 160,053 305,470
Renter Occupied Housing Units 79,689 432,891 882,367
Median Age 36.4 37.0 36.6
Median Household Income $123,902 $107,874 $89,410
Average Household Income $182,536 $161,506 $140,185
Pulled from STDB.com
MANHATTAN, NY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
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124 7TH AVE. | MANHATTAN, NY