The Front Street Portfolio

01-20-2023
01-23-2023

213 Front St New York, NY 10038

233 Front St New York, NY 10038

227 Front St New York, NY 10038

229 Front St New York, NY 10038

214 Front St New York, NY 10038

222 Front St New York, NY 10038

24 Peck Slip New York, NY 10038

  • 95 luxury residential units and 15 retail units across 7 properties in the South Street Seaport Historic District
  • $4,600,910 in-place NOI at 89% residential occupancy and 80% retail occupancy
  • 38% discount between preferential and legal rents for the 50 units with preferential rents offers immediate upside at lease turnover
  • Luxury amenities including communal courtyards and rooftop decks with views of the East River and Brooklyn Bridge
  • Current ownership completed major capital improvements in 2012 to prevent potential storm and flooding damage
  • All 7 properties are on the same block, allowing for management efficiency
  • Combined 440’± of frontage along Front Street and 175’± of frontage along Peck Slip
  • Immediate scale opportunity in one of New York City’s most historic and desirable neighborhoods
  • Continued massive investment by Howard Hughes Corporation for development in the South Street Seaport and Pier 17 is a testament to the area’s success and continued
  • 9.5% year-over-year increase in South Street Seaport neighborhood rents
  • Direct access to multiple forms of transportation

Portfolio Description

Avison Young, as exclusive agent, is pleased to offer for sale the Front Street Portfolio (“Portfolio”), comprised of seven mixed-use elevator properties on Front Street between Peck Slip and Beekman Street in the South Street Seaport neighborhood of Manhattan. This rare opportunity includes 213-217 Front Street, 225-227 Front Street, 229 Front Street, 235 Front Street, also known as 36 Peck Slip, 214 Front Street, 220 Front Street and 236 Front Street, also known as 24 Peck Slip. Combined, the buildings are 88% occupied with strong-in place rents that offer a value proposition to nearby new construction.

Key Portfolio Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Mid-Rise
Price
$ 87,000,000
No. of Units
110
Building Size
143,177.04 Sq ft
Price per unit
790,909
Lot Size
4.50 acres
Opportunity Zone
No
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40.707237, -74.002308

40.707539, -74.001811

40.707475, -74.00204

40.707449, -74.001895

40.707451, -74.002642

40.707582, -74.002313

40.707888, -74.00193

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