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7-11 cornelia street


223 & 235 Saint Nicholas Avenue TABLE OF CONTENTS

Section I

INVESTMENT OVERVIEW

Section II

PRICING & FINANCIAL ANALYSIS

Section III

PROPERTY DESCRIPTION

Section IV

MARKET OVERVIEW


223 & 235 Saint Nicholas Avenue TABLE OF CONTENTS

TABLE OF CONTENTS Section I

INVESTMENT OVERVIEW EXECUTIVE SUMMARY INVESTMENT SUMMARY FINANCIAL SUMMARY

Section II

PRICING & FINANCIAL ANALYSIS MARKET OVERVIEW

Section III

PROPERTY TEAM DESCRIPTION ADVISORY

Section IV

Peter Von Der Ahe 260 Madison Avenue, 5th Floor, New York, NY Tel: (212) 430-5114 -MARKET Fax: (646) OVERVIEW 349-3308 pvonderahe@mmreis.com Joe Koicim 260 Madison Avenue, 5th Floor, New York, NY 10016 Tel: (212) 430-5147 - Cell: (516) 425-2785 jkoicim@mmreis.com David Lloyd 260 Madison Avenue, 5th Floor, New York, NY 10016 Tel: (212) 430-5185 - Cell: (347) 552-2293 david.lloyd@mmreis.com Noah Kossoff 260 Madison Avenue, 5th Floor, New York, NY 10016 Tel: (646) 805-1426 - Cell: (917) 880-1475 noah.kossoff@mmreis.com

Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor, New York, NY Tel: (212) 430-5168 - Fax: (212) 500-5110 adansker@marcusmillichap.com


7-11 Cornelia Street 26,480 SQUARE 49 TOTAL UNITS

FEET

In the West Village neighborhood of Manhattan

OFFERED AT

$33,950,000


FINANCIAL HIGHLIGHTS OFFERING PRICE

$33,950,000

$1,282 $692,857

$/SF $/UNIT TOTAL SF

26,480

TOTAL UNITS

49

79%

FAIR MARKET

CURRENT METRICS

UNITS

CAP RATE

4.0%

24%

PROPERTY TAX

GRM

16.0

RATIO

$3,350

AVERAGE MONTHLY RENT PRO FORMA

EXPENSE RATIO

PRO FORMA METRICS

CAP RATE GRM CASH ON CASH

4.3% 15.2 2.77%

UPSIDE ANALYSIS $7,000 $6,000 $5,000 $4,000

35%

$3,000 $2,000 $1,000 $0

Studio

1 Bedroom 2 Bedroom 3 Bedroom

Current Avg RS Units Market Rents Current Avg FM Rents


investment summary


INVESTMENT DRIVERS THE OFFERING Marcus & Millichap is pleased to offer the following opportunity located in the booming West Village neighborhood. 7-11 Cornelia Street is located on Cornelia Street between Bleecker and West 4th Street, and contains a gross square footage of 26,480. The property is zoned R7-2.

THE OPPORTUNITY Economies of Scale. 7-11 Cornelia Street represents a unique opportunity to gain an immediate large footprint in the West Village. The opportunity features 2 contiguous buildings with a total of 75 feet of frontage on Cornelia Street. 7 Cornelia is a 50-foot wide elevator building while 11 Cornelia features 25 feet of frontage and a carriage house.

Trophy Location. 7-11 Cornelia Street sits in the heart of the City’s most desirable neighborhood. Near Washington Square Park, the Sheridan Square Viewing Garden, McCarthy Square, Jefferson Market Garden, and in close proximity to The Path, 1, 2, 3, A, B, C, D, E, F, and M, subway lines, this location offers terrific access to transportation, restaurants, and other amenities in the West Village neighborhood. Because of these factors, renters typically pay more for buildings located in this immediate location. Strong Cash-Flow. With 81% free market units, 7-11 Cornelia Street features immediate signification cashflow while allowing an investor to capture future rental upside. 7-11 Cornelia Street will benefit from its location for years to come. Rare Opportunity. Located between Bleecker & West 4th Street, 7-11 Cornelia represents the rare opportunity to acquire a large mixed-use asset in a trophy location. The property has 2 commercial units, 4 3-BRs, 11 2-BRs, 20 1-BRs, and 12 Studios.


ASSET SUMMARY City: State: Block & Lot: Lot Dimensions: Lot SF:

New Yorki NYi 590 / 34i 75 x 95i 7,186i

Building Dimensions:

50 x 76i

Building SF:

26,480i

Zoning:

R7-2i

Max FAR:

2.43i

Available Air Rights: Landmark District: Historic District: Annual Tax Bill: Tax Class:

0i Nonei Greenwich Village Historic Districti __ $499,825i 2i

ASSET SUMMARY MARKET


MARKET SUMMARY


ASSET SUMMARY


financial summary


FINANCIAL SUMMARY

FINANCIAL OVERVIEW $33,950,000 OFFERING PRICE $1,282 $692,857

PRICE PER SQUARE FOOT PRICE PER UNIT

CURRENT INCOME Gross Potential Residential Rent $1,793,142 $294,000 Gross Potential Commercial Rent Gross Income $2,087,142 ($35,863) Vacancy/Collection Loss Commercial Reimbursements - W&S + Laun$40,871

PRO FORMA $1,889,248 $298,140 $2,187,388 ($37,785) $40,871

TOTAL SQUARE FEET

26,480

Effective Gross Income

$2,092,150

$2,190,474

TOTAL UNITS CURRENT CAP RATE CURRENT GRM PRO FORMA CAP RATE PRO FORMA GRM PRO FORMA CASH ON CASH RETURN

49 4.0% 16.0 4.3% 15.2 2.77%

Average Residential Rent/Month/Unit

$3,179

$3,350

EXPENSES Property Taxes Fuel Insurance Water and Sewer Repairs and Maintenance Common Electric (PPSF) Super Salary Management Fee Elevator Contract Total Expenses Net Operating Income

$499,825 $45,000 $25,000 $17,150 $36,000 $6,620 $25,000 $62,765 $5,000 $722,360 $1,369,791

$499,825 $45,000 $25,000 $17,150 $36,000 $6,620 $25,000 $65,714 $5,000 $725,309 $1,465,164

% OF TOTAL 26% 43% 23% 9%

RENT $2,039 $3,066 $3,705 $5,725

PROPOSED DEBT Loan Amount Interest Rate Amortization Annual Debt Service Debt Coverage Ratio Net Cash Flow After Debt Service

$18,500,000 3.75% 30 ($1,037,621) 1.32 $427,543

Tax Class: 2

UPSIDE ANALYSIS $7,000

SCHEDULE OF INCOME UNIT BREAKDOWN Studio 1 Bedroom 2 Bedroom 3 Bedroom

$6,000 $5,000 $4,000 $3,000 $2,000

TOTAL 12 20 11 4

$1,000 $0

Studio

1 Bedroom

2 Bedroom

3 Bedroom

Current Avg RS Units Market Rents Current Avg FM Rents

26,480

$1,282

15.95

4.0%

SQUARE FEET

GROSS TOTAL SF

$/SF

GRM

Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyof the information. References to square footage or age are approximate. Buyermust verify the information and bears all risk for any inaccuracies.Any projections, opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus& MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2017Marcus&Millichap

CAP RATE

7-11 Cornelia Street


FINANCIAL SUMMARY

RENT ROLL COMMERCIAL RENT UNIT

TENANT NAME

NOTES

LEASE START

EXPIRATION

ACTUAL

PRO FORMA

Sep-13 Oct-15

Aug-20 Sep-25

$13,000 $11,500 $24,500

$13,000 $11,845 $24,845

BEDROOMS

ROOMS

EXPIRATION

ACTUAL

PRO FORMA

Studio 1 Bedroom Studio 1 Bedroom Studio Studio Studio Studio 3 Bedroom Studio Studio

2 3 2 3 2 2 2 2 5 2 2

Aug-18 Dec-50 Oct-18 Jul-18 May-18 Nov-18 May-18 Dec-17 Jul-18 Apr-18 Jul-18

$2,350 $0 $2,150 $3,595 $2,700 $1,933 $2,500 $521 $5,500 $2,600 $2,600

$2,444 $2,700 $2,364 $3,739 $2,808 $1,933 $2,600 $521 $5,720 $2,704 $2,704

1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom

3 3 3 3 3 3 3 3 3 3

Aug-18 Sep-18 Jul-18 Aug-18 Apr-18 Jun-18 Aug-18 Sep-18 Apr-18

$2,800 $2,800 $3,050 $1,077 $3,100 $2,900 $2,900 $3,200 $3,100 $2,550

$2,912 $2,912 $3,172 $1,077 $3,224 $3,016 $2,900 $3,328 $3,224 $2,652

1 Bedroom 1 Bedroom 1 Bedroom 2 Bedroom 3 Bedroom 3 Bedroom 2 Bedroom Studio Studio 2 Bedroom 1 Bedroom 3 Bedroom 2 Bedroom 2 Bedroom

3 3 3 4 5 5 4 2 2 4 3 5 4 4

Mar-18 Jun-18 Apr-18 Jul-18 Jun-18 Jun-18 Dec-17 Jun-18 Dec-16 Jul-18 Jul-18 Apr-18 Oct-18 May-18

$5,700 $5,725 $3,000 $3,500 $6,400 $5,600 $3,500 $3,050 $328 $3,800 $4,500 $5,400 $3,500 $3,800

$5,928 $5,954 $3,120 $3,640 $6,656 $5,824 $3,640 $3,172 $328 $3,952 $4,680 $5,616 $3,640 $3,952

7 Cornelia Comm 1 Vacant Comm 2 Ramen by MEW MONTHLY COMMERCIAL REVENUE

RESIDENTIAL RENT UNIT

11 Cornelia Front 1F 2F 3F 4F 5F 6F 7F 8F 9F 11F 12F 11 Cornelia Rear 1R 2R 3R 4R 5R 6R 7R 8R 9R 10R 7 Cornelia 1C 1D 2A 2B 2C 2D 2E 2F 3A 3B 3C 3D 3E 3F

LEASE STATUS

FM FM RS FM FM RS FM RC FM FM FM FM FM FM RS FM FM FM FM FM FM FM FM FM FM FM FM FM FM RC FM FM FM FM FM

NOTES

Super Preferential Rent

Vacant

Garden Apartment

Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyof the information. References to square footage or age are approximate. Buyermust verify the information and bears all risk for any inaccuracies.Any projections, opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus& MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2017Marcus&Millichap

7-11 Cornelia Street


FINANCIAL SUMMARY

RENT ROLL CONTINUED RESIDENTIAL RENT UNIT

LEASE STATUS

4A FM FM 4B 4C FM RS 4D FM 4E 4F RS RS 5A 5B FM RS 5C RS 5D 5E FM FM 5F MONTHLY RESIDENTIAL REVENUE

NOTES

BEDROOMS

ROOMS

EXPIRATION

ACTUAL

PRO FORMA

2 Bedroom 2 Bedroom 1 Bedroom 1 Bedroom 2 Bedroom Studio Studio 2 Bedroom 1 Bedroom 1 Bedroom 2 Bedroom 2 Bedroom 66

4 4 3 3 4 2 2 4 3 3 4 4 148

May-18 Aug-18 Aug-18 Apr-18 Apr-18 Apr-18 Jan-18 Mar-18 May-18 Oct-17

$3,700 $4,200 $5,900 $2,129 $3,500 $1,443 $2,288 $3,500 $1,228 $2,062 $4,000 $3,750 $149,429

$3,848 $4,368 $6,136 $2,129 $3,640 $1,443 $2,288 $3,640 $1,228 $2,062 $4,000 $3,900 $157,437

$1,793,142 $294,000

$1,889,248 $298,140

ACTUAL $2,087,142

PRO FORMA $2,187,388

ANNUAL RESIDENTIAL REVENUE ANNUAL COMMERCIAL REVENUE

TOTAL ANNUAL REVENUE There is currently 1 vacant unit in the building.

Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyof the information. References to square footage or age are approximate. Buyermust verify the information and bears all risk for any inaccuracies.Any projections, opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus& MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2017Marcus&Millichap

Jun-18

7-11 Cornelia Street


FINANCIAL SUMMARY

INCOME AND EXPENSE ANALYSIS GROSS POTENTIAL INCOME

ACTUAL

Gross Potential Residential Rent $1,793,142 Gross Potential Commercial Rent $294,000 Gross Income $2,087,142 Vacancy/Collection Loss ($35,863) Commercial Reimbursements - W&S + Laundry In $40,871 Effective Gross Income $2,092,150 Average Residential Rent/Month/Unit $3,179 EXPENSES Property Taxes Tax Class: 2 Fuel Insurance Water and Sewer Repairs and Maintenance Common Electric (PPSF) Super Salary

2%

$/UNIT $36,595 $6,000 $42,595 ($732) $834 $42,697

PRO FORMA $1,889,248 $298,140 $2,187,388 ($37,785) $40,871 $2,190,474 $3,350

%EGI 86% 14% 2%

$/UNIT $38,556 $6,084 $44,641 ($771) $834 $44,704

$499,825 $45,000 $25,000 $17,150 $36,000 $6,620 $25,000

24% 2% 1% 1% 2% 0.3% 1%

$10,201 $918 $510 $350 $735 $0.25 $510

$499,825 $45,000 $25,000 $17,150 $36,000 $6,620 $25,000

23% 2% 1% 1% 2% 0.3% 1%

$10,201 $918 $510 $350 $735 $0.25 $510

$62,765

3%

$1,281

$65,714

3%

$1,341

$5,000 $722,360 $1,369,791

0% 35%

$102 $14,742

$5,000 $725,309 $1,465,164

0% 33%

$102 $14,802

% OF TOTAL -17% 4%

RENT $173,929 $14,309 $849

79%

$134,270

37

$3,629

--

$24,500

2

$12,250

% OF TOTAL 26% 43% 23% 9% 0% 0% 0% 0%

RENT $24,463 $61,315 $40,750 $22,900 $0 $0 $0 $0

Management Fee Elevator Contract Total Expenses Net Operating Income

%EGI 86% 14%

LEASE STATUS MIX UNIT BREAKDOWN Total Residential Units Total RS Units Total RC Units Total FM Units Total Commercial RENTAL ANALYSIS BY UNIT TYPE TYPE Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5 Bedroom 6 Bedroom SRO

TOTAL AVG. RENT 47 $3,701 8 $1,789 2 $425

TOTAL AVG. RENT 12 $2,039 20 $3,066 11 $3,705 4 $5,725 0 $0 0 $0 0 $0 0 $0

AVERAGE RENT PER MONTH

$3,179

PERCENT FAIR MARKET

79%

TAXES AS PERCENT OF EGI

24%

EXPENSE RATIO

35%

UPSIDE ANALYSIS $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0

Studio Current Avg RS Units

1 Bedroom Market Rents

2 Bedroom

3 Bedroom

Current Avg FM Rents

Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyof the information. References to square footage or age are approximate. Buyermust verify the information and bears all risk for any inaccuracies.Any projections, opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus& MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2017Marcus&Millichap

7-11 Cornelia Street


market overview


M A N H AT TA N The island of Manhattan is one of New York City's five boroughs, approximately 13 miles long and two miles wide. Solid bedrock provides a firm foundation for the high-rise buildings that dominate the skyline.

New York Harbor contains docks for freight and passenger ships and provides ferry service to New Jersey and around the city.

Manhattan's deep-water port and proximity to the nation's interior bolster its position as a global economic powerhouse. Manhattan also contains Central Park, which encompasses 843 acres in the center of the island and is considered one of the nation's premier public spaces.

MARKET HIGHLIGHTS Large population: New York City is the United States’ largest city, with upwards of 8 million residents.

BOROUGH

Top address for corporate headquarters: 40+ Fortune 500 companies call New York City home.

Manhattan is home to over 1.6 million residents who are part of a much larger population system. The New York City metropolitan area is the largest in the United States, with more than 19 million inhabitants in three states. New York City consists of five boroughs with about 8.4 million people.

High barriers to development: few parcels of developable land + high costs = limits to new construction.

Manhattan is well placed, situated 100 miles from Philadelphia, 210 miles from Boston, 230 miles from Washington, D.C., and 790 miles from Chicago.

INFRASTRUCTURE

G R O W T H PAT T E R N S

New York City has an extensive mass-transportation network. Subway and bus systems serve virtually every area in the five boroughs. There are 468 stations in the New York City Transit subway system, including 147 stations in Manhattan. Grand Central Station and Penn Station, both in Midtown Manhattan, provide rail service to the suburbs and long-distance connections, while three international airports offer flights to most global destinations. The island of Manhattan is linked to the other boroughs and New Jersey by 11 bridges and four tunnels for vehicular traffic, with numerous additional tunnels for subway and rail lines. Highways along the borough's eastern and western edges connect to freeways throughout the five boroughs.

7-11 Cornelia Street


M A N H AT TA N ECONOMY New York City is home to around 40 Fortune 500 companies, more than any other MSA in the country, and most are located in Manhattan. The city serves as the epicenter for a wide variety of industries, making the performance of its local economy integral to the nation. The Port of New York is also a vital component of New York’s centrality to American and regional trade. As one of the leading financial centers in the world, New York City boasts many international banks and financial firms maintaining offices in the city. Wall Street is a major driver of the local economy, as a significant number of people are employed directly in the securities industry. The city is also a hub for the media, communications and publishing industries. The major television networks have substantial operations in Manhattan, while hundreds of newspapers, magazines and several music recording companies are headquartered in the city. In addition, New York City is the advertising capital of the United States and has a growing presence in the Internet/new media field. The entertainment and tourism industries are crucial to the Manhattan economy, with numerous theaters and attractions drawing billions of dollars each year.

Manhattan is also an important location for many retailers, both national and local. Retail sales in the borough typically grew faster than the U.S. rate over the past decade.

LABOR Job growth in Manhattan slowed over the past five years as the economic downturn weighed on the local manufacturing, information, trade, transportation and utilities, and financial activities sectors. Professional and business services is the largest employment sector, accounting for over 470,000 positions, or 20 percent of the labor force. The government sector follows closely, with 19 percent of jobs in Manhattan. These sectors will post average annual gains of 2.3 percent and 1.2 percent, respectively, over the next five years. The leisure and hospitality and education and health services sectors will record the largest growth through 2015, increasing at average annual rates of 3.1 percent and 2.9 percent, respectively. An annual gain of 2.9 percent is also expected in the other services sector.

C O N F I D E N T I A L 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. Š 2016 Marcus & Millichap


M A N H AT TA N EMPLOYERS

DEMOGRAPHICS

Over half of Manhattan’s labor market is involved in financial activities and the services sectors. This is due to New York City being the headquarters of some of the largest U.S.-based consulting businesses, accounting offices, insurance companies and legal firms, as well as the United Nations. In addition, Manhattan is the financial center of the country and home to the New York Stock Exchange, being one of the only two Alpha++ cities in the world, sharing the title with London. Many of the world's top securities firms and banks are located here. Major employers in the finance industry based in Manhattan include Goldman Sachs, JPMorgan Chase and Morgan Stanley Smith Barney.

New York City is the largest city in the United States, with over 8 million residents. An estimated 19 million people live within the tristate metro area. Among the five boroughs, Manhattan is third largest behind Brooklyn and Queens, with a population of over 1.6 million. Manhattan grew 0.7 percent annually during the past decade, a rate expected to continue through 2015.

Media conglomerate Time Warner is the largest company in the information sector, employing thousands of people in Manhattan from its headquarters at the Time Warner Center in Midtown. Other large media employers in the borough are Viacom and Verizon. The education and health services sector accounts for 13 percent of jobs in Manhattan. Large employers include New York University, Columbia University, New York-Presbyterian Healthcare, Mount Sinai Hospital and Continuum Health Partners Inc.

The share of Manhattan residents with a Bachelor’s degree is more than 34 percent, far above the national average of almost 28 percent. Additionally, more than 14 percent of the borough residents over age 25 have a graduate degree, compared to just over 10 percent nationally. There are significant and noteworthy differences between Manhattan’s demographic profile and the profile of the nation. In particular, residents under age 20 make up only 20 percent of Manhattan's population, compared to 27 percent at the U.S. level. Additionally, residents ages 25 to 44 comprise 37 percent of the local population, up from 27 percent nationally, as this vital job market attracts many in their prime working years.

7-11 Cornelia Street


M A N H AT TA N Although Manhattan’s median household income stands at a healthy $68,100 annually, the borough also has one of the highest housing costs in the country, with the median home price resting at nearly $1.2 million.

QUALITY OF LIFE Manhattan offers a quality of life unique even within the nation’s largest cities. Although housing costs are among the most expensive in the country, the borough provides a variety of cultural, entertainment and employment opportunities. The area is one of the few places in the United States where a person can live without a car and rely completely upon mass transit. You can get anywhere easily by taking the subway, buses or taxicabs, and rail terminals and airports make long-distance travel accessible. A variety of entertainment options are available to Manhattanites, including Broadway shows, first-run films and famous nightlife venues.

There are two MLB teams, two NFL teams, two NHL teams and two NBA teams within the metro area. New York City has an extensive public park system, the jewel of which is Central Park in Manhattan offering natural areas, lawns, playing fields, running trails, biking paths, boating facilities and a zoo. Manhattan also boasts world class art museums including the Metropolitan Museum of Art, the Guggenheim and the Museum of Modern Art. The city's international flavor is always on display in the island's many restaurants, featuring recipes from around the world. New York’s island of Manhattan continues to rise in culture, quality of life, and wealth. As a global gateway city, New York will continue to deliver promising opportunities and investment potential.

C O N F I D E N T I A L 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. © 2016 Marcus & Millichap


WEST VILLAGE GEOGRAPHY

AREA AMENITIES

Located in Manhattan’s downtown west region, the West Village is an extension of Greenwich Village that stretches from 14th Street to Houston Street and between Seventh Avenue to the Hudson River. The West Village streets were developed before the Commissioners Plan in 1811, which created the grid-like pattern for the rest of Manhattan. As a result, the streets were developed to be either parallel or vertical to the Hudson River. Consequently, the streets form at angles that are often not continuous, creating small, hidden pathways.

The West Village, first known as “little bohemia” in 1916, is regarded as an important landmark in bohemian culture. In the early 20th century, the Village attracted artistic and progressive residents who held strong viewpoints on an array of topics, spanning from cultural ideas to political movements.

Nonetheless, it is the uniqueness of the West Village streets, which are filled with historic townhomes and quaint cafes, that attract people to the area.

AMENITITES The northernmost point of the West Village is the Meatpacking District. Filled with renowned restaurants and high-end boutiques, the Meatpacking District attracts local residents and tourists from around the globe. Fashionable shops include Alexander McQueen, Diane Von Furstenberg, Vince, and many more. The array of restaurants and boutiques continue south throughout the West Village, particularly along Hudson and Bleecker Streets. Residents not only enjoy the neighborhood for its amenities, but for its quaint atmosphere filled with historic townhomes, restored carriage houses, and cobblestone streets that are reminiscent of Nineteenth Century Europe. The one- of-akind shops, boutiques, music venues and theatres also add to the charm of the West Village and have increased people’s desire to rent and own real estate in the area.

In 1924, the emergence of culture in the neighborhood led to the development of Cherry Lane Theatre. Formerly a tobacco warehouse and box factory, Cherry Lane has become the oldest continuously running Off-Broadway Theater that has started avant-garde genres, including Theatre of the Absurd and the Downtown Theater movement. From the 1940’s to present day, The Cherry lane Theatre is where new playwrights with great talent debut their work. The bohemian movement continued into the 1950’s when the Beat Generation, a collection of students, poets, writers, and artists, flocked to the Village to flee what they felt was oppressive social conformity. This cultural movement for individual identity continued into the 1970’s and 1980’s with the gay liberation movement. While the bohemian days are no longer present in the West Village because of increasing housing costs, which drove out many of the artists and extreme libertarians, today’s residents still exhibit a strong sense of community and are proud of the neighborhood’s history and cultural revolution.

T R A N S P O R TAT I O N Trains A, B, C, D, E, F and V are accessible at West 4th Street and Seventh Avenue South. The N and R trains are located at 8th Street and Sixth Avenue.

7-11 Cornelia Street


ADVISORY TEAM Peter Von Der Ahe 260 Madison Avenue, 5th Floor, New York, NY Tel: (212) 430-5114 - Fax: (646) 349-3308 pvonderahe@mmreis.com Joe Koicim 260 Madison Avenue, 5th Floor, New York, NY 10016 Tel: (212) 430-5147 - Fax: (212) 500-7565 jkoicim@mmreis.com David Lloyd 260 Madison Avenue, 5th Floor, New York, NY 10016 Tel: (212) 430-5185 - Fax: (212) 500-7565 david.lloyd@mmreis.com Noah Kossoff 260 Madison Avenue, 5th Floor, New York, NY 10016 Tel: (646) 805-1426 - Fax: (646) 349-3308 noah.kossoff@mmreis.com

,

-

Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor, New York, NY Tel: (212) 430-5168 - Fax: (212) 500-5110 adansker@marcusmillichap.com

7-11 Cornelia Street  
7-11 Cornelia Street