BURBERRY 367/369 BLEECKER RETAIL CONDOMINIUM
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367/369 BLEECKER RETAIL CONDOMINIUM
BURBERRY
property
CONTACT
a
James P. Nelson
t / 212 696 2500 x7710
e / jnelson@masseyknakal.com
Robert A. Knakal
t / 212 696 2500 x7777
e / rknakal@masseyknakal.com
Mitchell Levine
t / 212 696 2500 x7761
e / mlevine@masseyknakal.com
275 Madison Avenue, Third Floor
New York NY 10016
t / 212 696 2500
f / 212 696 0333
Introduction
INTRODUCTION
There are few streets – perhaps Today, they are home to Beck
Tenant Description
only Rue St. Honore, Bond Street, Street Capital’s own collection of
Rodeo Drive, and Russell Street jewel-box luxury retailers including
– which share the attributes that Burberry, Michael Kors, Mulberry,
make Bleecker Street one of the Marc Jacobs, and APC, as well as
elite locations for luxury retail other internationally recognized
worldwide. I first noticed this brands such as Ralph Lauren,
Investment Summary
potential for Bleecker in the early Brunello Cucinelli, and Diptyque.
90’s when I lived just around the Perhaps the most appealing aspect
corner, on Christopher Street. Even of Bleecker Street is that unlike
then, the narrow street, lined with virtually every other location
flowering pear trees and historic around the globe, this street is
townhomes, was occupied by some forever protected from the threat
Property Overview
of the most desirable retailers in of modern development – and
the country, including the original consequently new supply of
home of Pierre Deux Antiques. It leasable space – by the power of
was at Pierre Deux where I first met its designation as a historic area
the “deux” of Pierre Moulin and by the New York City Landmarks’
Pierre LeVec, who together made Preservation Commission. This
Bleecker Street
me fall in love with not only their designation ensures the historic
antiques, but Bleecker Street itself. buildings, narrow street, and
Their store, and their home above, character of Bleecker Street are
BLEECKER became our first investment on the
street.
enshrined in their present state in
perpetuity, and are as a result likely
STREET
Contact Information
to retain their appeal to luxury
Since then, these few precious retailers and loyal consumers for
blocks have continued to evolve. generations to come.
Kevin Comer
Senior Managing Director
Beck Street Capital
01
Introduction
TENANT DESCRIPTION
Burberry is an internationally Bleecker Street location, and
Tenant Description
recognized luxury fashion house franchises, but additionally sells
with a worldwide distribution through concessions in third party
network specializing in apparel, stores. Burberry Group plc is listed
fragrance and accessories. In on the London Stock Exchange
the fall of 2010, Burberry will as BRBY.
be opening a double storefront
Investment Summary
boutique on prime Bleecker Street. Burberry has store locations in
over 45 countries worldwide
Burberry arguably has one of the including stores in Los Angeles,
most globally recognized icon San Francisco, Aspen, Boca Raton,
portfolios including: their signature Palm Beach Gardens, Boston,
trench coats, their trademark black, Las Vegas, New York, Shanghai,
Property Overview
tan, and red checked tartan and their Hong Kong, Tokyo, Seoul, Macau,
Prorsum horse logo. The company Rome, London, Paris, Dubai and
has branded stores, including the Abu Dhabi.
Bleecker Street
Contact Information
03
Introduction
INVESTMENT SUMMARY
The 367-369 Bleecker Street retail 1,973 NSF of storage space in an
Tenant Description
condominium – which features the area where retail rents command
prestigious Burberry credit until at north of $500/SF. This is evident
least 2020 – is now for sale. This in Marc Jacobs’s recent lease
condominium offers an investor an signing at 400 Bleecker Street,
immediate and dominant position the former Biography Bookshop,
on Greenwich Village’s strongest for $545/SF. Before 2009, rents
Investment Summary
retail corridor. were achieved as high as $740/SF,
as seen with Diptyque’s lease at
This northern portion of Bleecker 377 Bleecker.
Street serves as the connection
between the Meatpacking District Located in the heart of the West
and the heart of Greenwich Village, Village, this retail condominium
catering to thousands of retail is nestled between other high end
Property Overview
customers on a daily basis. retailers such as Polo Ralph Lauren,
Tommy Hilfiger, Michael Kors,
This offering provides an investor Black Fleece by Brooks Brothers,
in-place income from an established Alexis Bittar, Cynthia Rowley,
credit tenant with a combined net Brunello Cucinelli, Bonpoint, and
operating income of $860,679. Jack Spade, among many others.
Bleecker Street
The offering consists of nearly
2,753 NSF of retail space, plus
Contact Information
05
Introduction
PROPERTY OVERVIEW
The Burberry Retail Condominium, located on New York City’s famed
Tenant Description
Bleecker Street, features one of the most sought after retail spaces
in the city, with roughly fifty feet of prime Bleecker Street frontage.
A condominium plan successfully concluded in 2007, with all of the
residential units sold. This retail condominium has 1,718 ground SF of
prime retail space with frontage on both Bleecker and Charles Streets plus
1,035 SF of lower-level retail space and 1,973 SF of storage space. Retail
Investment Summary
adjacencies include Ralph Lauren, Marc Jacobs, Robert Marc, Dyptique,
Brooks Brothers, Tommy Hilfiger, Brunello Cucinelli, and Mulberry.
Retail Condominium Unit Information
Tenant Burberry Limited
Property Overview
Total Retail NSF 2,753 sf (approx)
Total Storage 1,973 sf (approx)
Assessment $ 182,761 (2010)
Estimated Taxes $ 26,373 (2011)
Building Information
Bleecker Street
Location Northeast corner of Bleecker and
Charles Street
Lot Size 49’ x 41’8” (approx)
Lot Area 1,926 sf (approx)
Contact Information
Zoning C1-6
Landmark Yes; Greenwich Village
Historic District
07
Introduction
Lease Abstract
Tenant Burberry Limited
Date May 20, 2010
Premises 367 and 369 Bleecker Street, Ground floor,
Tenant Description
basement and sub-basement
Use of Premises Solely for the retail sale of luxury men’s, women’s
and children’s fashions and such other goods in
each case, sold or available from time to time in its
retail stores under any of the following trade names:
Burberry, Burberry Brit, Burberry London, Burberry
Investment Summary
Kids, and Burberry Prorsum, and for storage and
office purposes incidental thereto, and for no
other purpose.
Term 10 years with 3% annual increases
Lease Commencement September 01, 2010
Lease Expiration August 31, 2020
Property Overview
Option to Renew Two options to renew lease for 5 years, at 95% of
fair market value
Additional Rent 100% of taxes above a July 1, 2010 to June 30, 2011
base tax year
Security Deposit None
Assignment Rights Only with the Landlord’s prior written consent
Bleecker Street
BURBERRY rental income
$1,185,659 rent
Contact Information
$1,150,369
$1,116,106
$1,082,841
$1,050,545
$1,019,190
$988,748
$959,193
rent $902,640 $930,498
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
09
Financial Information
Introduction
Lease Expiration August 31, 2020
Annual Rent $ 902,640
Annual Increase 3%
Tenant Description
Revenue
Potential Gross Annual Revenue
Base Rental Revenue $ 902,250
Expense Reimbursement Revenue
Investment Summary
Real Estate Taxes $ 390
Total Potential Gross Annual Revenue $ 902,640
Expenses
Real Estate Taxes $ 26,373
Property Overview
Common Charges $ 6,561
Miscellaneous $ 9,027
Total Operating Expenses $ 41,961
Bleecker Street
Projected Net Operating Income $ 860,679
BURBERRY net operating income
$1,185,659 rent
Contact Information
$1,150,369 $1,130,830 net operating
income
$1,116,106 $1,097,144
$1,082,841
$1,050,545 $1,064,439
$1,019,190 $1,032,687
$988,748 $1,001,860
$959,193 $971,930
rent $902,640 $930,498 $942,872
$914,661
net operating $860,679 $887,271
income
expenses $41,961 $43,227 $44,532 $45,876 $47,260 $48,685 $50,154 $51,667 $53,225 $54,829 expenses
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
11Chelsea
Introduction
Meatpacking District
Bank St BLEECKER STREET
Dominating the luxury retail scene
Bleecke r St
Tenant Description
in downtown Manhattan, the few
blocks of Bleecker Street that
JACK SPADE
stretch from West 10th, to Charles,
W 11th St
Perry and West 11th Streets, have
become home to many of the
world’s most prestigious retailers,
Investment Summary
Greenwich Village including Burberry, Michael Kors,
Marc Jacobs, Ralph Lauren, Brooks
Brothers and Brunello Cucinelli.
This small tree-lined street serves
as the connector between the uber-
Perryy St trendy Meatpacking District, and
the dense historic neighborhood of
Property Overview
Greenwich Village, with residents
and tourists walking this small strip
by the tens of thousands on any day
of the week. While global luxury
retail dominates these few blocks
St
Bleecker Street
of Bleecker, the surrounding side
Charles St streets are all home to many of New
York City’s finest restaurants and
hotels, as well as its most exclusive
residential neighborhoods.
Contact Information
W 10th St
Soho
Tribeca
13Ground Level
CONTACT
bleecker street
a property
charles street
bleecker street
Beck Street Capital, LLC
Beck Street Capital is a real estate investment company with
offices in New York City and Washington Depot, CT. Beck Street
Basement Level
Capital consists of a team of highly experienced professionals exterior
led by accomplished real estate entrepreneurs with direct real court
estate development and operating experience across multiple real
estate cycles. BSC specializes in the adaptive re-use of historically
significant buildings, working closely with neighborhood civic
groups and preservationist organizations.
Tel: +1 212 337 3173
beckstreetcapital.com
exterior
areaway
Sponsor name: 367/369 Bleecker, LLC. Sponsor address: 100 Vandam Street, 4th Floor, New York, NY 10013
The complete offering terms are in an offering plan available from sponsor. File No.CD040335
Sub-basement Level
Financial Assumptions
- At lease termination, the renewal option is exercised at a rent 3% greater than the prior year’s rent
- Expenses are inflated by 3% per year
- Property Taxes increase in July, all other expenses increase in January
- Property Management and Miscellaneous Expenses equal 1% of revenues
design: Brooklyn Digital Foundry / printing: CRW Graphics exterior
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