LE PAIN QUOTIDIEN 124 SEVENTH AVENUE, MANHATTAN, NY 10011 - Offering Memorandum
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Offering Memorandum
124 7TH AVE. | MANHATTAN, NY
LE PAIN QUOTIDIEN
SUBJECT PROPERTY
124 SEVENTH AVENUE, MANHATTAN, NY 10011
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
LE PAIN QUOTIDIEN 1
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
2 LE PAIN QUOTIDIEN 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
124 7TH AVE. | MANHATTAN, NY
Table of Contents
4 Investment Overview
5 Offering Summary
6 Property Summary
7 Lease Abstract
8 Tenant Overview
9 Maps
12 Demographic & Location Overview
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
LE PAIN QUOTIDIEN 3
124 7TH AVE. | MANHATTAN, NY
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
4 LE PAIN QUOTIDIEN 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
124 7TH AVE. | MANHATTAN, NY
Offering Summary
PRICE $7,500,000
Cap Rate 7.52% Price/SF $2,711
GLA 2,767 SF Current NOI $563,679
Expiration 6/30/21 Years Remaining 1.75 +/-
Lot Size 2,767 SF Lease Type NNN
Rent Schedule
PERIOD COMMENCEMENT DATE EXPIRATION DATE ANNUAL RENT MONTHLY RENT RPSF
Years 12-15 7/1/2018 6/30/2021 $563,679 $46,973 $204
HIGH LINE PARK
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
LE PAIN QUOTIDIEN 5
124 7TH AVE. | MANHATTAN, NY
Property Details
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
SUBJECT PROPERTY
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
6 LE PAIN QUOTIDIEN 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
124 7TH AVE. | MANHATTAN, NY
Lease Abstract
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
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 & Repairs
Tenant 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 & Subletting
Tenant may not assign or otherwise transfer this lease without written consent of landlord.
See lease for full list of acceptable scenarios.
Free Rent
Tenant was granted 6 months of free rent spread out over the first two years of the lease term
Guaranty
PQ New York, Inc. guarantees this lease.
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
LE PAIN QUOTIDIEN 7
124 7TH AVE. | MANHATTAN, NY
Tenant Overview
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
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.
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
8 LE PAIN QUOTIDIEN 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 & Millichap124 7TH AVE. | MANHATTAN, NY
Parcel Map
SUBJECT PROPERTY
W 17th St
W 18th St / 6
7th Ave / 30,492 VPD
/ 7,756 V
,174 VPD
PD
*Borders are approximate and to be used for reference purposes only.
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
LE PAIN QUOTIDIEN 9124 7TH AVE. | MANHATTAN, NY
Regional Map
SUBJECT PROPERTY
*Borders are approximate and to be used for reference purposes only.
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
10 LE PAIN QUOTIDIEN 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 & Millichap124 7TH AVE. | MANHATTAN, NY
Retail Map
e
Av
9th
MADISON SQUARE
GARDEN
SUBJECT PROPERTY
r.
RD
FD
11th Ave
e
Av
7th
e
Av
1st
Please add some of the places I mentioned in the overview
(Barneys New York, Malin+Goetz, Printed Matter, Comme
des Garçons, Jeffrey New York, Del Posto, The Chelsea
Market, Okuda, Old Homestead Steakhouse, Google,
WeWork, Chelsea Piers)
E1
4th
St
*Borders are approximate and to be used for reference purposes only.
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
LE PAIN QUOTIDIEN 11124 7TH AVE. | MANHATTAN, NY
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
12 LE PAIN QUOTIDIEN 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 & Millichap124 7TH AVE. | MANHATTAN, NY
About MANHATTAN, NEW YORK
Manhattan often referred to locally as the City, is the most Manhattan has been described as the cultural, financial, media,
densely populated of the five boroughs of New York City and and entertainment capital of the world, and the borough hosts
its economic and administrative center, cultural identifier, and the United Nations Headquarters. Anchored by Wall Street in
historical birthplace. The borough is coextensive with New York the Financial District of Lower Manhattan, New York City has
County, one of the original counties of the U.S. state of New been called both the most economically powerful city and the
York. The borough consists mostly of Manhattan Island, bounded leading financial center of the world, and Manhattan is home
by the Hudson, East, and Harlem rivers; several small adjacent to the world’s two largest stock exchanges by total market
islands; and Marble Hill, a small neighborhood now on the U.S. capitalization: the New York Stock Exchange and NASDAQ. Many
mainland, physically connected to the Bronx and separated multinational media conglomerates are based in Manhattan, and
from the rest of Manhattan by the Harlem River. Manhattan the borough has been the setting for numerous books, films,
Island is divided into three informally bounded components, and television shows.
each aligned with the borough’s long axis: Lower, Midtown, and
Upper Manhattan. Source: https://en.wikipedia.org/wiki/Manhattan
MANHATTAN, NY 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
LE PAIN QUOTIDIEN 13124 7TH AVE. | MANHATTAN, NY
MANHATTAN, NY
2019 Summary 1 Mile 3 Miles 5 Miles
Population 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
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
14 LE PAIN QUOTIDIEN 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 & Millichap124 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
LE PAIN QUOTIDIEN 15You can also read
