103 Reade Street
Marcus & Millichap is pleased to offer 103 Reade Street / 121 Chambers Street, which is a block through property located between West Broadway and Church Streets in the Tribeca section of Manhattan. The subject property is a five story mixed use building with a full basement and subbasement. The building contains two retail units on the ground floor (one with frontage on Reade Street and the other with frontage on Chambers Street), an office on the second floor, two apartments on the third and fifth floors respectively, and a full floor loft on the fourth floor.
The property is built 25 ft x 150 ft and sits on a 25 ft x 150.83 ft lot with approximately 18,750 gross square feet above grade. As of right, there is approximately an additional 9,730 feet of air rights, however the property is located in the Tribeca South Historic District (please consult you architect to determine usable square footage). The property is zoned C6- 3A/TMU (Block: 145, Lot: 10)
All apartments, except for the 4th floor unit, are free-market. The fourth floor is rent stabilized. Both retail tenants have short term leases and are considerably under market which presents an opportunity to reposition the asset in the short term. The current Chambers St lease expires on May 31, 2017, however the tenant will vacate the space on May 15, 2016. The Reade Street retail tenant is substantially under market and has a lease expiring on September 30, 2016.
This building offers investors, developers and owner/users the rare opportunity to acquire a mixed use loft building with mostly deregulated apartments and retail frontage on both Reade and Chambers Streets in the prime Tribeca neighborhood of Manhattan, NY.