Global commercial real estate advisory firm Newmark has been named the exclusive agent for the development of 59 Allen Street under a proposed long-term, triple net ground lease with the property’s ownership.
The more than 8,800 square-foot land parcel is a through-block site from Allen Street to Eldridge Street that features a five-story, commercial structure totaling approximately 60,000 square feet. The first three floors plus two lower levels are currently occupied by a commercial parking garage and the upper floors and the Eldridge Street retail by Galleries and arts-related concerns, all of which can be made available in the near term.
Ownership and the newly appointed leasing team led by Newmark Vice Chairman Brian Ezratty and Scott Ellard will showcase the property’s exceptionally flexible zoning designation and tremendous future potential for both developers and end-users alike. The site features excess development rights of just over 11,000 square-feet, which substantially increases the above-grade zoning floor area over the existing structure.
“With its flexible use and proximity to the Essex Crossing mega-development just one block away, 59 Allen Street offers the advantage of a long-term ground lease at the focal point of the Lower East Side, Chinatown, Little Italy and Nolita,” said Ezratty. “This is a great opportunity to control a well-positioned asset through a long-term triple net lease that extends to 2118 in lieu of a more capital-intensive, outright purchase of the property day one.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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