Cushman & Wakefield has been exclusively retained to arrange for the sale of the residential condominium unit of 66 Pearl Street in Lower Manhattan. Ideally located along the western block front of Coenties Slip between Pearl and Water Streets, the subject property overlooks an open pedestrian plaza and benefits from dual corner frontage as well as tremendous light and air. In total, 66 Pearl consists of six (6) buildings that have been combined internally to include forty-two (42) elevator serviced residential units encompassing 32,843 gross square feet.Of the forty-two (42) residential units thirty-four (34) are free market and eight (8) are rent stabilized. All of the free market units have recently undergone extensive renovations and are renting at an average of $72 per square foot. The units feature a variety of different configurations ranging from Studios to 3-bedrooms and offer high ceilings, hardwood floors, large multi-paned windows, exposed brick walls, open kitchens, functional living spaces and individually controlled HVAC systems. In addition, there are nine (9) duplex units, five (5) of which on the 5th floor have private terraces with harbor and city views. The rent stabilized portion of the building is currently renting at an average of $38 per square foot, which is approximately 50 percent below current market levels. This allows potential investors to benefit from significant additional upside through lease turnover and renovation.Furthermore, transportation options abound the property and provide ideal access to a variety of subway trains. The R subway line is just two blocks to the east at Whitehall Street and the 4 and 5 subway lines are four blocks north at the Bowling Green Station. Additionally, the 2 and 3 subway lines are just six blocks north at the Wall Street Station. The South Ferry Station, which is three blocks to the south, provides access to the 1 subway line and the Staten Island Ferry.In recent years, Lower Manhattan has become a focal point in the overall resurgence of New York City. Significant investment across all asset classes has led to robust job creation as the neighborhood has reached a new post 2001 peak of more than 232,200 private sector employees. This has been fueled by tremendous growth within the local hotel, retail and restaurant sectors. As a result, 66 Pearl Street is well positioned to take advantage of this positive momentum and demand for residential apartments in one of the most sought after neighborhoods in Manhattan.The retail component on the ground floor is a separate commercial condominium and is not included in the offering.
* Listing courtesy of Massey Knakal Realty Services.