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16 Beaver St - Availability Details

16 Beaver St, New York, NY 10004

  • For Sale Contact for pricing
  • City New York
  • Neighborhood Financial District
  • Zip Code 10004
  • Market Manhattan
  • Property Type Office
  • Property Size 15,678 Sqft
  • Lot Size 0.06 Acre
  • Year Built 1900
  • Date Updated 01 Oct, 2020

Cushman and Wakefield is retained exclusively on the sale of 16 Beaver Street, a 15,678 SF, 6-story commercial building located on the corner of Beaver and Marketfield Streets. The offering is a 99-year ground lease which commences on January 1st, 2022 with a starting rent of $500,000 per year for the first five (5) years and a 10 percent increase every 5 years following until its expiration (see lease abstract on pg. 10). All tenants will vacate the building prior to the commencement of the ground lease. The ground lease has no market value reset throughout the entirety of the term and may be used for any lawful purpose with no restrictions. 

This opportunity allows an investor to utilize approximately 39,195 buildable SF in a C5-5, LM zone to construct a hotel, commercial or mixed-use residential building in the heart of the Financial District. The zoning supports a commercial FAR of 15 and residential FAR of 10 making it possible to develop a mixed-use project featuring retail, office, hotel and residential. The 2,613 SF lot is situated on the southwest corner with dimensions of roughly 41’ x 74’. 

A developer has the option to utilize a commercial FAR of 15 and construct either a 39,165 SF office or hotel property, up to 17-stories tall, consisting of nine full floors and eight floors above at 75% of the lot area. Alternatively, a developer can utilize a residential FAR of 10 and commercial FAR of 5 to construct a 39,165 SF mixed-use property consisting of five full commercial floors and 13 residential floors above at 75% of the lot area. Additionally, future ownership has the option to keep the building as-is and lease the 15,678 gross square foot mixed-use office building to create a strong cash flowing asset. 

16 Beaver Street is also walking distance from three subway stations with access to the R W J Z 1 2 3 4 5 lines and some of the Financial District’s finest eateries and attractions. Some notable attractions include Harry’s NYC, Luke’s Lobster FiDi, The Capital Grille, La Parisienne, multiple Duane Reade’s, Hermes, and Tiffany & Co. 

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Location

  • City New York, NY
  • Neighborhood Financial District
  • Zip Code 10004
  • Market Manhattan

Contacts

broker

Daniel Soyak

Cushman & Wakefield, Inc.

(212) 698-5552

Highlights

  • 99-year ground leases commencing on 1/1/2022 with no market value reset of rent
  • Developer can utilize 39,195 BSF on a 41’ x 74’ corner lot
  • Flexible C5-5, LM zoning allows for the construction of commercial, hotel or mixed-use residential development
  • 3 sides of legal light/corner exposure

Contact Listing Broker

broker

Daniel Soyak

Cushman & Wakefield, Inc.

(212) 698-5552

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