Friday, January 27, 2012

Buy a loft building — with your very own billboard! — on the Bowery


Over on the Bowery near East Fourth Street, this five-story "loft building" is on the market for $6.5 million. Let's see what you get, via Massey Knakal:

[T]his 5 story plus lower level loft building is configured with floor through live-work lofts, ground floor retail, and a lower level bar. The building currently has signage which is leased out to Van Wagner for fifteen years fifteen years with 10% increases every 5 yrs. The retail and lower level are occupied by one tenant doing business under two names: Antik and King’s Cross, which are two of the trendiest Downtown bars and clubs. Their lease is a fraction of market at only $28/SF. Meanwhile, the average loft rents for $33/SF, which is half of market. The building is an excellent opportunity for an investor looking for long term upside in the below market rents.

First, are Antik and King’s Cross really "two of the trendiest Downtown bars and clubs"?

And! Billboard!

We always wanted to own a billboard.

Here's what's advertising up there now...photographed during The Storm of the Saturday®...


That is so true. No one is safe!

• Your kindly old landlord just sold your apartment building to a hotshot developer.
• You saw your new upstairs neighbors move in a drum kit and keyboards

Oh, sorry — we'll stop...
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