Elevatored Conversion Opportunity | Prime Lower Manhattan Location

Description:

Bidding Deadline
Thu, April 24th @ 4 PM


Ariel Property Advisors presents 18 Vesey Street, a rare elevatored conversion opportunity at the nexus of Tribeca, the World Trade Center and the Financial District. Located between Broadway and Church Street, 18 Vesey Street is a 25’ wide, 5-story mixed-use building that spans approximately 11,385 gross sq. ft. Currently, the property consists of two components:

Convertible Rectory
• Spanning floors 2-5 of the building, the rectory measures approximately 9,108 sq. ft.
• Containing a mix of renovated and unrenovated spaces, the rectory is an ideal conversion opportunity for residential conversion to rentals or condominiums, commercial space or non-profit use
• Current features include:
○ Elevator servicing all floors
○ Large commercial-style kitchen on the 2nd floor
○ 7 full bathrooms and 2 half-bathrooms
○ Sprinkler system
• C5-3 zoning and the availability of transferable development rights (TDRs) provide the possibility of expanding the existing structure

Ground Floor, Subject to Easement with Neighboring Parking Garage
• As part of a past transaction, ownership provided a neighboring property (The Barclay Tower developed by Glenwood Management) with a perpetual easement of the ground floor space to serve as the entrance to a parking garage.
• The garage is responsible for paying 20% of any property taxes levied, pays its own utility expenses and is fully responsible for maintaining all portions of the garage in the easement area, including exterior elements (sidewalks, curbsides, pedestrian ingress/egresses)

18 Vesey Street represents an outstanding opportunity for owner-users, residential converters, and commercial/nonprofit converters seeking vacant space in a premier Lower Manhattan location.

Documents: