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LONG TERM OWNERSHIP 98 ORCHARD STREET
Lower East Side | ManhattanInvestment Opportunity
We have been retained as the exclusive agent for the sale of 98 Orchard Street (the "Property"), a ± 9,563 SF, mixed-use building with 15 apartments and a Ground Floor commercial space located on Manhattan’s Lower East Side.
WE HAVE BEEN EXCLUSIVELY RETAINED FOR THE SALE OF 98 ORCHARD STREET.
CONTACT
Jeff FishmanVice [email protected]
Gary MeeseManaging Director, Investment Sales 212.916.2933
PROPERTY SNAPSHOT
PROPERTY ADDRESS 98 ORCHARD STREET
BLOCK/LOT 409 / 3
LOT DIMENSIONS ±25.5 FT x 88.42 FT
LOT SIZE ±2,255 SF
BUILDING DIMENSIONS ±25.5 FT x 75 FT
BUILDING SIZE ±9,563 SF
98 ORCHARD STREET | INVESTMENT OPPORTUNITY
NEW DEVELOPMENTS The Lower East Side is a neighborhood in lower Manhattan, bounded by Canal Street, Houston Street, Bowery and the East River. Like other neighborhoods in the city, it has undergone successive transformations—from a colonial-era farm into a working-class district where immigrants lived in tenement buildings, and from a hub of nightlife, music and art into an enclave for wealthy New Yorkers. More than 30 permits have been filed for new development in this vibrant area in the last year.
ESSEX CROSSING Essex Crossing is a planned mixed-use development in the Lower East Side, specifically at the intersection of Delancey Street and Essex Street just north of Seward Park, in part of an existing area known as the Seward Park Urban Renewal Area (SPURA). The $1.1 billion mega-project will sit on a total of nine city blocks. Construction began in mid-2015 and is expected to conclude by 2024.
Upon its completion, Essex Crossing will host a new and expanded Essex Street Market, restaurants, office space, a movie theater and a park. Retail tenants, such as Trader Joes, Target, Planet Fitness and Regal Cinemas have signed on to be part of the project. The development is also set to include 1,000 residential units. The first phase of Essex Crossing, which includes four new buildings and Market Line, a 150,000-SF marketplace connecting the buildings to the Essex Street Market, is slated to open Quarter 42018.
NGKF.COM
© 2019 NEWMARK KNIGHT FRANK RETAIL The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.
98 ORCHARD STREET | INVESTMENT OPPORTUNITY
NEIGHBORHOOD MAP
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ABCPLAYGROUND HAMILTON
FISH PARKMole
Ellen
Syger
Symbo
Inborn
DLBar
The Yard
Green StarFoods
Hi Thai
bOb Bar
Joyopos
Rayuela
Charrua
Libation
Saka Mai
Stellina
Wolfnight
Precision
Objectify
SoHo House
ML Graphics
Doka Square
Hill & Dale
Club Element
Ty Furniture
Sign &Glass
Squadra Nara
Real New York
Sons of Essex
Mazaar Lounge
Champion Pizza
Fine China Tea
L.Mak Projects
Lisson Gallery
Asia Universal
The Masalawala
ClaytonGallery
Davis & Warshow
Carolina Sarria
WoodwardGallery
Chang Sheng Food
Los Perros Locos
The Whiskey Ward
Chancellor Travel
Tu QuynhPharmacy
Efficient Computer Williamsburg Pizza
El NuevoRestaurant
Strada
La Crepe C-est Si Bon
WilliamHolmanGallery
CS RestaurantSupplies
New GenerationLighting
AlbaneseMeats & Poultry
Loreley
CutieRoom
CreativeSign
DodgeGallery
myplasticheart
Steven HarveyFine Art Projects
The Gatsby Hotel
AdventureCafé
Hair ofthe Dog
CapitalLighting
Le Turtle
GreenbergDisplay Inc
4 SeasonsVegetable Inc
BroomeLampshades, Inc.
ThierryGoldbergProjects
AVC
Saro
Cata
Katra Epaulet
Records
Woodward Gallery
La Gamelle
Dolce & Dolce
Hionas Gallery
Bowery Mission
Bowery and Vine
Sperone Westwater
BluemanHardwareCorp
Soho Contemporary Art
Forsyth Sandwich& Coffee
ObsessiveCompulsiveCosmetics
Roma Pizza
ForeverHealth
La Flaca
MickoBuildingMaterials
Creperie
Los Feliz
Fontana's
Sun Bakery
Mass Market
Flower Girl
TBD Gallery
Berkli Parc
Tea Gallery
Round K Café
Boni Knitware
MILES Gallery
Kris Graphics
Patacon Pisao
Shung Kee Food
Well Connected
Saphire Lounge
Essex Taqueria
Champion Pizza
Tijuana Picnic
Gallery Artshop
Juicy Spot Café
ApizzRestaurant
The GoodCompany
Republic Capital
Lazar MechanicalNena Resurrection
People Restaurant
New YorkLighting
S.E.T. LES
C&L RestaurantSupply
La MargeritaPizzeria
Two Bit's Retro ArcadeBoutique
Benson's
Taylor Cruther's Studio
Chili's IndianRestaurant
ArcilesiHombergFine Arts
Grand Electrical Equipment
Char Sue
J&J Stainless Steel Supplies
Copper and Oak
Antler Beer &Wine Dispensary
LV2
Yama
Piacere
elementMezettoMacando
QTSigns
San LocoA. Turen
Essex Bar
Eurotrend
Jin Sushi
Tenden Za
SugarCaféFools GoldArmy & Navy
Pet BoutiqueArco Concept
RandolphBar
Creffle Café
Remedy Diner
StantonPizza
Petee's Pie Co
MercuryLounge
The FalafelShop
Russ &Daughters
Frosche &Portman
Tribes ofMorocco
Sue ScottGallery
IglesiaAdventista
Fusion ArtsMuseum
DaciaGallery
EastHouston
Hotel
CallicoonFine Arts
NY HardcoreTattoos
Essex StreetApparel
JamesFuentesGallery
Schiller'sLiquor Bar
SimonPreston Gallery
SilverMonument
Works
Welcometo the
Johnsons
ChristianBerst
Gallery
Louie & ChanRestaurant
Near & FarBurger/Bar 65
IermontiGallery
BlacktreeFine English
Fabrics
Shut
Invisible NYC
Pala
IF & L
Pilgrim
Wassail
H Optics
Ehvonnae3 Sixteen
SpurTree
Gen Ramen
Konditori
Sel Rrose
Henri Café
World HatsCaffe Vita
Taquitoria
Attaboy Bar
BikramYoga
Yaf Sparkle
Harris Levy
Tom & Jerry's
Siggy'sGood Food
Blue &Cream Bowery
MeatCompany
The Alchemist'sKitchen
OtherwildNY Cozy
Cafe
Ri Xin Store
Karaoke Boho
Mes que Café
JSA Wholesale
Local 138 Bar
FuzhouCusine
WindsorHotel
Solo LightingGalaxyBrilliant LED
Mikey's Burger
Ludlow Guitars
Dutton Gallery
By Robert James
Hotel Blue Moon
The Reformation
Duo Tian Bakery
Oshman Brothers
IconicMagazine
O'Lampia Studio
Lions King Print
LuckyJack's Bar
ManhattanUnisex
Sunshine Gallery
Paulaner Brewery
Guangyu Lighting
The Rising States
Assembly New York
CongeeRestaurant
Perfect Furniture
Sasha WolfGallery
SheilasDecorating
CongeeVillage Bar
Sino Carpet & Tile
RockwoodMusic Hall
Roni-SueChocolates
New ModernLighting
The LightingStudio
Iggy's Celtic Lounge
Essex Street Gallery
YokkoyamaHat Market
Go Go GoneBike Shop
CW Pencil Enterprise
Lyles & King Gallery
Balter SalesCompany
TropicalBar & Lounge
National CashRegister
Mark Fisher FitnessCougarItalianFashions
Nativity Mission Center
iDesignDigitalPrinting
AdvanceKitchenSupplies
Lendy ElectricsLighting
Reinstein RossGoldsmiths
A & E BoweryLighting inc
RichardTaittingerGallery
BoweryRestaurantSupplies
Pop InternationalGalleries
Sign and RestaurantEquipment
Worldwide Restaurant Equipment
Shoot TheLobster
Station IndependentProjects Gallery
RPM Bar
VerlaineBabeland
LuckyBee
La CavernaTani
Gallery 128
Ale et Ange
EZ MiniMart
HappyEnding
ConBodyLNC Flooring
EconomyCandy
BabycakesNYC
MarshallStack
InklineStudioLeekan
DesignsMorgenstern’s
Finest Ice Cream
M&ADecorators
AquaBest, Inc
LudlowFitnessBowery
Balloom
EdithMechinist
MetroVideoInc
AmigoMini Mart
CenturyPharmacy
TriangleOptical
ProfessionalNeon
A PlusRestaurant
DoubleCrispyBakery Lucky
KingBakery
OceanstarSeafood
MichelleOlivieri
New ChungWah Inc.
J&SExhaustSystem
Red RoyaltyGallery
Lok PingRestaurant
RodriguezAssociates
PacificAquarium
& Pet
BroadwayExterminating
MasterKitchenSupplies
Hong KongFurniture LTD
FirstInternational
Bank
The MagicianRestaurant
& Bar
Yan's FootReflexology
Centre
No Fun
Dark Room
Taverna Di Bacco
Elizabeth HoustonGallery
The Skinny
Grit n Glory
Rooster Gallery
Fred NYC
An Choi
Cafè Katja
Sticky Rice
Dirt Candy
theBoil
Cocobar
Garfunkels
Taqueria Diana
Azasu
BYGGYZ
The Pause Cafè
Prohitbition Bakery
The Little Laptop Shop
PopularTax
A LittleWicked
Heaven'sHot Bagel
Rachel Uffner
L.E.S. Subject
SuffolkArms
Minnie’s
ClintonFlowerShop
We the PeopleFashion
Collective
ALiFE
VidaNaural
Szeki
St. Jerome'sBar
Nitcap
GetSet
99¢ PizzaHappyWok
Retro Bar and
Grill
205Club
Leave RochelleOut of It
Off SohoSuites
Buddy Warren
The Box
et al.
Van Doren Waxter
Plank Pilates Studio
Famous Sammy's
Brian Morris GalleryDixon Place
Tache Artisan Chocolate
IsseyMiyake
Two BootsLower East Side
Amphitheater at Grand
HenryStreet
Playhouse
ESSEX CROSSING1.9 MILLION SF OF MIXED-USE SPACE
wireless
wireless
Clinton Deli & GroceryCibao Restaurant
Black Crescent
Clinton Supermarket & Mall
East Village Wines & Liqours
New Life After School Program
Blue Atelier
The Flying Row (Barber Shop)
Showtime Salon
El Maguey La Tuna
CastellanoElectric Motors
La Isla Café
P.S. 142
Pizza Mini Munchies
Mi Casa SuCasa Park
El Paraiso Food Market
Bike Works
98 ORCHARD STREETNEW YORK, NY
98 ORCHARD STREETNEW YORK, NY
Jeff FishmanVice [email protected]
Gary MeeseManaging Director, Investment Sales 212.916.2933
NGKF.COM
© 2019 NEWMARK KNIGHT FRANK RETAIL The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.
98 ORCHARD STREET, LOWER EAST SIDE, MANHATTAN
CONFIDENTIALITY AGREEMENT
You (the “Customer”) have advised us, our affiliates, successors and assigns (collectively “Broker”) that the Customer wishes to register as a potential purchaser of the fee interest located at 98 Orchard Street (the “Property”). Broker has been retained by the owner of the Property (the “Owner”) as the exclusive broker to offer the Property for sale. The Owner has indicated that all inquiries and communications with respect to the contemplated sale of the Property be directed to Broker. All fees due to Broker in connection with the sale of the Property shall be paid by the Owner.
Broker has available for review certain information concerning the Property, including but not limited to brochures, offering memorandum, financial information, and other materials (collectively “Confidential Information”). As a condition to Broker’s furnishing the Confidential Information to the Customer, whether such information is furnished by Broker, Broker’s employees, agents or representatives (including attorneys and financial advisors) (collectively, the “Broker’s Representatives”), or by Owner or any of Owner’s employees, agents or representatives, the Customer and its affiliates, subsidiaries, lenders and investors (whether existing or potential), partners, consultants, directors, officers, employees, agents and advisors (collectively, “Customer’s Representatives”), Customer agrees to treat the Confidential Information, regardless of who prepared it, in accordance with the provisions of this Agreement and to take or refrain from taking certain actions herein set forth. Notwithstanding the foregoing, Confidential Information shall not include, and this agreement shall have no effect with respect to : (i) information which is or becomes publicly known other than as a result of a violation by Customer or a Customer Representative, (ii) information which is already in the possession of Customer or Customer’s Representatives or becomes known to such parties from a source other than Broker or Owner, and which person or entity providing such information was not, to Customer’s knowledge after due inquiry, bound by a confidentiality agreement with Broker or Owner relating to the Property, or (iii) is independently developed by Customer or Customer’s Representatives without use of or reference to “Confidential Information”.
1. All Confidential Information relating to the Property which may be furnished to the Customer by Broker shall continue to be the Property of the Owner and Broker. The Confidential Information will: (i) be kept confidential by the Customer and Customer’s Representatives; (ii) be used solely by the Customer for the purpose of evaluating a potential purchase of the Property; and (iii) not be copied or duplicated without Broker’s prior written consent other than in connection with the review of same. Upon written request by Broker, Customer hereby agrees to return to Broker or at Customer’s option destroy any and all Confidential Information, provided that Customer shall be entitled to retain such of the Confidential Information as is required by internal document retention policies.
2. The Customer will not disclose the Confidential Information to any person unless Broker has approved in writing such disclosure, provided, however, that the Confidential Information may be disclosed to Customer’s Representatives, for the sole purpose of evaluating the potential purchase of the Property; it being understood that: (a) such Customer’s Representatives shall be informed by Customer of the confidential nature of such information and Customer’s responsibilities under this Confidentiality Agreement with respect thereto; and, (b) Customer shall direct and cause such Customer’s Representatives to treat such information confidentially. The Customer hereby acknowledges the confidential nature of the Confidential Information.
3. In addition, the Customer agrees that, without Broker’s prior written consent, the Customer will not, and will direct Customer’s Representatives not to, disclose to any person either the fact that investigations or discussions are taking place concerning the Property, or any of the terms, conditions or other facts with respect to the Property, or any potential transaction in connection therewith, including the status thereof.
4. The Customer understands and acknowledges that neither Broker nor the Owner make any representation or warranty as to the accuracy or completeness of the Confidential Information and that the information used in the preparation of the Confidential Information was furnished to Broker by others and has not been independently verified by Owner or Broker and is not guaranteed as to completeness or accuracy. The Customer agrees that neither Broker nor the Owner shall have any liability for any reason to Customer or Customer’s Representatives resulting from the use of the Confidential Information by Customer or Customer’s Representatives, or for any other information (whether oral or written) provided or alleged to have been provided to Customer or Customer’s Representatives.
5. It is understood and agreed that money damages may not be a sufficient remedy for any breach of this Agreement by Customer and that Broker and Owner shall be entitled to seek specific performance or other equitable relief as a remedy for any such breach. Such remedy shall not be deemed to be the exclusive remedy for Customer’s breach of this Agreement but shall be in addition to all other remedies available at law or in equity to Broker and the Owner, provided that neither party to this Agreement shall be liable for indirect, consequential, or punitive damages. Customer agrees that the provisions of this Agreement shall be deemed to apply, with equal force and effect, to Customer’s Representatives, affiliates, or associates, as if such persons were a signatory hereto and that Customer shall be responsible for any breach of the provisions of this Agreement by Customer’s Representatives, affiliates or associates unless such parties are themselves party to a confidentiality agreement in favor of Broker or the Owner relating to the Property in which case the Customer shall have no responsibility for the compliance of such parties with this or any other agreement.
6. In the event that Customer or Customer’s Representatives receive a request or demand to disclose all or any part of the information contained in the Confidential Information under the terms of a subpoena or order issued by a court of competent jurisdiction or otherwise or if a request for disclosure is made by a governmental or regulatory authority, Customer agrees at no cost to themselves to (i) promptly notify Broker and Owner (to the extent legally permissible to do so) of the existence, terms and circumstances surrounding such a request so that Broker and the Owner may seek a protective order or other appropriate relief or remedy or waive compliance with the terms of this agreement, (ii) consult with Broker and Owner and their respective counsel on the advisability of taking steps to resist or narrow such request provided that Customer shall not be subjected to any liability or undue expense or burdens, and (iii) if disclosure of such information is required, disclose such information only to the extent so required.
7. All notices, consents, requests, approvals and other communications provided for herein shall be made in writing and shall be delivered personally, by facsimile transmission, or by first class mail, postage prepaid. Notices delivered personally or by facsimile transmission shall be effective upon receipt. Notices sent by first class mail shall be effective three days subsequent to the date any such notice is deposited in the mail. Notices to Broker must be sent to Broker, 521 Fifth Avenue, 7th Floor, New York, NY 10175, Attn: Legal. Notices to Customer shall be sent to the address provided by Customer in the signature block to the attention of the signatory.
8. With respect to the matters contemplated herein, this Agreement constitutes the entire understanding between Customer and Broker and it supersedes all prior oral and written communications, negotiations, understandings and agreements. The agreement set forth in this Agreement may be modified or waived only by a separate writing by Customer and Broker expressly so modifying or waiving such agreement. No failure or delay in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. This agreement shall expire upon the earlier of one year from the date hereof and the date a transaction is entered into by the Customer or the Customer’s affiliates with respect to the Property.
CONFIDENTIALITY AGREEMENT
98 ORCHARD STREET, LOWER EAST SIDE, MANHATTAN
9. The rights, obligations and benefits hereunder shall inure to the benefit of the respective parties hereto, their successors and assigns.
10. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflict or choice of laws. The Customer hereby irrevocably and unconditionally submits to the jurisdiction of any court of the State of New York or any federal court sitting in the State of New York for purposes of any suit, action or other proceeding arising out of this Agreement (and Customer agrees not to commence any action, suit or proceedings relating thereto except in such courts) and agrees that service of any process, summons, notice or document by U.S. registered mail actually received by Customer at Customer’s address set forth herein shall be effective service of process for any action, suit or proceeding brought against Customer in any such court. Customer hereby irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this agreement, which is brought by or against Broker or Owner, in the State of New York, City of New York, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.
11. The Customer acknowledges that the Property offered for sale is subject to withdrawal from the market, change in offering price, prior sale or rejection of any offer because of the terms thereof, lack of satisfactory credit references of any prospective purchaser, or for any other reason whatsoever, without notice. The Customer acknowledges that the Property is being offered without regard to race, creed, sex, religion or national origin.
12. The Customer stipulates that it is acting as a principal only, and is not acting as a broker, or being represented by any broker in the transaction. If Customer wishes to be represented by a broker, then Customer’s broker shall be paid by the Customer solely. Neither Broker nor the Owner will be responsible for any fees paid to the Customer’s broker. Customer hereby agrees to indemnify, defend and hold Broker, and its members, managers, officers, directors, owners, shareholders, employees, agents and independent contractors, harmless, from and against any and all damages, losses, liabilities, commissions, claims, lawsuits, judgments, costs and expenses, including reasonable attorneys’ fees, disbursements, court or arbitration costs which Broker or any of the aforesaid parties may incur as a result of any breach of this Agreement, or any claim for a commission by any broker related to the dealings with Customer for the Property, including but not limited to any executed transaction, or any negotiations.
If in agreement with the foregoing, please return an original signed copy of this Agreement.
In Witness Whereof, the undersigned has caused this Agreement to be executed and delivered on the day of , 20
NAME (print):
BY (signature):
TITLE:
PHONE NUMBER:
COMPANY:
FAX NUMBER:
ADDRESS:
EMAIL ADDRESS:
Please return all pages to Gary Meese by fax (212.599.3744) or email ([email protected])
NGKF.COM
© 2019 NEWMARK KNIGHT FRANK RETAIL The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.