265 Water Street - Financial District
Commercial Co-op $1,240,000
The Nickolai Group of Prudential Douglas Elliman is delighted to offer a rare opportunity to purchase a retail co-op in the heart of historic South Street Seaport. The retail co-op is located at 265 Water Street, in a building designed in 1872 by architect Charles Miltain for use as a hardtack biscuit bakery. This ground floor space is currently home to a ground floor catering business.The 1,550 SF space (plus 400 SF basement) is vented and ideally suited for restaurant/food-use. The space would also work very well as a showroom, premium retail location, or as the office of a design professional. There are no restrictions on use. Current lease is $6,885/mo. and escalates to $7,917/mo. in April 2013 before expiring in April 2014. Maintenance is $1,900 and the sale does not require co-op board approval.The South Street Seaport is a historic area in Manhattan, located where Fulton Street meets the East River.The Seaport is a designated historic district, featuring some of the oldest architecture in New York, and is undergoing major redevelopment including the projected renovation of the Fulton Fish Market. Pier 17 will be going through a major renovation, with a new glass-shrouded, three-story mall will take the same footprint as the existing structure, and feature a rooftop park, walkways bisecting the mall and 250,000 square feet of selling space. The new retail rents would rival those of prime Soho thoroughfares, with asking prices of about $300 per square foot.