$24,000,000
Updated 8 years ago
Off Market

40 Wooster Street

Soho, Manhattan | Grand Street & Broome Street

14,125 Square FeetCommercial

$24,000,000
floors6
Lot Size25'x100'
ZoneM1-5B
Building TypeLoft
RE Taxes$183,694
Price Per SF
$1,699

Building Amenities

  • Voice Intercom
  • Elevator

Property Description for 40 Wooster Street

Ariel Property Advisors presents 40 Wooster Street, a 25’ wide, 6-story elevatored income producing office building with residential conversion potential, located in the heart of the SoHo Cast Iron Historic District. Situated on the east side of Wooster Street between Broome and Grand Streets, the 15,000 square foot building contains 6 commercial units, comprising of 1 vacant 2,400 square foot retail unit (with an additional dedicated 2,000 square feet below grade) and 5 floor-through office units. All leases include the landlord’s right to terminate the leases early with a 90 day-notice provision, thereby presenting investors with various options to maximize value. First, as commercial tenants and users seek unique office product in the SoHo area, investors have the opportunity to increase the present revenue and stabilize the asset at an approximate $1 million NOI. Alternatively, ownership secured approvals from Community Board 2 and Landmarks to convert the existing property to a mixed-use residential building with a rooftop addition. With home buyers’ continued demand to acquire quality residential products, 40 Wooster presents the opportunity to deliver luxury condominium units in a prime location that is unmatched in Manhattan. As a final option, the lease flexibility provides an opportunity for an owner- user to configure the building to fulfill a specific commercial or residential requirement.

Listing History for 40 Wooster Street

Now
07/06/2018
POM by Shimon Shkury
Ariel Property Advisors
2018

Building Details for 40 Wooster Street

OwnershipCommercial
Building TypeLoft
Service LevelVoice Intercom
AgePre-War
AccessElevator
Year Built1896
Floors6
Learn More About the Building

Transit and Citi Bike

Subway

Canal St
0.18 miles
Canal St
0.2 miles
Canal St
0.2 miles
Spring St
0.28 miles
Spring St
0.28 miles

Citi Bike

Grand St & Greene St
0.04 miles
W Broadway & Watts St
0.07 miles

Contact Agents

Contact Agents

Shimon Shkury
Ariel Property Advisors
Howard Raber
Ariel Property Advisors
Andre Sigourney
Ariel Property Advisors

Soho | Manhattan

Quick Profile

Famous for its art galleries, designer boutiques, cobblestone streets and cast-iron architecture, SoHo has always been full of buzz - wowing both tourists and locals alike. It’s rich with history (more so than most neighborhoods). So, whether you’re a computer nerd, serial shopper or foodie, you’re guaranteed to find something exciting to do in this storied neighborhood.

SoHo is bounded by Houston Street to the north, Canal Street in the south, 6th Avenue to the west and Crosby Street on the east.

The neighborhood has gone through many ups and downs over its long history. Enough to make a voluminous history book. When the Dutch discovered Lower Manhattan, they came across indigenous people living on the island. Technically, the American Indians were the first Manhattanites and then the Dutch moved in making them the second original Manhattanites. 

After the Civil War ended, the west side of Lower Manhattan flourished because the shipping routes changed. Textiles and the need for all types of products increased. Warehouses and large lofts were built and replaced farmland to accommodate the commerce. Many of those buildings are still standing and give SoHo its unique character and charm.

The bustling commerce eventually stopped and in the mid 1800’s, well-to-do families began moving into SoHo. They built exquisite buildings, many of which are characterized by their cast-iron facades. Soon after it became residential, theatres, music halls and eateries followed. The wealthy eventually left and the once prosperous district began another decline.  

The 1960’s marks SoHo’s most definitive period. City planners lost their bid to build a major highway that would level a portion of the neighborhood and many historic buildings. After their failed attempt to revitalize SoHo, artists quickly moved into the empty lofts and warehouses. Some legally, and other move-ins, not so legal. The city turned a blind eye. Artists of all mediums working from their new creative spaces created a ripple in the art scene. It was such a ripple that the well-to-do uptown crowd started buying their art and hanging out with them. The uptown folks eventually moved into the neighborhood and began buying up the lofts and warehouses. As soon as the word spread, up went the property values and the rest is history. 

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 71252TH