123 Lafayette Street

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 123 Lafayette Street, a six-story, fully-renovated loft office building located on the east side of Lafayette Street between Howard and Canal Streets. Boasting approximately 63’ of frontage along Lafayette Street, the property is ideally located in Downtown Manhattan at the southern end of SoHo. With approximately 21,916 rentable square feet, 123 Lafayette Street offers an exceptional opportunity to acquire a jewel box office building in SoHo, which is the most vibrant neighborhood in the city. The subject property is a newly renovated and 100% fully occupied turn-key office building with ground floor retail. The office portion of the building features five (5) full-floor office spaces currently occupied by three (3) unique tenants with in-place leases that expire between 2021 and 2022. Tenants pay a current average rent per square foot of approximately $57 in a market that is consistently achieving rents north of $70 per square foot. Additionally, the retail units are currently occupied by Dunkin Donuts and Love Hate Social Club, who are paying a current average rent of approximately $124 per square foot with leases expiring in 2018 and 2025, respectively. Lastly, there is a rooftop cellular antenna and a mounted sign that provide additional revenue streams. As such, the property offers an investor a fully stabilized income-producing asset with minimal leasing risk for years to come. 123 Lafayette Street is situated in a dynamic area located at the convergence of some of New York City’s most exciting neighborhoods, including SoHo, Tribeca, the Lower East Side and Chinatown. The area offers some of the most desirable attractions in the city and hosts a rich menu of world-class shopping, dining, and entertainment amenities. The property is also within close proximity to a variety of premier hotels, including The Mondrian Soho and The Crosby Street Hotel, while also surrounded by nationally known retailers such as Bloomingdales, Nike, Lululemon, J. Crew and Jil Sander just to name a few. Additionally, the property is centrally located just one block away from the N, Q, J, Z & 6 trains at Canal Street, making it easily accessible to its office tenants. Combined, these reasons provide for an unparalleled investment opportunity with tremendous long-term growth potential in one of Manhattan’s most thriving sub markets.