92-94 Ludlow Street

BID DEADLINE: THURSDAY APRIL 28th, 2016, 5PM. The subject property is a single story commercial building located on the east side of Ludlow Street between Delancey and Broome Streets, just one block from the Essex Crossing site. The entire building, which sits on a 38.5’ x 88.06’ lot, is leased to the popular neighborhood restaurant & club Hotel Chantelle. In addition to the ground floor, Hotel Chantelle occupies the lower level and the rooftop which is partially enclosed throughout the year. 92 Ludlow is zoned C6-1 which has a Commercial FAR of 6.00 (20,342 BSF), Residential FAR of 3.44 (11,663 BSF) and a Community Facility FAR of 6.50 (22,037 NSF). Hotel Chantelle pays all utilities associated with the space as well as 100% of the Real Estate taxes (base year 2012/13) in addition to 50% of the previous billed Real Estate taxes (base year 2007/08). Their original lease is dated November 27, 2007 and was amended on June 8, 2010 (1st amendment), August 14, 2013 (2nd amendment) and March 24, 2014 (3rd amendment). Among other items, these amendments included language relating to: (1) extending the lease term until November 30, 2020; (2) permitting tenant to use additional space at the rear of the property in exchange for additional supplementary rent; (3) 4% annual increase associated with the supplementary rent; (4) adjusted Real Estate tax pass-throughs from 50% to 100%. The property is suitable for an investor or developer who is willing to wait out the lease term considering Essex Crossing should be up and running at that time (circa 2020).