2011_16 Minetta Lane Sales Brochure

7/31/2019 2011_16 Minetta Lane Sales Brochure

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59 Morton Street16 Minetta Lane16 Minetta LaneGreenwich Village TownhouseGreenwich Village Townhouse


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As Exclusive Sales AgentsWe Are Pleased To Present The Following

Property:

16 Minetta LaneNew York, NY 10012

Asking Price: $3,450,000

For Further Information Or InspectionPlease Contact Exclusive Sales Agents:

Massey Knakal Realty Services275 Madison Avenue

New York, New York 10016212-696-2500212-696-0333

www.masseyknakal.com

John F. CirauloVice Chairman, Partner

Craig M. WaggnerDirector of Sales

James P. NelsonPartner

Brendan GotchDirector of Sales


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16 Minetta LaneConfidentiality and Conditions

This is a confidential brochure intended solely for your limited use and benefit in determining whether you desire to express any furtherinterest in the purchase of 16 Minetta Lane, New York, New York (the Property).

This brochure was prepared by Massey Knakal Realty Services, (Massey Knakal) and has been reviewed by representatives of Ownership. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of theinformation which prospective purchasers may desire. It should be noted that all financial projections are provided for generalreference purposes only in that they are based on assumptions relating to the general economy, competition, and other factorsbeyond the control of Massey Knakal or Owner and, therefore, are subject to material variation. Additional information and anopportunity to inspect the Property and plans will be made available to interested and qualified investors. Neither Owner, Massey Knakalnor any of their respective officers nor employees, have made any representation or warranty, expressed or implied, as to the accuracy orcompleteness of this brochure or any of its contents, and no legal commitments or obligations shall arise by reason of this brochure or anyof its contents. All information contained in this brochure including, but not limited to, square footage measurements, zoningand/or zoning calculations must be independently verified. Massey Knakal and Owner make no representations as to theaccuracy of the information contained herein.

Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Propertyand/or to terminate discussions with any person or entity at any time with or without notice. Owner shall have no legal commitment orobligation to any person or entity reviewing this brochure or making an offer to purchase the Property unless and until a writtenagreement satisfactory to Owner has been fully executed, delivered, and approved by Owner and any conditions to Owner obligationsthereunder have been satisfied or waived.

By receipt of this brochure, you agree that this brochure and its contents are of a confidential nature, that you hold and treat it in thestrictest confidence, and that you will not disclose this brochure or any of its contents to any other person or entity without the priorwritten authorization of Owner nor will you use this brochure or any of its contents in any fashion or manner detrimental to the interest of Owner or Massey Knakal.

It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors onreal estate. Massey Knakal does not conduct investigations or analysis of environmental matters and, accordingly, urges its clients toretain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCBs andother contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions, are present at theProperty and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction oroperation of buildings or may be present as a result of previous activities at the Property.

Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal,transport and disposal of toxic or hazardous wastes and substances. Depending upon past, current and proposed uses of the Property, itmay be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or arecontemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal anddisposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where thesesubstances are or may be present.

While this brochure contains physical description information, there are no references to condition. Neither Owner nor Massey Knakalmake any representation as to the physical condition of the Property. Prospective purchasers should conduct their own independentengineering report to verify property condition.

In this brochure, certain documents, including leases and other materials, are described in summary form. The summaries do not purportto be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of the documents. Interested parties are expected to review independently all relevant documents.

The terms and conditions stated in this section will relate to all of the sections of the brochure as if stated independently therein. If, afterreviewing this brochure, you have no further interest in purchasing the Properties at this time, kindly return this brochure to MasseyKnakal at your earliest possible convenience. Photocopying or other duplication is not authorized. This brochure shall not be deemed anindication of the state of affairs of Owner, nor constitute an indication that there has been no change in the business or affairs of Ownersince the date of preparation of this brochure.


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16 Minetta LaneMassey Knakal Advantage For Buyers


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16 Minetta LaneTable of Contents

Section IProperty Photographs

Section II

Property SummaryProperty Tax Map

Section IIIZoning Map

Section IVNeighborhood Map

Neighborhood DescriptionTransportation Information


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16 Minetta LaneProperty Photograph


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16 Minetta LaneArea Photographs

View east to MacDougal Street

View west to Sixth Avenue

View down Minetta Street


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16 Minetta LaneInterior PhotographsFront Townhouse Building 3 rd Floor


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16 Minetta LaneInterior PhotographsFront Townhouse Building and Solarium


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16 Minetta LaneMechanical Photographs

Washer/Dryer

Electric Meters & PanelsGas Boiler

Water Heater

Gas Meter

Gas Water Heater


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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it.All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any.The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counselshould evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.

275 Madison Avenue Third Floor New York, NY 10016 212.696.2500 Fax 212.696.0333www.masseyknakal.com

THE BRONX BROOKLYN MANHATTAN NASSAU QUEENS STATEN ISLAND WESTCHESTER

Greenwich VillageTownhouse For Sale

16 Minetta LaneNew York, NY 10012

Block / Lot: 543 / 27

Location: North side of Minetta Lane between

Sixth Avenue and MacDougal StreetProperty Type: One-Family Attached or Semi-Attached (A5)

Lot Dimensions: 25 x 50

Lot Size: 1,250 SF (Approx.)

Building Dimensions: 25 x 30 (3 stories including lower level)

Carriage House Dimensions: 25 x 15 (2.5 stories)

Total Square Footage: 2,813 (Approx.)

Zoning: R7-2 (C1-5 Overlay)

Assessment (09/10): $164,160

R.E. Taxes (09/10): $27,326Landmark Status: None as of September 2009 (Pending)

Property is included in the Proposed

South Village Historic District

Year Built: Circa 1930

Property Description:

Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of one of the mostarchitecturally distinct and vastly unique townhouses in Greenwich Village. The townhouse comes with a carriage house thathas been adjoined to it by a grand solarium. At 25 wide and approximately 2,813 square feet, this 1930 townhouse is locatedat the junction of Minetta Street and Minetta Lane between Sixth Avenue and MacDougal Street just 2 blocks south ofWashington Square Park. The faade, of Greek Revival architecture, is stucco decorated with ivy pouring from each windowmaking 16 Minetta truly unique. Upon entering the three level front house through the arched gated doorway, you will findyourself in a large living room with a concrete staircase leading up to the second floor. The second floor boasts a triple heightpitched ceiling reaching as high as 24. The lower level has an exposed stone living space, a full bathroom, the mechanicalroom and storage. There is a two and a half story carriage house in the rear of the property. The house may benefit fromadditional air rights giving it potential to add additional footage. There is a proposal in place for a new South Village HistoricDistrict that would encompass this location. Although the property requires renovations, it would be of great interest tosomeone looking for a truly unique home with open air qualities, loft like space and an outdoor living experience.

Reduced Asking Price: $3,450,000

Craig M. WaggnerDirector of Sales

[email protected] x7744

For further information, please contact Exclusive Agents:

John F. CirauloVice Chairman


James P. NelsonPartner


Brendan GotchDirector of Sales



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16 Minetta LaneTax Map


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16 Minetta LaneZoning Description

New York Citys zoning regulates permitted uses of the property; the size of the building allowed inrelation to the size of the lot (floor to area ratio); required open space on the lot, the number of dwelling units permitted; the distance between the building and the street; the distance between thebuilding and the lot line; and the amount of parking required. The commercial district has eightdifferent classifications.

16 Minetta Lane is zoned R7-2 (C1-5 Overlay)

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16 Minetta LaneArea Map

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16 Minetta LaneNeighborhood Map

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16 Minetta LaneNeighborhood Description

LOCATIONThe neighborhood is bounded by Broadway on the east, the Hudson River on the west, Houston Street on the south,and 14th Street on the north. The neighborhoods surrounding it are the East Village to the east, SoHo to the south,and Chelsea to the north. The East Village, which was formerly known as the Bowery or considered a bona fide partof the Lower East Side, is sometimes (incorrectly) referred to as part of Greenwich Village, but it is actually its ownneighborhood. This area directly east of Greenwich Village was named the East Village in the 1960s in order tocapitalize on the cachet of Greenwich Village. Many New Yorkers argue that the East Village is still a subsection ofthe Lower East Side. Contrarily, the West Village is actually part of Greenwich Village; it is that part of the Villagewest of 6th Avenue.

NEIGHBORHOOD CHARACTER

Greenwich Village is undoubtedly one of New York's best known neighborhoods. Its very mention evokes anassortment of familiar images -- a cultural underground of bohemians and beatniks; the stately world of HenryJames' Washington Square; jazz clubs galore; tourists on Eight Avenue and Bleecker Streets, and of course, thebooming art scene.

The Greenwich Village area, the Manhattan neighborhood containing the subject property, is characterized by itseclectic identity. Approximately 61% of the almost 2,000 buildings in the area are residential; 19% are mixed-use(commercial/residential); 15% are commercial/retail; and 5% include schools, theaters, city property, and vacantland.

The area contains an abundance of restaurants, theaters, clubs and shops, as well as some of New York's oldestand most charming residential blocks. In fact, many of the area's quiet, narrow streets -- virtually unchanged sincethe early 1800s -- have a refreshing smallness of scale. The streets themselves are a crazy quilt of diagonals andcurves that mostly pre-date the rigid grid pattern of the north. Approximately 70-80% of the area is in the GreenwichVillage Historic Preservation District.

The historic Washington Square Park is the center and heart of the neighborhood, but the Village has severalother, smaller parks: Father Fagan, Minetta Triangle, Petrosino Square, Little Red Square, and Time Landscape.There are also city playgrounds, including Desalvio, Minetta, Thompson Street, Bleecker Street, Downing Street,Mercer Street, and William Passannante Ballfield. Perhaps the most famous, though, is "The Cage", officiallyknown as the West 4th Street Courts. Sitting on top of the West Fourth StreetWashington Square subway stationat Sixth Avenue, the courts are easily accessible to basketball and American handball players from all over NewYork. The Cage has become one of the most important tournament sites for the city-wide "Streetball" amateurbasketball tournament.


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TRANSPORTATION

Besides the diversity of services and amenitieslocated in the immediate vicinity, the subjectproperty has excellent access to majortransportation facilities. The 6, as well as B, D, F,and Q subway lines, are within easy walkingdistance, providing access to all areas ofManhattan, the Bronx, Brooklyn, and Queens.The New Jersey PATH train is also accessible viathe subway. The area is served by MTA buses onmajor avenues. Cross-town bus service can befound on Houston and West 14th Streets.

By car, there is relatively easy access to theHolland tunnel to New Jersey, and the Brooklyn-Battery Tunnel to Brooklyn. The area is equallyaccessible to Newark, JFK, and LaGuardiaairports.

DINING

At night, Greenwich Village comes alive with sounds from restaurants, late-night coffeehouses, cafs, theaters, andmusic clubs. Anything and everything can be had from a great burger and fries from the Corner Bistro to an intimatecandlelit dinner at One if by Land, Two if By Sea.

Established restaurants in the neighborhood include Blue Ribbon, The Fatty Crab, Pastis, The Spotted Pig, Il Mulino,Tomoe Sushi, Babbo, and the Waverly Inn. Noteworthy restaurateurs such as the Bromberg brothers consistentlyincrease the areas offerings, opening eateries such as Blue Ribbon Sushi, and Blue Ribbon Bakery.

The Village is also home to such famous jazz clubs as the Blue Note, Lions Den, and fabled coffeehouses includingCaffe Reggio and Caf Figaro. The proximity to a vibrant selection of convenient bars and restaurants will hold a veryreal and significant appeal to the occupants of the subject property.

SHOPPING

Greenwich Village is great for browsing and gift shopping. Specialty book and record stores, antiques and craft shops,and gourmet food markets dominate the neighborhood. The Village is also a destination for bargain hunters. Inaddition, major retailers such as Urban Outfitters, Pottery Barn and Marc Jacobs bring trendy footwear, fashions, andhousewares to the area.

The best area for strolling or window shopping is Bleecker Street. Here, you will find lots of specialty shops and recordstores interspersed with a number of up-and coming boutiques. Narrow Christopher Street is another lively strip,because it is loaded with genuine Village character. Wandering west of Seventh Avenue and along Hudson Street,takes you to shops like House of Cards and Curiosities, the Village's own funky take on an old-fashioned nickel-and-dime which are tucked among the brownstones


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Greenwich Village by Building Classification

Store Buildings6%

Commerical

Condominiums8%

Primarily Residential-Mixed Use

15%

Other15%

1-2 Family Dwellings14%

Walk-Up Apartments37%

Elevator Apartments5% Total Buildings: 2508

CULTURAL AMENITIES

The Village also has a bustling performing arts scene. Itis home to many Off-Broadway and Off-Off-Broadwaytheaters; for instance, Blue Man Group has taken upresidence in the Astor Place Theater. The VillageVanguard hosts some of the biggest names in jazz on aregular basis. Other music clubs include The Bitter End,and Lion's Den. The village also has its own orchestraaptly named the Greenwich Village Orchestra. Comedyclubs dot the Village as well, including The Boston andComedy Cellar, where many American stand-upcomedians got their start.

The architecture surrounding the subject property isextremely unique. Urbanized in the 1820's GreenwichVillage is on of New York City's oldest and most diverseresidential neighborhoods. Streets in the village ofGreenwich were initially laid out in the late 18th century.In the 1820's, a number of Federal-style row houses wereerected, either of brick or of wood with brick facades.Greek Revival row houses with austere entrances frameby heavy stone can be found throughout the district aswell.

SCHOOLS

Greenwich Village includes the primary campus for New York University (NYU), The New School, and YeshivaUniversity's Benjamin N. Cardozo School of Law. Cooper Union is also located in Greenwich Village, near Lafayetteand Bleecker.

Located in Community District 2, there are a variety of public and private school options for elementary to high schoolstudents. Public school options include PS 003 Charrette School and PS 041 Greenwich Village for elementaryschools. Public high schools include The Legacy School at 33 West 13th Street and City as ASchool at 16 ClarksonStreet. Private school options for elementary students include City & Country School at 146 West 13th Street, LittleRed School House at 196 Bleecker Street, Our Lady of Pompeii at 240 Bleecker Street, and St. Lukes School at 487Hudson Street. The Little Red School House also offers private education for Upper School.

CONCLUSION

The neighborhood is a gold mine of social and cultural history. But whether one comes to savor the architecture,immerse oneself in its history, enjoy the nightlife, restaurants and shops, or just take a lazy stroll through this peacefuldowntown enclave, the Village offers a multitude of pleasures. Few other micro-markets in Manhattan enjoys thecharm and convenience that Greenwich Village does, giving it a competitive advantage in its ability to attract a widevariety of market participants. Bountiful retail options and a plethora of exciting restaurants are all immediatelyaccessible. For interested investors, the subject property is amidst a constantly evolving community and vibrantnightlife which are inviting attributes to the neighborhood.


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16 Minetta LaneTransportation Description

Besides the diversity of servicesand amenities located in theimmediate vicinity, 16 MinettaLane has excellent access tomajor transportation facilities. TheChristopher and West 4th StreetStations subway lines are withineasy walking distance, providingaccess to all areas of Manhattan,

and to the Bronx, Brooklyn, andQueens. New Jersey PATH trainsare accessed adjacent to theproperty, and the area is servedby northbound MTA buses onHudson Street and southboundbuses on Seventh Avenue.

By car, there is relatively easyaccess to the Holland tunnel to

New Jersey, and the Brooklyn-Battery tunnel to Brooklyn. Thearea is equally accessible toNewark and LaGuardia airports.

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16 Minetta LaneNeighborhood Map

16 Minetta Lane

2011_16 Minetta Lane Sales Brochure

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