381 Canal St - 381 Canal St, New York, NY

PRIME SOHO, TRIBECA, NOLITA LOCATION | Three of the properties are in SoHo, three are in Tribeca and one is in Nolita. These neighborhoods are amongst the most prestigious neighborhoods within Manhattan with convenient accessibility to transportation, abundance of schools, lively dining, shopping and neighborhood amenities. . AVAILABLE FOR THE FIRST TIME IN OVER 50 YEARS | These properties have not been available for sale in 50+ years. It is rare for properties of this caliber in these neighborhoods to become available for sale. Ownership has self managed and maintained this portfolio over the last several decades. . SUBSTANTIAL MARK TO MARKET OPPORTUNITY | There are 26 apartments across the portfolio, 19 FM, 6 IMD, 1 RS. The in place residential rents across unit types for the properties average $39/SF for the FM units, $4.52/SF for the IMD units and $6.68/SF for the RS unit. Comparable FM units in the area average over $75/SF.. VALUE CREATION OPPORTUNITY | Six of the seven properties do not currently have a certificate of occupancy and have a short checklist of outstanding items to obtain one. Four of these properties have IMD units which offers the opportunity bring those units to market rate if the current tenants vacate prior to finalizing the legalization process. . TAX CLASS PROTECTED 2A/2B | All properties are either tax class 2a or 2b. New York state law limits how much property assessed values can increase each year for these tax classes. Tax class 2a and 2b assessed value increases are limited to 8% per year and no more than 30% over 5 years.. ACCESSIBILITY | The neighborhoods are serviced by countless subway lines and buses. There is also access to Citi Bike as well as the close by NJ PATH train and NY Waterway Ferry.