PRESS RELEASE: Avison Young Marketing Net Lease of 8-12 West 14th Street in Union Square

September 22, 2020

Tri-State Investment Sales Group tapped to net lease downtown NYC office property

New York, NY – The Tri-State Investment Sales Group for Avison Young has been named the exclusive agent for 8-12 West 14th Street/5-11 West 13th Street, a roughly 130,000-rentable square-foot, six-story office building located in downtown Manhattan’s popular Union Square/Greenwich Village neighborhoods. The property is being offered for a long-term 99-year net lease.

An Avison Young team led by Principals James Nelson, Vincent Carrega, Neil Helman, Jon Epstein, Charles Kingsley, Todd Korren and Senior Associate Carter Lovejoy is marketing the asset on behalf of ownership.

The property is currently leased by the NYC Human Resources Administration through January 2023.

As tenants address their COVID-19 concerns, the property can be repositioned as needed to create a safe environment. Offering a fantastic opportunity for a “building-within-a-building,” the property benefits greatly from the block-through frontage, with entrances on 14th Street and 13th Street, office ceiling heights of approximately 12 feet up to 14 feet 9 inches and the potential for outdoor roof deck space. Permitted uses include office space for one or multiple tenants or a residential or Community Facility redevelopment.

“The property is an excellent investment opportunity with terrific potential,” Helman notes. “The city tenancy creates a win-win opportunity for investors.  Should the city extend its lease, the property will enjoy abundant, stable income in one of the hottest sub-markets in the city.  Alternatively, should the property become vacant, it becomes a ‘blank canvass’ with numerous possibilities. With significant frontage on both 13th and 14th Street and access from each street, this adaptable property is ideal for one or two tenants looking for a boutique office property near numerous transportation options. We’re anticipating strong interest in the asset as we embark on our marketing campaign, which also underscores the recent strong demand for boutique office properties like this one. Alternatively, it could be redeveloped as a luxury mixed-use residential property with over 140,000 square feet of zoning floor area in a prime Union Square/Greenwich Village location.”

The building benefits from its prime Union Square / Greenwich Village location – providing one with proximity to some of New York City’s most exciting retail and trend-setting restaurants. From the national chain stores found on lower Fifth Avenue to the smaller boutique shops surrounding Union Square Park, there is a multitude of shopping alternatives for both residents and visitors alike. The area also enjoys one of the highest concentrations of college and university students in the city with more than 70,000 students attending nearby institutions including New York University, Pratt, the New School, Cardozo Law School, St. John’s University and Cooper Union.

The building is situated near a wide array of public transportation as it sits a very short block west from a point of egress to the Union Square Subway Station, one of Manhattan’s busiest transit hubs. Here one has convenient access to expeditious travel throughout New York City via the 4, 5, 6, N, Q, R, W and L subway lines. In addition, one can access the F, M and L subway lines less than a block away at 14th Street and Sixth Avenue and just a bit further west, but still an easy walk, are the 1, 2 and 3 subway lines at 14th Street and Seventh Avenue. Further, the PATH Train, which enables travel between Lower Manhattan and New Jersey, is also located just west of the Property at 14th Street and Sixth Avenue. Crosstown bus service is accessible on 14th Street with north/ south service also easily available from the Property.

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Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.

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