16 Beaver St

For SaleContact for pricing

16 Beaver St, New York, NY 10004

  • Office

16 Beaver St, New York, NY 10004 - Office Space

16 Beaver St is located at 16 Beaver St in the Financial District neighborhood, NY, New York, 10004. The Office building was completed in 1900 and features a total of 15,678 Sqft.

There are 726 office spaces for lease in the Financial District neighborhood, totaling 11,541,781 Sqft of available office space. The office space availability for the 10004 zip code is 1,594,739 Sqft, in 147 office spaces. The average asking office rent per sq. ft. in Financial District is $52.58/sqft/year. For Class A+ office buildings the average office rate is $75/sqft/year, for Class A office buildings the average office rate is $62.35/sqft/year, for Class B office buildings the average office rate is $48.34/sqft/year, for Class C office buildings the average office rate is $55/sqft/year.

In Financial District, there are 5 class A+ office buildings, there are 57 class A office buildings, there are 78 class B office buildings, there are 6 class C office buildings. In Financial District, there are a total of 15 LEED certified office buildings. In 1900, the same year 16 Beaver St was built, 191 more commercial properties (office, industrial, retail) over 50,000 square feet were built in New York, featuring 3,137,663 square feet of commercial space. At zip code level, there are 33 commercial properties, of which 33 are office buildings over 50,000 square feet.

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Details

  • Sale Price Contact for pricing
  • City New York
  • Neighborhood Financial District
  • Zip Code 10004
  • Property Type Office
  • Property Size 15,678 Sqft
  • Lot Size 0.06 Acre
  • Year Built 1900
  • Date Updated 01 Oct, 2020

Looking for more in-depth information on this property? Find property characteristics, ownership, tenant details, local market insights and more. Unlock data on CommercialEdge.com.

Description

Cushman and Wakefield is retained exclusively on the sale of 16 Beaver Street, a 15,678 SF, 6-story commercial building located on the corner of Beaver and Marketfield Streets. The offering is a 99-year ground lease which commences on January 1st, 2022 with a starting rent of $500,000 per year for the first five (5) years and a 10 percent increase every 5 years following until its expiration (see lease abstract on pg. 10). All tenants will vacate the building prior to the commencement of the ground lease. The ground lease has no market value reset throughout the entirety of the term and may be used for any lawful purpose with no restrictions. 

This opportunity allows an investor to utilize approximately 39,195 buildable SF in a C5-5, LM zone to construct a hotel, commercial or mixed-use residential building in the heart of the Financial District. The zoning supports a commercial FAR of 15 and residential FAR of 10 making it possible to develop a mixed-use project featuring retail, office, hotel and residential. The 2,613 SF lot is situated on the southwest corner with dimensions of roughly 41’ x 74’. 

A developer has the option to utilize a commercial FAR of 15 and construct either a 39,165 SF office or hotel property, up to 17-stories tall, consisting of nine full floors and eight floors above at 75% of the lot area. Alternatively, a developer can utilize a residential FAR of 10 and commercial FAR of 5 to construct a 39,165 SF mixed-use property consisting of five full commercial floors and 13 residential floors above at 75% of the lot area. Additionally, future ownership has the option to keep the building as-is and lease the 15,678 gross square foot mixed-use office building to create a strong cash flowing asset. 

16 Beaver Street is also walking distance from three subway stations with access to the R W J Z 1 2 3 4 5 lines and some of the Financial District’s finest eateries and attractions. Some notable attractions include Harry’s NYC, Luke’s Lobster FiDi, The Capital Grille, La Parisienne, multiple Duane Reade’s, Hermes, and Tiffany & Co. 

Highlights

  • 99-year ground leases commencing on 1/1/2022 with no market value reset of rent
  • Developer can utilize 39,195 BSF on a 41’ x 74’ corner lot
  • Flexible C5-5, LM zoning allows for the construction of commercial, hotel or mixed-use residential development
  • 3 sides of legal light/corner exposure

FREQUENTLY ASKED QUESTIONS

What is the total square footage of 16 Beaver St?

16 Beaver St totals 15,678 square feet.

When was this property built?

16 Beaver St was built in 1900.

Financial District Demographics

The average household income in zip code 10004 is $218,650, from a total of 1,659 households. In terms of employment, there are 99.18 % white-collar and 0.82 % blue-collar jobs in zip code 10004.

Population

  • Total Population27,892
  • Male Population(46.9 %) 13,075
  • Female Population(53.1 %) 14,818
  • Median Age36.00

Income/Financial

  • Average Household Income$193,584
  • Median Household Income$171,588
  • Median Income Under 25$87,674
  • Median Income 25-44$174,266
  • Median Income 45-64$193,848
  • Median Income Over 65$103,060

Commercial Broker Register now to add listings

Daniel Soyak

Cushman & Wakefield, Inc.

(212) 698-5552

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