One West End

Highlights

• SECURE LONG-TERM TENANCY The Property is 92% leased through 2043 to leading grocery chain Morton Williams, providing reliable long-term cash flow backed by one of New York City's strongest operators.
• LANDLORD-FAVORABLE LEASE TERMS Morton Williams pays a 10% increase in base rent every five years and is responsible for a 50% pro-rata share of taxes on a net basis. Morton Williams also pays 100% of CAM increases over a base, further enhancing real returns.
• RESIDENTIAL BOOM The Property is situated at the epicenter of Lincoln Squares new development activity, with more than 8,000 new or under-construction units within a five minute walk.
• ONE WEST END The Property is located at the base of the architecturally striking Pelli Clarke Pelli-designed One West End, a newly-completed 950,000 square foot mixed use building with 362 luxury residential units that deliver strong captive demand.
• NEW CONSTRUCTION ADVANTAGE Completed in 2018, the full-block Property provides competitively superior facilities that will require virtually no capital investment for decades to come.
• ESSENTIAL USE The Property's grocery store use is an essential service, highly resilient to economic, social, or healthcare-related disruptions.
• VACANCY UPSIDE Opportunity to lease up Retail Space A (895 sf) and Retail Space B (1,744 sf) with the pending completion of Waterside Square's restaurant and retail offerings across the street.
• 421A TAX ABATEMENT The Property benefits from a 421a tax abatement through tax year 2039, with a 100% abatement of real estate tax expense for the next eleven years.
• IDEAL 1031 OPPORTUNITY Reliable long-term low-management investment with excellent appreciation potential, ideally suited to a 1031 buyer wishing to defer capital gains.

Location

Getting Around

• Walk Score ®

  97/100 Walker's Paradise

• Transit Score ®

  100/100 Rider's Paradise

• Bike Score ®

  79/100 Very Bikeable

Points of Interest