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For Sale | Development/Conversion Sites Available

16 Beaver Street, New York, NY 10004

16 Beaver Street, New York, New York, 10004
New York, NY 10004
United States
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Building Size:
SF
Lot Size (SF / Acres):
3 / 0.06
Year Built:
1920

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 for more details). All tenants will vacate the building prior to the commencement of the ground lease which will allow for immediate development of a new project. 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.
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.