5 Spring Street

JLL has been retained on an exclusive basis to arrange for the sale of 5 Spring Street, a 9,135 square foot mixed-use property located on the north side of Spring Street between Bowery & Elizabeth Street. The five-story, prewar building is organized into 15 residential units above a single retail unit on the ground floor. Of the 15 residential units, 7 are currently free market, 7 are rent stabilized, and 1 is rent controlled. The 2,427 net sf retail space is occupied by the legendary bar tenant, Sweet & Vicious, who has been a staple in the area for years. They also have access to a large rear yard which is permitted for bar service. 5 Spring Street represents an ideal opportunity for a variety of investors to acquire a fully leased, cash-flowing property in a prime submarket of Manhattan. In addition, only half of the apartments have been renovated and there are approximately 7,000 sf of available air rights, positioning the asset with future upside.

• Prime NoLita Location
• In-Place Cash Flow Stability
• Excellent Connectivity
• Strong Retail Tenancy
• Approximately 50% Free Market
• Long-Term Upside Potential