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JLL has been retained on an exclusive basis to arrange for the sale of 98 Forsyth Street, a 26’ wide, 13,038 GSF, 5-story mixed-use elevator building located between Grand and Broom Streets. The property was built around 1900, and in its early years served as a well know catering hall named Pearl’s Mansion. The building has been owned and operated by the same family for over 50 years. Current ownership has preserved much of the original detail, such as the tin ceilings, marble base moldings, large wooden entranceway and open gated manual elevator. The retail is owner occupied by a high-end linen store (Harris Levey) which has provided fine linens to New York since 1894. The property features attractive ceiling heights ranging from 8’-8‘’ in the usable basement to 11’8’’ – 13’ on the upper floors, great light and air due to its location adjacent to Sara Roosevelt Park and windows on all four sides on the upper floors. The property is easily accessible via the Grand Street Subway station (B&D subway lines) which is less than one block away.
In its current configurations the property contains 4 residential units, 3 commercial spaces and a ground floor-basement retail space. In regard to infrastructure all units are individually metered for natural gas, all units except the 2nd and 4th floors are individually metered for electric service. The 2nd and 4th floor each share one meter. Each unit can control their own heat and AC via wall mounted HVAC units. The basement through the 5th floor are serviced by a manually operated elevator and the building is fully sprinklered.
98 Forsyth will attract investors and users alike looking to put their own stamp on a well-located mixed-use asset. Future owners will benefit from 6 floors of usable space, protected light and air, proximity to the train and flexible zoning which will allow for multiple re-positioning strategies. The property will be sold on an as-is where-is basis.
· Good bones
Clean building that has been well maintained by 50+ year family ownership
· Value-add potential
Legacy ownership and piecemeal renovations will allow for a new owner to add value through a renovation program
· Outstanding Ceiling Heights
Loft style building, 11’8 – 13-2’’ ceiling heights, basement has 8’8’’ ceilings
· Protected Light & Air
Ideal location across from Sara D. Roosevelt Park, upper floors benefit from windows on all four sides
· Location & Connectivity
1/2 block from the Grand Street B&D subway station providing access to Midtown in under 15 minutes
· Flexible Zoning
o C4-4A zoning (R7A equivalent) will allow for multiple future uses including retail, office, residential or some combination thereof