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C O N F I D E N T I A L O F F E R I N G
M E M O R A N D U M
120Fulton Street
New York, New York
RENDERING
YOAV OELSNER
Managing Director
+1 212 812 6482
GLENN TOLCHIN
Managing Director
+1 212 812 6424
ANTHONY LEDESMA
Managing Director
+1 212 812 6007
MO BELER
Managing Director
+1 212 812 6441
WILL SUAREZ
Managing Director
+1 212 377 2824
SEAN RUCKER
Associate
+1 973 647 9343
120Fulton Street
New York, New York
FOR MORE INFORMATION, PLEASE CONTACT EXCLUSIVE AGENTS:
Investment Summary
120Fulton treet
New York, New York
JLL, as exclusive agent, is pleased to offer for sale the fee simple interest in 120 Fulton Street (the
“Property”), a 7,800 square foot four-story office and retail building in the heart of the Downtown
renaissance. Located along the high-traffic Fulton Street corridor in Manhattan’s rapidly evolving
Financial District, the vacant building provides desirable, convenient boutique office and retail
space immediately adjacent to the new Fulton Center transportation hub. The Property presents
an opportunity for rare full-building occupancy, or each of the floors could be leased to a separate
user if desired.
FULTON ST
JOHN ST
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FULTON
CENTER
25’
120 FULTON STREET
page 1
PROPERTY SNAPSHOT
ADDRESS 120 Fulton Street, New York, NY
LOCATION South side of Fulton Street between Nassau Street and Dutch Street
BLOCK/LOT 78 / 45
ZONING C5-5 and C6-4
BUILDING FRONTAGE 25 feet along the south side of Fulton Street
YEAR BUILT 1900
NUMBER OF FLOORS 4, plus basement and sub-basement
FLOOR AREA 7,800 SF (approx.)
GROUND FLOOR RETAIL 1,750 SF (approx.)
STORAGE Basement and sub-basement used for retail storage
TYPICAL FLOORPLATES Office floors of 1,800 - 2,100 gross square feet
25’
CONFIDENTIAL OFFERING MEMORANDUM
page 2
PRIME MIXED-USE OPPORTUNITY
Vacant Delivery Immediately capitalize on Fulton Street’s strong retail and boutique office
fundamentals.
Full Building Opportunity Rare full-building availability, ideal for a creative or not-for-profit organization
seeking a convenient and prestigious flagship location.
Full-Floor Advantage Full-floor office suites in the 1,800 – 2,100 sf range satisfy an under-serviced
market niche – enhanced privacy, security, and branding for boutique office
users.
Neighborhood Retail Retail space in the 1,750 SF range support a wide variety of convenience-
oriented businesses and achieve premium rents on a PSF basis.
Basement Storage Ample dedicated basement and sub-basement storage enhances the efficiency
and value of ground floor selling space.
Scarcity Premium Virtually no retail availability along Fulton Street, driving additional rent growth.
NOVACANCY
120 FULTON STREET
page 3
IN THE HEART OF THE DOWNTOWN RENAISSANCE
Downtown Evolution Downtown is now one of the most appealing mixed-use neighborhoods in the
world, with fine restaurants, new hotels, waterfront parks, new shopping malls,
and state-of-the-art transportation hubs.
Fulton Street RetailOne of the fastest growing populations in New York City, with 48,000 residents
within a half mile of the Property and an average household income of $192,972
per year — outstanding local spending power.
Fulton Center Transit Hub Opened in November 2014, this $1.4 billion public infrastructure project brings
Downtown’s most efficient transportation network to the Property’s doorstep.
Residential Growth One of the fastest growing populations in New York City, with 48,000 residents
within a half mile of the Property and an average household income of $192,972
per year — outstanding local spending power and walk-to-work convenience.
Commercial Office Hub 286,000 people are employed in Downtown Manhattan, many of whom work in
the Property’s immediate vicinity and use Fulton Center to commute – strong
demand for services from boutique firms.
Tourist Retail Demand 17.4 million unique annual Downtown visitors drive retail demand —major nearby
attractions include the National September 11th Memorial and Museum, the
World Trade Center Observation Deck, Wall Street, Brooklyn Bridge, and the
new South Street Seaport.
CONFIDENTIAL OFFERING MEMORANDUM
page 4
FULTON STREET RETAIL CORRIDORThe Property enjoys a prime location along Fulton Street, one of Downtown’s primary neighborhood retail rows. The corridor is lined with storefronts catering to the thousands of residents, businesspeople, tourists, and students who travel down Fulton Street each day. This strong and diversified demand base results in virtually no retail vacancy along the corridor.
• Fulton Street retail mix is primarily composed of small restaurants and cafes, drugstores, banks, beauty-oriented retailers, florists, gift shops, and convenience stores. The Property’s high-visibility 1,750 sf storefront is ideally suited to this neighborhood convenience-oriented retail demand and allow premium rents on a per square foot basis. Tenants of this size are often more focused on their rent on an absolute dollar basis than on per-square-foot metrics.
• Fulton Street retail demand has surged with the recent completion of Fulton Center, one of Downtown Manhattan’s two primary transportation hubs. An entrance into the interconnected hub is located immediately adjacent to the Property to the west.
• Downtown’s most active residential development activity has occurred in the FiDi district surrounding the Property. A rapidly growing youthful population with ample disposable income is a key driver of retail and dining demand along Fulton Street.
• Captive retail demand has been significantly increased with the recent opening of 19 Dutch, a 483-unit, 64-story luxury rental building located immediately to the east of the Property. The new glass tower is one of FiDi’s largest and tallest luxury rental buildings, adding to the branding and prestige of the location.
• Tens of thousands of office professionals work in the Property’s immediate vicinity, prime customers for the Property’s future retailer.
• Fulton Street is the primary tourist route between World Trade Center attractions and the South Street Seaport district, drawing thousands of additional visitors past the Property each day.
Fulton Street’s outstanding retail demand drivers result in consistently low vacancy and strong rents along the corridor. Recent comparable leases demonstrate achievable pricing in the $300 psf range:
FULTON STREET RETAIL LEASES
ADDRESSCROSS STREET YEAR TENANT
TOTAL SF GF SF LL SF
MEZZ SF
EST GROUND FLOOR RENT
PSF
124 Fulton St Nassau St 2018 Joe's Pizza 1,025 875 150 $411.00147 Fulton St Broadway 2017 Pret A Manger 2,169 2,169 $277.00102 Fulton St Nassau St 2017 Poke Bowl 1,652 852 800 $265.0021 Fulton St Water St 2017 Dita Eyewear 600 600 $300.00138 Fulton St Nassau St 2016 City MD 5,800 2,600 2,700 500 $325.0050 Fulton St Cliff St 2016 Deli Grocery 800 400 400 $240.00
120 FULTON STREET
page 5
FULTON CENTER TRANSIT HUBOne of the Property’s primary competitive advantages is its location immediately adjacent to the interconnected
Fulton Center transit hub. Fulton Street serves as the primary east/west corridor connecting the various
elements of the Fulton Center hub, and the subway entrance immediately adjacent to 120 Fulton Street
delivers tremendous visibility and convenience to the Property.
• The beautifully-designed $1.4 billion hub opened to
commuters in November 2014, radically improving the
convenience and retail value of the location.
• The hub has streamlined connections between eight
subway lines in five subway stations, with the A, C,
J, Z, 2, 3, 4, and 5 lines providing direct service to all
major residential neighborhoods and business centers
throughout New York City.
• Express A trains are most conveniently reached via the
subway entrance immediately next to the Property.
Thousands of people enter and exit this entrance each day, providing outstanding direct visibility to the
Property’s retail space and minimal exposure to the elements for the Property’s future office tenants.
• Fulton Center is the 5th busiest subway station in the entire network, with more than 91,000 daily riders.
This represents a 56% increase over the past five years.
• A total of 300,000 commuters, residents, and tourists pass through the facility each day, with an underground
passageway that links Fulton Center to the World Trade Center complex and Brookfield Place.
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McGuinness Blvd
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Holland Tunnel
Lincoln Tunnel
Brooklyn-Battery Tunnel
Brooklyn Brg
Manhattan Br
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Queens-Midtown Tunnel
Brooklyn-Queens Expy
Brooklyn-Queens Expy
Brooklyn-Queens Expy
Long Island Expy
MidtownMidtown
MidtownSouth
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MidtownEast
MidtownEast
MidtownWest
MidtownWest
ChinatownChinatown
StuyvesantTown
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CooperVi l lageCooperVi l lage
Flat i ronFlat i ron
UnionSquareUnion
Square
SohoSoho
WestVi l lage
WestVi l lage
Tr ibecaTr ibeca
TudorCi ty
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ChelseaChelsea
HudsonYards
HudsonYards
LowerEast S ide
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GreenwichVi l lage
GreenwichVi l lage
Li t t leI ta lyL i t t leI ta ly
NohoNoho
Cl inton(Hel l ’s K i tchen)
Cl inton(Hel l ’s K i tchen)
GramercyGramercy
Financia lDist r ic t
F inancia lDist r ic t
C iv icCenterCiv ic
Center
EastVi l lage
EastVi l lage
BatteryPark Ci tyBattery
Park Ci ty
FashionDist r ic tFashionDist r ic t
MurrayHi l l
MurrayHi l l
K ip’sBay
Kip’sBay
Tur t leBay
Tur t leBay
Nor thSide
Nor thSide
CobbleHi l l
CobbleHi l l
Columbia StWater f ront
Dist r ic t
Columbia StWater f ront
Dist r ic t
BrooklynHeights
BrooklynHeights
VinegarHi l l
V inegarHi l l
Carro l lGardensCarro l l
Gardens
DumboDumbo
Ful tonFerry
Ful tonFerry
NavyYardNavyYard
BoerumHi l l
BoerumHi l l
HuntersPoint
HuntersPoint
DowntownDowntown
GreenpointGreenpoint
KINGS(BROOKLYN)
NJ
NY
278
9A
9A
278
120FULTONStreet
CONFIDENTIAL OFFERING MEMORANDUM
page 6
RESIDENTIAL DEVELOPMENTDowntown Manhattan has one of the fastest growing residential populations of any neighborhood in New
York City, driving strong spending growth for retail services. The housing boom also delivers walk-to-work
convenience for the growing number of Downtown professional who now live, work, and play in the thriving
mixed-use district. Upgraded transportation infrastructure, a diversified business base, exceptional schools,
waterfront parks, and a growing array of convenient restaurants and retail shops are all contributing to
residential migration Downtown.
Lower Manhattan’s current population of 61,000 people is more than five times what it was in 1985, with 331
residential buildings now operating in the district. Eighteen additional residential buildings are currently under
construction, adding another 3,234 units to the market.
UNIT TYPE NUMBER OF DOWNTOWN UNITS
Residential Conversions since 1995 15,387
New Developments since 1995 8,836
Units Under Construction 3,234
• The residential population within a half mile of the Property is now more than 50,000, creating an
outstanding captive demand base for retail services. This local population has more than doubled since
2000, a reflection of the Financial District’s central position in the Downtown residential transformation.
• More than 36% of all housing units located within a quarter mile of the Property have been completed
since 2000, one of the highest ratios in New York City.
• The median age within a half mile is just 33 years old, delivering a youthful population with ample disposable
income.
• The current average household income within this radius is $201,014 per year, three-and-a-half times the
New York City median.
• More than 28% of residents living within a half mile of the Property walk to work, adding to the asset’s
outstanding retail exposure.
RESIDENTIAL POPULATION
RADIUS FROM PROPERTY ¼ MILE ½ MILE 1 MILE
2024 Projection 20,614 54,942 131,539
2019 Estimate 19,161 51,452 125,675
2010 Census 15,160 42,267 11,1,173
2000 Census 7,510 24,131 89,758
2000-2024 Increase 174% 128% 47%
120 FULTON STREET
page 7
FINANCIAL DISTRICT OFFICE MARKETThe Property’s core FiDi location along Fulton Street is very attractive to boutique office users,
delivering superior convenience, centrality, and neighborhood amenities. The high concentration
of major corporate office buildings in the immediate vicinity provides boutique firms with immediate
access to their clients and associates at a very attractive rent.
• Downtown Manhattan is the third largest commercial district in the United States, after Midtown
Manhattan and the Chicago Loop, with 100 million square feet of office space.
• There are now 286,000 people working Downtown, with more than 10,000 individual businesses.
• Downtown Manhattan remains one of the world’s most important financial centers, home to the
New York Stock Exchange, the Federal Reserve Bank of New York, Goldman Sachs, Morgan
Stanley, American Express, and Citigroup.
• A major influx of media and technology companies, including relocations from Condé Nast,
HarperCollins, GroupM, Macmillan, Time Inc., Associated Press, Nielsen, Business Insider, and
Spotify, have significantly expanded the retail demand base while enhancing the innovative
character of the new Downtown.
Downtown’s increasingly appealing quality of life, combined with the diversification of its business
base, has resulted in strong rent growth in the Financial District. Average Class B direct asking rents
have increased by 43% over the past five years, reaching $52.17 per square foot.
Despite this impressive rent growth, Downtown rents remain a value vs. alternative neighborhoods
to the north. This outstanding value proposition is a major driver of the ongoing relocation of both
creative and traditional firms into the Downtown.
Nearly 800 companies of relocated to Lower Manhattan since 2005, representing more than 20
million square feet of leasing activity. Delivered vacant, the Property’s private three-floor boutique
office space is a prime candidate for a relocating create firm being priced out of the Midtown South
market as rents reset.
Achievable pricing at 120 Fulton Street should meet or exceed the average FiDi Class B rate of $52
psf due to is many competitive advantages:
Superior transportation immediately adjacent to Fulton Center
Superior walk-to-work convenience surrounded by FiDi’s greatest concentration of
residential development
Superior neighborhood amenities with excellent shopping and dining along Fulton Street
and the surrounding FiDi core
Rare full-building opportunity attractive to both create and not-for-profit users, featuring
a public-facing storefront for marketing and sales purposes
Private office entrance that allows the three floors of office to be securely and privately
occupied independent of the retail space if desired
Prestigious full-floor identity if individual floors a leased to separate boutique office users
Q4 2018 - AVG DIRECT CLASS B ASKING RENTS
SUBMARKETDIRECT CLASS B
ASKING RENTFIDI
DISCOUNT
Financial District $52.17 131,539
Midtown South Average $66.43 21%
Midtown Average $65.20 20%
Q4 ‘13 Q4 ‘14 Q4 ‘15 Q4 ‘16 Q4 ‘17 Q4 ‘18
$36.44
$43.14
$49.26 $49.95 $51.09 $52.17
$25
$30
$35
$40
$45
$50
$55
FINANCIAL DISTRICTDIRECT CLASS B ASKING RENTS
CONFIDENTIAL OFFERING MEMORANDUM
page 10
STRONG TOURISM DRIVES RETAIL DEMANDTourists are excellent retail customers, and the Property’s high-visibility location along Fulton
Street is well positioned to capture this demand. Fulton Street is a primary tourist route connecting
the World Trade Center to the new South Street Seaport, each of which are major New York City
attractions. Express subway service into the Fulton Center transit hub is an ideal option for tourists
staying elsewhere in the City, adding to the Property’s tourist retail exposure.
• Downtown tourism has surged in recent years, reaching 17.4 million unique annual visitors per
year. This represents a near doubling over the 9.0 million Downtown visitors in 2010.
• Much of this Downtown tourism growth is a result of the opening of the National September 11th
Memorial, National September 11th Museum, and the World Trade Center Observation Deck. The
Memorial alone has drawn more than 37 million visitors since its opening in September 2011.
• Downtown tourism growth has driven a surge in hotel development, bringing additional captive
retail demand into the district. There are now 33 hotels operating Downtown, with 7,118 rooms.
Another 1,243 rooms are currently under construction.
South Street Seaport
The South Street Seaport is a popular
tourist district at the eastern end of
Fulton Street that features restored
historic buildings, renovated sailing
ships, the South Street Seaport Museum,
the Front Street restaurant row, and the
upscale iPic movie theater. The $200
million redevelopment of the South
Street Seaport’s Pier 17 is now complete,
a ShoP-designed mixed-use project with
celebrity-chef restaurants, event spaces,
and the ESPN studios. The project also
features a one-and-a-half-acre rooftop
with a 4,000-person amphitheater and
seasonal outdoor skating rink.
120 FULTON STREET
page 11
EXISTING CELLAR PLAN
EXISTING GROUND FLOOR PLAN
EXISTING SECOND FLOOR PLAN
CONFIDENTIAL OFFERING MEMORANDUM
page 12
EXISTING THIRD FLOOR PLAN
EXISTING FOURTH FLOOR PLAN
120 FULTON STREET
page 13
CONFIDENTIALITY & CONDITIONSThis is a confidential brochure intended solely for your
limited use and benefit in determining whether you
desire to express any further interest in 120 Fulton
Street, New York, NY (the “Property”). This brochure has
been reviewed by representatives of Owner. It contains
selected information pertaining to the Property and does
not purport to be all-inclusive or to contain all of the
information that prospective purchasers may desire. It
should be noted that all financial projections are provided
for general reference purposes only in that they are
based on assumptions relating to the general economy,
competition, and other factors beyond the control of
Owner and, therefore, are subject to material variation.
Additional information and an opportunity to inspect the
Property and plans will be made available to interested
and qualified investors. Neither Owner, Jones Lang
LaSalle, nor any of their respective officers nor employees
have made any representation or warranty, expressed
or implied, as to the accuracy or completeness of this
brochure or any of its contents, and no legal commitments
or obligations shall arise by reason of this brochure or any
of its contents.
Owner expressly reserves the right, at their sole discretion,
to reject any or all expressions of interest or offers to
purchase the Property and/or to terminate discussions
with any entity at any time with or without notice. Owner
shall have no legal commitment or obligation to any entity
reviewing this brochure or making an offer to purchase
the Property unless and until a written agreement
satisfactory to Owner has been fully executed, delivered,
and approved by Owner and any conditions to Owner
obligations thereunder have been satisfied or waived. By
receipt of this brochure, you agree that this brochure and
its contents are of a confidential nature, that you hold and
treat it in the strictest confidence, and that you will not
disclose this brochure or any of its contents to any other
entity without the prior written authorization of Owner,
nor will you use this brochure or any of its contents in any
fashion or manner detrimental to the interest of Owner or
Jones Lang LaSalle. It is essential that all parties to real
estate transactions be aware of the health, liability and
economic impact of environmental factors on real estate.
Jones Lang LaSalle does not conduct investigations
or analyses of environmental matters and, accordingly,
urges its clients to retain qualified environmental
professionals to determine whether hazardous or toxic
wastes or substances (such as asbestos, PCBs, and
other contaminants or petrochemical products stored
in underground tanks) or other undesirable materials or
conditions are present at the Property and, if so, whether
any health danger or other liability exists. Such substances
may have been used in the construction or operation
of buildings or may be present as a result of previous
activities at the Property. Various laws and regulations
have been enacted at the Federal, State and Local levels
dealing with the use, storage, handling, removal, transport,
and disposal of toxic or hazardous wastes and substances.
Depending upon past, current, and proposed uses of the
Property, it may be prudent to retain an environmental
expert to conduct a site investigation and /or building
inspection. If such substances exist or are contemplated
to be used at the Property, special governmental
approvals or permits may be required. In addition, the
cost of removal and disposal of such materials may be
substantial. Consequently, legal counsel and technical
experts should be consulted where these substances are
or may be present.
No representation or warranty is being made by
Owner or Jones Lang LaSalle with respect to the
Property’s compliance with any applicable statutes,
laws, ordinances, rules, regulations, requirements
and /or codes (collectively, the “Laws”). It is expressly
understood that it is the responsibility of any prospective
purchaser to investigate whether or not the Property
is in compliance with the Laws and such prospective
purchaser will be relying strictly and solely upon its
own inspections and examinations and the advice and
counsel of its own consultants, agents, legal counsel and
officers with respect to the condition of the Property and
its compliance with the Laws.
CONFIDENTIAL OFFERING MEMORANDUM
page 14
JLL
330 Madison Avenue
New York, NY 10017
120Fulton Street
New York, New York
YOAV OELSNER
Managing Director
+1 212 812 6482
GLENN TOLCHIN
Managing Director
+1 212 812 6424
ANTHONY LEDESMA
Managing Director
+1 212 812 6007
MO BELER
Managing Director
+1 212 812 6441
WILL SUAREZ
Managing Director
+1 212 377 2824
SEAN RUCKER
Associate
+1 973 647 9343
FOR MORE INFORMATION, PLEASE CONTACT EXCLUSIVE AGENTS: