156-168 Bleecker Street is a 30,000 SF retail condominium located on Bleecker Street in the heart of Greenwich Village, NYC. The property spans the entire block between Thompson and Sullivan Street, providing JMC with the rare opportunity to control a full block of retail in a heavily trafficked and transit-oriented corridor. The property is currently 100% leased to seven tenants, including CVS and Chase.
JMC acquired the property for $30.6MM in 2011 in an off-market transaction from a non-institutional owner. The asset was fully leased but with significantly below market rents and with 95% of the rent roll expiring within its business plan. In controlling a full-block of retail, JMC had the rare ability to re-brand and re-merchandise 200′ of frontage in a neighborhood with exciting growth potential.
JMC achieved its primary leasing objective to renew its anchor tenant, CVS, who occupies 7,000 SF on the property’s east corner. JMC then upgraded the five storefronts on the property’s west side, and in doing so, leased space to three new tenants. Finally, JMC renewed its largest tenant, Le Poisson Rouge, who occupies all of the leasable below-grade space. JMC invested approximately $4.5MM in completing its business plan, including the storefront upgrades, TI/LC costs and a full HVAC replacement for LPR. Upon stabilization, JMC grew NOI by more than 55% with a rent roll whose average lease duration was approximately 10 years. JMC recapitalized the deal with a 10-year $34MM loan based on a valuation of $57.6MM.