ASTOR MARKET

Confidential Investment 260 Madison Avenue

Memorandum New York | NY 10016

Prepared by Gigi Morally

Table  of  Contents  

2
 Astor  Market

Investment  Overview   Astor Market will occupy 14,158 square feet, which can further be broken down into
two 2,500 square foot restaurants and 40 food vendors occupying 9,158 square feet.
The food hall will be located on the first floor but will utilize the second floor for extra
high ceilings. Noise insulation and mechanical equipment will be located on the third
Investment  Summary floor, leaving the remaining four floors for condos. Amenities, including a fitness center
and storage will be located on the third floor.
GM Properties is pleased to present this rare investment opportunity to become an equity
partner with GM Properties to finance, construct, lease out, and sell an investment property. The residences will comprise 59,400 square feet. Beginning on the fourth floor, there
Astor Market is a planned redevelopment of 14,158 square feet of retail space for a food hall will be two floors of studios, one and two-­‐bedroom units. These units will range from
and 42 condominium units at the site of 7 East 7th Street, the Cooper Union Great Hall 800 square feet for the studios, 1,000 square feet for one bedrooms, and 1,500 square
Building. Unparalleled walkability, nearby subway access and a recent $20 million+ feet for two bedrooms. The top two floors will have eight three-­‐bedroom penthouse
renovation of the public park adjacent to the site makes this a great retail destination. New units. These units will be approximately 2,800 square feet each.
York City has seen an all-­‐time high in tourism spending and there has not been any signs of
an economic slow down. Food Halls, as well as quick, casual but upscale food shops have
been on the rise and Astor Market looks to capitalize on both of those trends. The East
Village and Noho submarkets will provide ample foot traffic for this project while the
renovated public park provides a seating area for visitors to enjoy their delicious fare.

While our retail project will draw in the young working professionals, our condos aim to do
the same. With mostly studios, one and two-­‐bedroom units, we plan to attract the older
millennial workforce settling down with their partners. The Manhattan condo market has
shown strong, steady growth with the $1-­‐$4 million apartments performing particularly well.

Investment  Highlights
• Strong  Demographics
• AAA  Location  – Access  to  4,5,6,N,Q,R,W  and  L  S ubway  Lines
• First  F ood  Hall  in  the  East  Village,  G reenwich  Village,  Noho  and  
Nolita  S ubmarkets  
• 42  B outique,  Luxury   Condominiums  
• Amenities Include: 24/7 Doorman, Gym and Storage

3
Investment  Overview   Zoning
C6 districts permit a wide range of high-­‐bulk commercial uses requiring a central location.
Property   Name Astor  Market  
Additionally, C6 districts are generally mapped outside of the central business cores and are
Property   Address 7  East  7th Street,  New  York,  NY   widely mapped within special districts. C6-­‐1 districts have a commercial FAR of 6 and are known
10003 for being well served by mass transit.
Cap  R ate 5.5%
7 East 7th Street is in historic district 12-­‐C. Since the building is historic, the subject property
Commercial  NOI $4.8M requires going through the New York City Landmark Preservation Commission. The current façade
boasts character, therefore the property will not receive major alterations to its exterior.
Residential Net  S ellout $121.4M
Gross  F loor  Area 125,000   square  feet   The ground floor will be dedicated to the food hall but the second floor will be removed in order
to have higher ceilings. Floor three will act as an insulation between the retail component and
Lot  Area 16,770  square  feet the condominiums. Noise insulation, mechanical equipment, etc. will be on the third floor.
Floors 7 Additionally, the state-­‐of-­‐the-­‐art gym and storage facilities for residents will be located on the
third floor. Floors four through seven will have 42 boutique, luxury condominiums, ranging from
Zoning   C6-­‐1 studios to three-­‐bedroom units. Eight three-­‐bedroom penthouses will utilize the top two floors. A
Condominiums   42  units   premium will be charged for the penthouse units because of their breathtaking views, ceiling
heights, and upgraded finishes.
Retail Space 14,158 square feet

Financial  Assumptions
Proposed   Acquisition  Price $96.9M
Design and  Construction   Costs $39.9M
Total  Cost  to  Develop $136.8M
Total  Debt $82M
Total  Equity $54.7M
Levered  IRR 23.69%
Levered  Equity  Multiple 2.45x
4
Macroeconomic  and  Regional  Factors
The United States economy is in a great place, as consumer confidence is high and housing starts are at their highest
rate since 2007. The United States unemployment rate has decreased from 5% to 4.9%, while the inflation rate is
1.6%. The United States population has increased by 4.1%. 86.3% of the population has a High School degree or
higher, and 29.3% has a Bachelor’s degree or higher. Since 2015, private sector employment in the United States has
grown by 1.9%. 89,900 private sector jobs have been added to the New York State economy since 2015, representing a
1.5% increase. Additionally, private sector employment increased by 2.3%, or 83,800 jobs since September 2015.

In New York City, the top three sectors with the highest job growth were educational and health services, + 26,500,
leisure and hospitality, + 24,900, and professional and business services which has increased by 12,000 since
September 2015. New York City is the single largest regional urban economy in the United States. The leading
industries in New York are financial services, healthcare, and professional and technical services. Regional Household
Income is up more than 5% while population growth remains steady and tourism is projected to hit all-­‐time highs.

While overall availabilities are up and prices are down, the most sought-­‐after retail areas (Upper 5th Avenue and
Lower Broadway) have seen price increases. This shows a flight to quality and specialty retail assets, which fits our
goal to create a high-­‐quality, specialty retail asset that will be attractive to many retail tenants and end-­‐users. The
Manhattan Condo Sales Market is strong with average sales price and price/sf up more than 10% YoY. Additionally,
international visitor spending in New York was $18.52 billion in 2016, up from $18.39 billion in 2015.

New  York  City

Population  in  2015 8,550,405
Owner  Occupied  Housing   Rate 31.9%
Median  G ross  R ent $1,234.00  
Median  Income  in  2014 $52,737.00  
February  2017  Unemployment  R ate   4.3%

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East  Village  Demographics
East Village is defined as north of East Houston Street to south of 14th street, to the far east of Manhattan, and
west of FDR Drive and East of 4th Avenue and Bowery. The median age is 34, and 76% of the population is
single. 40% of the population has a High School degree or higher and 31% of the population has a Bachelor’s
degree or higher. With over 70% of the population being educated, there is tremendous spending power. As for
transportation, 64% of the population uses public transportation, and 23% commute by foot. The area is easily
accessible by public transportation with the 4,5,6,L,B,D,F, and M lines all on the outskirts of the East Village.

There are currently 1,205,834 households in the East Village and the average household size is 2.13 persons. The
current year average household income in the area is $108,911, compared to the entire U.S. average which is
$74,533. The median household income in the immediate area has changed by 40.65% since 2000. The median
condo sales price for the area is $1,650,000 while the median rent per month is $4,399. The population density
in the East Village is 79,733 per square mile, which is 189% higher than the State of New York. Total household
expenditure in the East Village is above the national average by 136 bps. In 2014, there were 2,353,623
employees in the East Village. The 2000 Census revealed that 72.90% of employees are employed in white-­‐collar
occupations in this geography and 26.93% are employed in blue-­‐collar occupations. In 2014, unemployment in
this area was 7.55%.
POPULATION 2014 HOUSEHOLD INCOME
1-­‐Mile 3-­‐Mile 5-­‐Mile 1-­‐Mile 3-­‐Mile 5-­‐Mile
2010 274,176 1,007,129 2,550,216 Median $74,685 $74,917 $62,475
2014 282,559 1,048,548 2,649,829 Per  Capita $65,828 $63,219 $49,906
2019 285,590 1,101,575 2,722,496

TOP EMPLOYERS IN NEW YORK CITY 2014 HOUSING UNITS

Employers #  of Employees
1-­‐Mile 3-­‐Mile 5-­‐Mile
City  of  New  York 148,898
Owner   21.66% 23.73% 24.35%
New  York   City  Department   119,410 Occupied
of  Education
Renter   78.25% 76.23% 75.65%
Transportation  Authority 66,804 Occupied 6
Surrounding  Area  

7
Location  Overview  – Cooper  Square
The Cooper Union Great Hall is located next to Astor place, in the East Village. Astor Place
recently underwent a $21 million reconstruction and redesign, including renovated plazas and
walkways. Public amenities include storm-­‐ ready landscaping, traffic calming measures, and
restored public artworks such as the famous rotating cube. Across the street from the subject
property is Cooper Union, a college specializing in architecture, art, engineering and social
sciences. Known for being a vibrant, young, artistic and lively neighborhood, there are a mix of
asset classes in the immediate area. There are a variety of gyms in the area including SoulCycle,
Crunch, New York Health & Racquet Club, Barry’s Bootcamp, and Orange Theory Fitness. The
area boasts a large office, student, and retail mix.

Hotels in the immediate area include: The Standard East Village, The Bowery Hotel, St. Marks
Hotel, the Hyatt Union Square, and the East Village Hotel. Chop’t, Sweetgreen, Fresh & Co, Pret A
Manger, Semsom Eatery, Starbucks, and high end noodle restaurant, Ippudo are located nearby
Cooper Union. Retailers in the area include: Kmart, Gap, AMC Village Theater, CVS Pharmacy,
Walgreens, and Staples.

Average  D aily  Traffic  Counts  

The Great Hall is conveniently located by the 6 line, at Astor Place. Two blocks west
of the property is the N and R train station on 8th Street, while Union Square is less
than one mile away, which has access to the 4,5,6,N,Q,R, and L trains. The subject
property benefits from its proximity to local businesses and schools, as well as being
a transit hub. Third avenue experiences average daily traffic counts of roughly
17,977 vehicles. Nearby, Lafayette Street has average daily traffic counts of over
22,746 vehicles. Astor Market is strategically located, benefitting from strong traffic
counts, accessibility to multiple subway trains, and being situated in a densely
populated area.
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 Subway  Station Lines  

The  Neighborhood Astor  Place

Union  Square
6  
4,5,6, N,Q,R,W,  L
8th  Street R,W  
School Student  Size
Broadway-­‐ Lafayette/  Bleecker B,D,F,M
Cooper  Union 876
Preschool  of  the  A rts   230+
Grace  Church  High  School   746
New  York  University   50,000  +
La  Salle  Academy 350
St.  George  A cademy 55
Grace  Church  High  School 746
St.  John’s  University-­‐ Manhattan   500
Campus  
Harvey  Milk  High  School 50

Consumer  P rofile
Our target consumer is a young educated person with a college degree working or living
in the East Village. With over 70% of the population being educated, they have the
spending power to enjoy an upscale food hall like Astor Market. Astor Market is a place
for lunch or dinner with an old friend or a business client. Students are also a target
segment for our food hall, with schools including NYU and Cooper Union just blocks away
from Astor Market.

While students and young professionals are seen as our target demographic, anyone who
uses any of the nearby subway lines or walks by on their way to their East Village or NoHo
apartment could find a type of cuisine they would enjoy at Astor Market.
9
Astor Market NYU  Dorm New  Yorkers  
Food  Market  

10
Food  Halls  in  New  York  on  the  Rise  
In New York City, there are around 30 food halls operating or in the planning stages. Food markets bring together a
wide variety of specialty foods, such as Hawaiian poke, lobster rolls, and other trendy foods. In New York, citizens find
themselves eating out more often than cooking at home due to busy schedules. Food halls have become popular in
areas of New York with a large presence of office tenants as well as high foot traffic, and tourist areas.

In the past five years, eight food halls have opened in the City, totaling 140,000 square feet. Rents range from $200-­‐
$475 per square foot. The minimum monthly starting rent vendors pay for space at a food hall is $7,000. Station sizes
range from 100 up to 1,000 square feet. Eataly, the largest Italian marketplace in the world, located in the Flatiron
District, has foot traffic of 25,000 people walking through each weekend. Once Bourdain Market is complete, it
expects around 20,000 visitors every day. Food halls in the outer boroughs include: City Point in Brooklyn,
Marketplace at Empire Outlets in Staten Island, Brooklyn Navy Yards Food Hall and Bruckner Market in the South
Bronx.

■ Essex crossing: The Market Line -­‐ 150,000 square feet once complete in 2018
■ Eataly -­‐ Over 50,000 square feet -­‐ Six restaurants, a market, and three cafés
■ Bourdain Market -­‐ Pier57 -­‐ 100 retailers (projected) -­‐ 155,000 square feet
■ TurnStyle Marketplace -­‐ Columbus Circle -­‐ 15,000 square feet -­‐ 30 vendors -­‐ Rent: $275-­‐425
■ South Street Seaport -­‐ 40,000 square feet -­‐ Seafood Themed market
■ Gotham West Market -­‐ 10,000 square feet -­‐ 10 vendors
■ Other Notable Food Halls in New York

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Astor  Market  Food  Hall
In March 2016, Americans spent more money dining out than they did purchasing groceries. The trend
has repeated itself every month since. When dealing with a retail real estate related project, location is
one of the most important factors. 7 East 7th Street is positioned in a central hub. The property has
ample foot traffic, population density, and the desire for a food hall. The closest food related market is
Union Fare, which is located one mile from the subject property in the Flatiron District. The Bowery
Market, located 0.2 miles from the property, currently has two tenants, therefore is not seen as
competition. 7 East 7th Street offers unparalleled accessibility and will be extremely profitable.

The real estate model for a food hall is based on a developer, GM Properties, building and leasing out
the space, then subleasing to vendors. Deals are usually short term, one to five years with subtenants.
More historic and successful food halls have month to month leases. Furthermore, deals with vendors
include common area maintenance charges for communal dining, preparation, or freezer space.

Astor Market will be 14,158 square feet, including two 2,500 square foot restaurants. The 40 vendors
will pay $7,000 per month for their station. Based on retail and food hall comps, vendors in Astor
Market will pay $367 per square foot, while the two restaurants will pay around $325 per square foot.
The blended average is $352 per square foot.
Net  R entable 14,158  square feet

Vendors 40  

Au  Cheval 2,500  square feet

SUGARFISH 2,500  square  feet

Blended  Average  R ent $352

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Vendors

13
Astor  Market  

14
Floor  Plans
34 36 39 40 1
SUGARFISH Unit  4 G Unit  4 F Unit  4 E Unit  4 D Unit  4 DUnit  4 CUnit  4 C
Unit  4 H
33 35 2
37 38

18 Unit  4 H Unit  4 B
28 29 32 3
27
17
4 Unit  4 I Unit  4 A
30 31
16 26
Unit  4 I
15
24 25 Residential   Unit  4 J
Unit  4 J Elevator
14
Lobby
22 23
5
Unit  4 K
Elevator
13 Unit  4 K
Restaurant Unit  4 Q
Studios
21 Unit  4 L
12 19 20
6
Vendor   Stall Unit  4 Q 1  B edroom
11 Unit  4 P

8 2  B edrooms
10
Au  Cheval Unit  4 M
Unit  4 N Unit  
Unit  44PO
9 7

Ground  Floor  Plan   Typical  Upper  Floor  Plan  

15
Comps
Property  Comparable  M atrix Astor  M arket   Union  Fare  Gastro  Hall   Hudson  Eats   Gansevoort  M arket   Chelsea  M arket   TurnStyle
Columbus  Circle  Subway  
Address 7  East  7th  Street   7  East  17th  Street   200  Vesey  Street,  2nd  Floor   52  Gansevoort  Street 75  9 th  Avenue Station
#  of  Vendors   40; Two  Restaurants 9 14 21 55 20  
Area  (sq.  ft) 14,158 25,000 30,000 8,000 164,755 30,000
Price  per  square  foot  ($) $352 N/A N/A $220 $400 $475
Opened   2019 2016 2014 2014 1997 2016
Can  accommodate  1 85   Can  accommodate  6 00  
1,000  square  feet  of   people  seated   or  4 50  for   people  at  booths,  tables  and   Sunny  atrium  with  c hairs  and   Some  vendors  offer  seating.   No  c ommunal  seating,  j ust  
seating.   receptions.  The  venue  has   counters. tables.  Some  stalls  have   There   are  also  four  sit   a  high-­‐top  bar.  Some  
two  spaces  to  rent  for   counter  seating;  Two  outdoor   down  restaurants. vendors  have  limited  
private  use:  one  that  seats   tables  on  the  sidewalk. seating.  
15  and  one  that  seats  70  
Seating people.
Black  Seed  Bagels,  Blue  
Shake  Shack,  The   Union  Fare  Bakery,  Poke,   Mission  Ceviche,  Tacombi,   Sarabeth’s,  Ronnybrook   Dylan's  Candy  Bar,  
Ribbon  Sushi,  Chop't,  Dig  Inn,  
Butcher’s  Daughter,   Case  &  Wine  Bar,  Italian,   Bagel  Story,  Feel  Food,  Ed's   Dairy,  Rana,  Takumi,  The   Starbucks,  By  Suzette,  
Skinny  Pizza,  Northern  Tiger,  
Luke’s  L obster,  Dig  Inn,   Salads,  Soups,  Street  Food,   Lobster  Bar,  Crepe  Sucre,  and   Lobster  Place,  Tuck  Shop,   Pressed  Juicery,  Blossom  de  
Dos  Toros,  Sprinkles,  
Vendors Chikarashi,  Seamore’s,   Raw  Bar,  and  Charcuterie.   more. Num  Pang,  Beyond  Sushi,   Jour,  MeltKraft,  Casa  
Tartinery,  and  more.
Eggslut,  Dö,  Sprinkles   No  outside  vendors,  only   Bowery  Kitchen,  Hale  and   Toscana,  Ellary's  Greens,  
Cupcakes,  The  Meatball   the  Union  Fare  brand. Hearty,  and  more. Semson  Eatery,  and  more.
Shop,  and  more.

Sophisticated,  rustic   Two  and  a  half  block  l ong  

interior  setting.  L arge   Single  purveyor  model  with   Relatively  l uxurious,  as   Industrial  c hic  setting.  L arge   Attracts  6  million  visitors   subterranean  shopping  and  
variety  of  vendors. Two   a  food  hall,  c afé,  bakery,   located  i nside  the  Brookfield   variety  of  foods. annually.   eating  development  i n  the  
sit  down  trendy   bar  and  restaurant.   Place  Mall. Columbus  Circle  subway  
Other  Info restaurants.   station.  
Alcohol  served Beer and  wine Beer  and  wine No  alcohol Alcohol  served Beer  and  wine
16
Condominiums
The East Village is primarily rentals because of the low median age but condos have shown strong growth.
There are only seven condominium buildings in Noho. Median condo sales average around $850,000 while
median asking rent is $3,150. The East Village has shown an increase in price per square foot and median
sales price over the last year increasing 8.5% and $18,981 or 1% respectively.

Our product will consist of 42 units, ranging from studios to three-­‐bedroom penthouses. Of the 42 units, ten
will be studios, 14 will be one bedrooms and ten will be two bedrooms. The top two floors will have eight
three-­‐bedroom penthouses. Amenities will include a 24-­‐hour doorman, fitness center and storage facility.
Studios start at $1,500,000, one bedrooms will start at $1,950,000, two bedrooms will start at $3,300,000
and the penthouses will start at $6,400,000.

17
18
 Comps
Property  Comparable  M atrix 7  East   7th  Street 445  L afayette  Street   347  Bowery 52  East  4th  Street Carl  Fischer  Building 285  L afayette  Street  
Address 7  East  7th  Street   445  L afayette  Street   347  Bowery 52  East  4th  Street   62  Cooper  Square   285  L afayette  Street  
#  Units 42 39 6 14 26 30
Interest  Sold Condo Co-­‐op Condo Condo Condo Condo
Stories 7 22 13 15 12 9
Year  Built 1857 2004 2016 2009 1984 1900
Landmarked   Yes No No No Yes No
Developer GM  Properties   Related  Companies Urban  Muse   HK  Organization N/A Allied  Partners  

Studios,  1 -­‐2  bedrooms;  Eight   1-­‐3  bedrooms;  Four   Five  town-­‐homes  c omposed  Studios,  1 -­‐2  bedrooms 1-­‐4  Bedrooms;  Three   2-­‐4  Bedrooms,  Four  
Range   3-­‐bedroom  penthouses penthouses   of  four  duplexes  and  one   triplex  penthouses penthouses  ranging  from  4-­‐5  
triplex  penthouse   bedrooms  

Type Pre  War   Post  War New  Development   Post  War Pre  War Pre  War
Average  Sale  Price   $3,287,500   $4,504,492   $11,750,000   $2,265,676   $4,695,789   $8,395,192  
Average  price  per  square  foot   $2,130 $2,056   $3,680   $1,740   $2,025   $2,274  
Amenities
24/7  Doorman ü ü ü û ü ü
Superintendent ü ü û ü ü û
Elevator ü ü ü ü ü ü

Premium  Kitchen  A ppliances/Surfaces ü ü ü ü ü ü

High  Ceilings   ü ü ü ü ü ü
Parking  Garage   û ü û ü û û
Washer/Dryer  in  Unit ü ü ü ü ü ü
Fitness  Center ü ü ü ü ü ü
Pool û û û ü û û
Basement  Storage   ü ü ü û ü ü
Roof  Deck  or  Outdoor  Space   û ü ü ü ü ü 19
Map  of  Comparable  Properties  

20
Sensitivity  Tables  

Exit  Strategy
Once selling out the building and leasing the food hall, GM Properties will sell the property in five years. We will start preselling condominium units during construction. We
are allowing two years to sell all condominium units. As for attracting vendors, we will start marketing the food hall space during construction. We are aiming to have 100% of
the food hall leased before the grand opening. Each stall will vary in regards to square footage. We believe this is an incredibly desirable product, as it is centrally located. As
seen in the financial analysis summary, our levered net profit will be $79,232,617.

27
Project  Schedule  

28
Risks  and  Mitigants
Pipeline of Condos – Over 14,500 units coming to the market between 2015-­‐2017. Hudson Yards is bringing over
4,000 residences to the market
Ø Hudson Yards is on the far West side of Manhattan, and is attracting a different type of buyer. The East
Village and Noho submarket is hip and vibrant, attracting young professionals. 7 East 7th Street is
attracting young professionals looking to settle down, but still wanting to live close to night life and
close to Union Square. Additionally, there are no new developments in the immediate area.

155,000 square foot Bourdain Market with over 100 vendors opening in 2019
Ø Bourdain Market is located at Pier 57, 1.8 miles from Astor Market. We do not view this as competition
as it is in a different submarket, attracting those who live and work on the west side of Manhattan.
Astor Market is much smaller, with only 40 vendors and two restaurants. It is centrally located near
multiple subway lines, making it easily accessible from anywhere in New York. Bourdain Market is
attracting more tourists, while Astor Market is attracting students, employees in the area, and
residents living nearby.

Signing Vendors
Ø We do not believe it will be difficult to sign leases with vendors, as Astor Market is located in a very
desirable location. There are no food halls in the surrounding area, therefore there is a lack of
competition. Compared to other food halls in the city, our rental range is less, averaging around $352
per square foot.

Selling condominiums in an area that is majority rental households

Ø There is the opportunity for more condominiums in this submarket as there are only seven
condominium buildings in Noho. 7 East 7th Street is attracting young professionals looking to invest in
the New York City market. If we cannot sell our condos, we will market the building as a rental building.

Community Opposition
Ø Knowing this is a landmarked building, we proactively put a line item in the budget to hire a PR firm.
The PR firm will help with community outreach. GM Properties plans to donate to charity, YMCA, etc. to
get the community on our side. Our number one goal is to have the community on board with our plans
and approve of the renovations we will make.
29
Astor  Market  
With ample access to transportation and the completion of a $21 million remodeling project, Astor Place is a thriving area and is
perfectly located to become a fun and iconic place to be. Although short-­‐term retail numbers are uncertain, we see strong, long-­‐
term economic factors such as a booming economy, tourism highs and steady population growth that will make this project a
success for many years to come. Specialty retail assets have shown to be in higher demand and perform better even in this
uncertain time for retail. The upscale positioning of Astor Market will allow it to compete with places like Chelsea Market but in a
much more subway and walker-­‐friendly location.

GM Properties believes a food hall and condos in this location fits the feel of the neighborhood. While retail is currently
struggling, long-­‐term retail demand drivers have shown steady high performance. Additionally, there is no hotter trend within the
retail category as food halls. There has been a rise in “food culture” within the past two decades and the East Village is lacking a
food retail concept. Food halls are currently trending, as the United States will close 2016 with 35 new food hall projects totaling
771,000 square feet of space.

Condos fit well in this project because of the urbanization trends we’ve seen all across America. Although East Village is a young
area, the rental market is very saturated and our sell-­‐out will be much higher with condos. We think our building with a small
number of condos will attract buyers looking for a more classic-­‐looking, boutique apartment which will not necessarily be
competing with the glass tower condo building 445 Lafayette, located across the street. We felt office would not fit well in this
building because there is not enough space. Office rent comps are lower than retail in the immediate area and there are multiple
successful office projects in the immediate area that we would have trouble competing with, such as 770 Broadway and 51 Astor.

Astor Place has become a great place to be rather than the dead zone between East Village and the NYU campus it once was.
While ultra-­‐luxury condos haven’t performed well, the less expensive condo markets have been performing well. With Astor
Place’s popularity surge, this is the perfect time for affordable luxury condos with great retail below, unparalleled walkability, and
nearby subway access.

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260 Madison Avenue
New York | NY 10016