The subject property is located on arguably the best block in hip Nolita, facing west and diagonally opposite the original St Patrick’s Church. 260 Mott St. comprises a red brick 5-story mixed-use building with full basement and rear yard, ground floor retail store and eight (8) one bedroom apartments. The building is in very good condition. The retail store is occupied by the Rebecca Taylor Boutique, headquarters of this internationally renowned fashion designer. The store lease includes annual escalation of 3% and tenant pays 1/5 of any increases in Real Estate taxes. Upon lease expiration on 11/30/13, tenant has 5-yr. option at fair market rent plus 3.5% escalation.

From the second through fifth floors, there are two apartments per floor. Six (6) are Free Market (FM) and two (2) are subject to Rent Stabilization (RS). The six Free Market apartments have all received high quality gut-renovation beginning in 2001 and as recently as 2006. In addition, upgrades to the central heating, plumbing and electrical systems, new roof and the replacement of doors and windows were completed during this same period.

The subject property presents an excellent opportunity for a user who could combine and/or occupy the six (6) Free Market units and possibly the two (2) Rent Stabilized units as well, while earning the substantial store income. Alternately, the property may well appeal to a savvy investor because of the tremendous upside income potential offered by the store upon lease expiration, the under-market apartment rents and the available FAR. In either case, the very good condition and terrific location of this property make it a truly great acquisition.