Coming Soon: Bulthaup to 158 Wooster

Posted on: January 20th, 2010 at 6:35 am by

Not much has transpired inside the ground level retail space of 158 Wooster Street (aka 37 West Houston) since the Brazilian boutique BR Concept vacated nearly a year and a half ago.  In recent weeks, however, a team of contractors began revamping the interior of the corner property.  DOB permits filed show that new plumbing, sprinkler systems, HVAC, and non-load-bearing partitions are on the agenda in anticipation of the new tenant – Bulthaup.

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The German-based kitchen company resided at 578 Broadway for ten years, before closing up shop in November.  Opening date for the new showroom will reportedly be sometime this month.

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But there’s more!  To further complicate matters, this particular commercial retail unit is now for sale. A listing just surfaced on the Susan Penzner Real Estate website [PDF]. Asking price is $6.4 million. Here are the other vitals:

Block/Lot:     514/1401 
Ground Floor: Approx. 2932 sq. ft.
Lower Level:  Approx. 1000 sq. ft.
Tenant:          High-end German kitchen manufacturer recently leased for 10-year term.
Price:             $6,400,000
Income:         $425,000 (10/09-9/10) Fixed 3% escalations thereafter
Expenses:      RET: $14,733 (2009/2010) 421-a tax exemption in place
CCs: $30,480/annum (2009)
Insurance: $2,000 estimated

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