1041 MADISON AVENUE NEW YORK, NY
1041 MADISON AVENUE NEW YORK, NY Prime Upper East Side Mixed Use Building
Asking Price: $26,000,000
FOR SALE
PROPERTY HIGHLIGHTS Location:
East side of Madison Avenue between East 79th and East 80th Street
Block / Lot:
1491/21
Lot Dimensions:
20’ x 77’
Building Dimensions: Ground Floor and 2nd Floor:
20’ x 77’ (Approx.)
3rd Floor-5th Floor:
20’ x 65’ (Approx.)
Stories:
5
Zoning / FAR:
C5-1 10.0
Lot Square Footage:
1,540 (Approx.)
Total BSF:
15,400 (Approx.)
Existing SF:
6,980
Development Rights:
8,420 (Approx.)
Assessment (16/17):
$1,294,200
Taxes (16/17):
$168,007
(Approx.)
PROPERTY DESCRIPTION Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of 1041 Madison Avenue located on the east side of Madison Avenue between East 79th and East 80th Street. The property is 5 stories plus basement, 20 feet wide, and approximately 6,980 square feet. The property consists of a deli/supermarket on the ground floor, a consignment shop occupying the entire 2nd and 3rd floors along with the front portion of the 4th floor, and 3 residential units occupying the rear portion of the 4th floor and entire 5th floor, of which 2 are Free market and 1 is Rent Stabilized.
TAX MAP
Madison Avenue
Park Avenue
East 80th Street
East 79th Street
The building sits on a 20’ x 77’ lot, is located in a C5-1 Zone (Residential FAR 10.0 and Commercial FAR 2.0) and has approximately 8,420 square feet of development rights remaining. The property is neither Landmarked nor located in a Historic District. The property is located in a thriving area of Madison Avenue where high-end tenants are relocating because of high rent demand just a few blocks south. Some of the neighboring tenants are retailers such as Christian Louboutin, Carolina Herrera, Gianvito Rossi, Tomas Maier, Davide Cenci, The Carlyle Hotel, The Surrey Hotel, and The Mark Hotel. This is a great opportunity for a user, investor or 1031 exchange buyer to acquire a prime Madison Avenue asset situated in one of the most sought after locations in the world.
FOR MORE INFORMATION, PLEASE CONTACT: Tom Gammino Senior Vice President (212) 660 7727 [email protected]
Brett Weisblum Director (212) 660 7784 [email protected]
John F. Ciraulo Vice Chairman (212) 660 7700 [email protected]
Craig M. Waggner Director (212) 660 7744 [email protected]
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 (212) 696 2500
1041 MADISON AVENUE NEW YORK, NY Prime Upper East Side Mixed Use Building
Unit
Status
Lease Exp.
NSF
$/SF
Actual Monthly Rent
Actual Annual Rent
Proj. $/SF
Proj. Monthly Rent
Proj. Annual Rent
Ground Floor Retail *
Comm.
8/31/19
1,540
$216
$27,757
$333,087
$500
$64,167
$770,000
2nd-3rd Floor,4F**
Comm.
4/30/17
3,393
$77
$22,536
$270,431
$93
$27,083
$325,000
4R
FM
Month-Month
553
$53
$2,450
$29,400
$75
$3,456
$41,475
5F
RS
4/30/18
553
$18
$838
$10,052
$18
$838
$10,056
5R
FM
Month-Month
553
$53
$2,450
$29,400
$75
$3,456
$41,475
Total Monthly:
$99,000
$56,031
Additional Income:
$45,689
Totals Annual:
$718,058
$1,188,006
*Tenant pays $17,309 annual tax pass throughs. **Tenant pays $28,380 annual tax pass throughs. New lease commencing 3/1/17 for 7 years, 3% annual rent increase
REVENUE Potential Gross Income:
Actual
Projected
$718,058
$1,188,006
Actual
EXPENSES:
Projected
Real Estate Taxes (15/16)
Actual
$168,007
$168,007
Insurance
Actual
$10,000
$10,000
Fuel
Actual
$13,819
$13,819
Water/Sewer
Actual
$3,800
$3,800
Electric
Actual
$1,200
$1,200
Projected @ $400/Month
$4,800
$4,800
Actual
$4,500
$4,500
Projected @ 3% of GI
$20,895
$35,640
Total:
$227,021
$241,766
REVENUE
Actual
Projected
Potential Gross Income:
$718,058
$1,188,006
Less Expenses:
$227,021
$241,766
Net Operating Income:
$491,037
$946,240
Repairs & Maintenance Super Management
Asking Price: $26,000,000 FOR MORE INFORMATION, PLEASE CONTACT: Tom Gammino Senior Vice President (212) 660 7727 [email protected]
Brett Weisblum Director (212) 660 7784 [email protected]
John F. Ciraulo Vice Chairman (212) 660 7700 [email protected]
Craig M. Waggner Director (212) 660 7744 [email protected]
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 (212) 696 2500
Asking Price: $26,000,000
FOR SALE
PROPERTY HIGHLIGHTS Location:
East side of Madison Avenue between East 79th and East 80th Street
Block / Lot:
1491/21
Lot Dimensions:
20’ x 77’
Building Dimensions: Ground Floor and 2nd Floor:
20’ x 77’ (Approx.)
3rd Floor-5th Floor:
20’ x 65’ (Approx.)
Stories:
5
Zoning / FAR:
C5-1 10.0
Lot Square Footage:
1,540 (Approx.)
Total BSF:
15,400 (Approx.)
Existing SF:
6,980
Development Rights:
8,420 (Approx.)
Assessment (16/17):
$1,294,200
Taxes (16/17):
$168,007
(Approx.)
PROPERTY DESCRIPTION Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of 1041 Madison Avenue located on the east side of Madison Avenue between East 79th and East 80th Street. The property is 5 stories plus basement, 20 feet wide, and approximately 6,980 square feet. The property consists of a deli/supermarket on the ground floor, a consignment shop occupying the entire 2nd and 3rd floors along with the front portion of the 4th floor, and 3 residential units occupying the rear portion of the 4th floor and entire 5th floor, of which 2 are Free market and 1 is Rent Stabilized.
TAX MAP
Madison Avenue
Park Avenue
East 80th Street
East 79th Street
The building sits on a 20’ x 77’ lot, is located in a C5-1 Zone (Residential FAR 10.0 and Commercial FAR 2.0) and has approximately 8,420 square feet of development rights remaining. The property is neither Landmarked nor located in a Historic District. The property is located in a thriving area of Madison Avenue where high-end tenants are relocating because of high rent demand just a few blocks south. Some of the neighboring tenants are retailers such as Christian Louboutin, Carolina Herrera, Gianvito Rossi, Tomas Maier, Davide Cenci, The Carlyle Hotel, The Surrey Hotel, and The Mark Hotel. This is a great opportunity for a user, investor or 1031 exchange buyer to acquire a prime Madison Avenue asset situated in one of the most sought after locations in the world.
FOR MORE INFORMATION, PLEASE CONTACT: Tom Gammino Senior Vice President (212) 660 7727 [email protected]
Brett Weisblum Director (212) 660 7784 [email protected]
John F. Ciraulo Vice Chairman (212) 660 7700 [email protected]
Craig M. Waggner Director (212) 660 7744 [email protected]
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 (212) 696 2500
1041 MADISON AVENUE NEW YORK, NY Prime Upper East Side Mixed Use Building
Unit
Status
Lease Exp.
NSF
$/SF
Actual Monthly Rent
Actual Annual Rent
Proj. $/SF
Proj. Monthly Rent
Proj. Annual Rent
Ground Floor Retail *
Comm.
8/31/19
1,540
$216
$27,757
$333,087
$500
$64,167
$770,000
2nd-3rd Floor,4F**
Comm.
4/30/17
3,393
$77
$22,536
$270,431
$93
$27,083
$325,000
4R
FM
Month-Month
553
$53
$2,450
$29,400
$75
$3,456
$41,475
5F
RS
4/30/18
553
$18
$838
$10,052
$18
$838
$10,056
5R
FM
Month-Month
553
$53
$2,450
$29,400
$75
$3,456
$41,475
Total Monthly:
$99,000
$56,031
Additional Income:
$45,689
Totals Annual:
$718,058
$1,188,006
*Tenant pays $17,309 annual tax pass throughs. **Tenant pays $28,380 annual tax pass throughs. New lease commencing 3/1/17 for 7 years, 3% annual rent increase
REVENUE Potential Gross Income:
Actual
Projected
$718,058
$1,188,006
Actual
EXPENSES:
Projected
Real Estate Taxes (15/16)
Actual
$168,007
$168,007
Insurance
Actual
$10,000
$10,000
Fuel
Actual
$13,819
$13,819
Water/Sewer
Actual
$3,800
$3,800
Electric
Actual
$1,200
$1,200
Projected @ $400/Month
$4,800
$4,800
Actual
$4,500
$4,500
Projected @ 3% of GI
$20,895
$35,640
Total:
$227,021
$241,766
REVENUE
Actual
Projected
Potential Gross Income:
$718,058
$1,188,006
Less Expenses:
$227,021
$241,766
Net Operating Income:
$491,037
$946,240
Repairs & Maintenance Super Management
Asking Price: $26,000,000 FOR MORE INFORMATION, PLEASE CONTACT: Tom Gammino Senior Vice President (212) 660 7727 [email protected]
Brett Weisblum Director (212) 660 7784 [email protected]
John F. Ciraulo Vice Chairman (212) 660 7700 [email protected]
Craig M. Waggner Director (212) 660 7744 [email protected]
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 (212) 696 2500
