121 East 37th Street New York, NY Simple Storage Service
121 East 37th Street New York, NY Elevator Serviced Apartment Building
Asking Price: $8,500,000
FOR SALE
Property Information Location:
North side of 37th Street between Park and Lexington Avenue
Block / Lot:
893 / 15
Lot Dimensions: (Approx.)
25' x 98.75'
Lot SF: (Approx.)
2,469
Building Size: (Approx.)
25' x 98.75' Irr. (1st & 2nd Floor) 25' x 61.5’ (3rd-5th Floors)
Gross SF (Approx.)
8,870 (Approx)
Stories:
5
Units:
12
Zoning:
R8B / 4.00
Total Buildable SF: (Approx.)
9,875
Existing SF: (Approx.)
8,870
Development Rights: (Approx.)
1,005
Historic District:
None
RE Tax Assessment (16/17):
$581,670
Actual RE Taxes (16/17):
$74,989
Property Description
Park Avenue
98.75
25
15
Lexington Avenue
BLOCK 893
East 38th Street
121 East 37th Street is a 25’ wide elevatored apartment building in Murray Hill, five blocks from Grand Central Terminal. The property currently contains 12 units and is configured as eleven 1BRs and a loft. There are four rent stabilized tenants in place while the balance of the units remain vacant. All apartments on floors 2-5 benefit from 12-14’ ceilings. Additionally, the property offers tenants storage space, a laundry room, and a brand new boiler. Due to the recent installation of the boiler, substantive MCI rental increases may apply. Furthermore, medical and dental professionals as well as community facility end-users will benefit from the R8B zoning that allows this use. 121 East 37th Street presents an ideal opportunity for an investor/operator to benefit from both near-term and long-term upside in one of the city’s most densely populated neighborhoods.
East 37th Street For More Information, Please Contact: John Ciraulo
Douglas Blankrot
Brock Emmetsberger
Billy Simons
Hannah Rodriguez
Vice Chairman (212) 660 7700 [email protected]
Director of Sales (212) 589 5157 [email protected]
Senior Managing Director (212) 660 7776 [email protected]
Director (212) 660 7794 [email protected]
Associate (212) 589 5174 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
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.
121 East 37th Street New York, NY Elevator Serviced Apartment Building RESIDENTIAL RENT ROLL (Actual/Projected) Annual Rent
Unit
Status
Type
Lease Exp.
1A
FM
1BR/1BA
Vacant
$
2,500
$
30,000
1B
RS
1BR/1BA
Nov-18
$
1,460
$
17,520
1C
FM
1BR/1BA
Vacant
$
3,500
$
47,400
2A
FM
1BR/1BA
Vacant
$
3,500
$
42,000
2B
RS
1BR/1BA
Dec-17
$
2,235
$
26,820
2C
FM
Loft/1BA
Vacant
$
4,800
$
57,600
3A
FM
1BR/1BA
Vacant
$
3,500
$
42,000
3B
RS
1BR/1BA
Apr-18
$
857
$
10,284
4A
FM
1BR/1BA
Vacant
$
3,500
$
42,000
4B
RS
1BR/1BA
May-17
$
1,373
$
16,476
5A
FM
1BR/1BA
Vacant
$
3,950
$
47,400
5B
FM
1BR/1BA
Vacant
$
3,950
$
47,400
$
34,889
$
418,672
Less Vacancy & Credit Loss @ 3.0%
$
(12,560)
Effective Gross Income
$
406,112
(1)
(2)
Monthly Rent
TOTAL / AVERAGE:
Projected at Market Rate. (1) Case pending (2) Rent reflects preferntial rent discount of $235.64 per month.
EXPENSES (ESTIMATED)
$/SF
$/Unit
RE Taxes (16/17)
Actual
$
74,989
$
8.45
$
6,249
Common Electric
As Provided
$
2,400
$
0.27
$
200
Projected @ $.50/sf
$
4,435
$
0.50
$
370
Projected @ $500/Unit
$
6,000
$
0.68
$
500
Projected @ $1.00/sf
$
8,870
$
1.00
$
739
Projected @ $500/Unit
$
6,000
$
0.68
$
500
Projected @ $200/Month
$
2,400
$
0.27
$
200
Projected @ 4% of EGI
$
16,244
$
1.83
$
1,354
Exp. Ratio: 30%
$
121,338
$
$13.68
$
10,112
Effective Gross Income
$
406,112
Less Expenses
$
121,338
Net Operating Income
$
284,774
Water & Sewer Insurance Fuel Repairs & Maintenance Super Management & Miscellaneous Total
For More Information, Please Contact: John Ciraulo
Douglas Blankrot
Brock Emmetsberger
Billy Simons
Hannah Rodriguez
Vice Chairman (212) 660 7700 [email protected]
Director of Sales (212) 589 5157 [email protected]
Senior Managing Director (212) 660 7776 [email protected]
Director (212) 660 7794 [email protected]
Associate (212) 589 5174 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
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.
Asking Price: $8,500,000
FOR SALE
Property Information Location:
North side of 37th Street between Park and Lexington Avenue
Block / Lot:
893 / 15
Lot Dimensions: (Approx.)
25' x 98.75'
Lot SF: (Approx.)
2,469
Building Size: (Approx.)
25' x 98.75' Irr. (1st & 2nd Floor) 25' x 61.5’ (3rd-5th Floors)
Gross SF (Approx.)
8,870 (Approx)
Stories:
5
Units:
12
Zoning:
R8B / 4.00
Total Buildable SF: (Approx.)
9,875
Existing SF: (Approx.)
8,870
Development Rights: (Approx.)
1,005
Historic District:
None
RE Tax Assessment (16/17):
$581,670
Actual RE Taxes (16/17):
$74,989
Property Description
Park Avenue
98.75
25
15
Lexington Avenue
BLOCK 893
East 38th Street
121 East 37th Street is a 25’ wide elevatored apartment building in Murray Hill, five blocks from Grand Central Terminal. The property currently contains 12 units and is configured as eleven 1BRs and a loft. There are four rent stabilized tenants in place while the balance of the units remain vacant. All apartments on floors 2-5 benefit from 12-14’ ceilings. Additionally, the property offers tenants storage space, a laundry room, and a brand new boiler. Due to the recent installation of the boiler, substantive MCI rental increases may apply. Furthermore, medical and dental professionals as well as community facility end-users will benefit from the R8B zoning that allows this use. 121 East 37th Street presents an ideal opportunity for an investor/operator to benefit from both near-term and long-term upside in one of the city’s most densely populated neighborhoods.
East 37th Street For More Information, Please Contact: John Ciraulo
Douglas Blankrot
Brock Emmetsberger
Billy Simons
Hannah Rodriguez
Vice Chairman (212) 660 7700 [email protected]
Director of Sales (212) 589 5157 [email protected]
Senior Managing Director (212) 660 7776 [email protected]
Director (212) 660 7794 [email protected]
Associate (212) 589 5174 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
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.
121 East 37th Street New York, NY Elevator Serviced Apartment Building RESIDENTIAL RENT ROLL (Actual/Projected) Annual Rent
Unit
Status
Type
Lease Exp.
1A
FM
1BR/1BA
Vacant
$
2,500
$
30,000
1B
RS
1BR/1BA
Nov-18
$
1,460
$
17,520
1C
FM
1BR/1BA
Vacant
$
3,500
$
47,400
2A
FM
1BR/1BA
Vacant
$
3,500
$
42,000
2B
RS
1BR/1BA
Dec-17
$
2,235
$
26,820
2C
FM
Loft/1BA
Vacant
$
4,800
$
57,600
3A
FM
1BR/1BA
Vacant
$
3,500
$
42,000
3B
RS
1BR/1BA
Apr-18
$
857
$
10,284
4A
FM
1BR/1BA
Vacant
$
3,500
$
42,000
4B
RS
1BR/1BA
May-17
$
1,373
$
16,476
5A
FM
1BR/1BA
Vacant
$
3,950
$
47,400
5B
FM
1BR/1BA
Vacant
$
3,950
$
47,400
$
34,889
$
418,672
Less Vacancy & Credit Loss @ 3.0%
$
(12,560)
Effective Gross Income
$
406,112
(1)
(2)
Monthly Rent
TOTAL / AVERAGE:
Projected at Market Rate. (1) Case pending (2) Rent reflects preferntial rent discount of $235.64 per month.
EXPENSES (ESTIMATED)
$/SF
$/Unit
RE Taxes (16/17)
Actual
$
74,989
$
8.45
$
6,249
Common Electric
As Provided
$
2,400
$
0.27
$
200
Projected @ $.50/sf
$
4,435
$
0.50
$
370
Projected @ $500/Unit
$
6,000
$
0.68
$
500
Projected @ $1.00/sf
$
8,870
$
1.00
$
739
Projected @ $500/Unit
$
6,000
$
0.68
$
500
Projected @ $200/Month
$
2,400
$
0.27
$
200
Projected @ 4% of EGI
$
16,244
$
1.83
$
1,354
Exp. Ratio: 30%
$
121,338
$
$13.68
$
10,112
Effective Gross Income
$
406,112
Less Expenses
$
121,338
Net Operating Income
$
284,774
Water & Sewer Insurance Fuel Repairs & Maintenance Super Management & Miscellaneous Total
For More Information, Please Contact: John Ciraulo
Douglas Blankrot
Brock Emmetsberger
Billy Simons
Hannah Rodriguez
Vice Chairman (212) 660 7700 [email protected]
Director of Sales (212) 589 5157 [email protected]
Senior Managing Director (212) 660 7776 [email protected]
Director (212) 660 7794 [email protected]
Associate (212) 589 5174 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
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.
