1403 second - Massey Knakal
1403
SECOND AVENUE
CORNER MIXED-USE BUILDING
LOCATION INFORMATION 1403 SECOND AVENUE, NEW YORK, NY
PRIME LOCATION The property is less than 100’ away from 72nd Avenue Station.
72 Street Station
CUSHMAN & WAKEFIELD
02
PROPERTY INFORMATION 1403 SECOND AVENUE, NEW YORK, NY
BUILDING FOR SALE
PROPERTY HIGHLIGHTS The subject property is a 25.5 foot wide mixed use building located on the northwest corner of Second Avenue and East 73rd Street. This bestin-class location is just 100 feet from the Second Avenue subway stop on 72nd Street providing long term stability and growth. The building has recently undergone a full renovation (including common areas and units) and is configured as 16 residential apartments above one ground floor commercial unit, which has been re-tenanted with a lease that extends until 2029. The new tenant, Sushi Gama, has retrofitted the restaurant with a brand new custom cold bar, kitchen, refinished floors and a soon to be added side walk café. The combination of Second Avenue’s wide sidewalks and the removal of construction equipment has allowed for businesses to recapture out-door seating and dining on the Avenue. This opportunity also benefits from nearly 10,000 BSF on an undeveloped block, which presents the rare opportunity to own a corner lot of a future assemblage.
PROPERTY FEATURES LOCATION: BLOCK / LOT: LOT SIZE: STORIES: SF (Above grade): UNITS:
CUSHMAN & WAKEFIELD
On the northwest corner of 2nd Avenue and E 73rd Street 1428 / 21 25.5' x 75‘ 5 9,580 SF (Approx.) 17
ZONING: FAR: LOT AREA: BUILDABLE SQUARE FOOTAGE: UNUSED AIR RIGHTS: ASSESSMENT (16/17): TAXES (16/17):
C1-9 10.0 1,916 SF 19,160 SF 9,580 SF (Approx.) $905,580 $116,747
03
FINANCIAL INFORMATION 1403 SECOND AVENUE, NEW YORK, NY Commercial Revenue Unit
Lease Exp.
Monthly Income
Annual Income
Sushi Gama Corp
8/31/2029
$26,000
$312,000
Residential Revenue Unit
Formerly Known As
Lease Exp.
Status
Room Count
Monthly Income
Annual Income
1A
(1B)
09/30/18
FM
2.0
$2,395
$28,740
1B
(1A)
04/30/17
FM
3.0
$3,000
$36,000
1C
(3)
07/31/17
FM
3.0
$3,000
$36,000
1D
(2)
10/31/17
FM
2.0
$2,595
$31,140
2A
(2A)
06/31/17
FM
4.0
$3,600
$43,200
2B
(4)
06/30/17
FM
3.0
$3,000
$36,000
2C
(5)
08/31/17
FM
3.0
$3,000
$36,000
2D
(2D)
Vacant/Projected
FM
3.0
$3,000
$36,000
3A
(11)
08/31/17
FM
2.0
$2,580
$30,960
3B
(8)
04/30/17
FM
3.0
$3,000
$36,000
3C
(9)
09/30/17
FM
3.0
$3,000
$36,000
3D
(10)
Vacant/Projected
-
2.0
$3,000
$36,000
4A
(15)
Vacant/Projected
FM
2.0
$3,000
$36,000
4B
(12)
Vacant/Projected
-
3.0
$3,000
$36,000
4C
(13)
Vacant/Projected
-
3.0
$3,000
$36,000
4D
(14)
10/31/16
RS
3.0
$1,086
$13,036
Revenue Actual Gross Annual Income: Less Vacancy and Credit Loss:
$855,076 3%
Effective Gross Income:
($25,652) $829,424
C&W PROJECTED Real Estate Taxes (16/17):
$116,747
Water & Sewer:
$0.50 / SF
$5,000
Insurance:
$1.04 / SF
$10,000
Fuel:
$1.04 / SF
$10,000
Electric (Common areas):
$0.84 / SF
$8,000
Payroll & Benefits:
$.63 / SF
$6,000
Repairs:
$1.04 / SF
$10,000
@ 2.5% EGI
$20,736
Management: Total:
$186,483
Effective Gross Income:
$829,424
Less Expenses:
$186,483
Net Operating Income:
$642,941
CUSHMAN & WAKEFIELD
04
Asking Price: $13,900,000
FOR MORE INFORMATION, PLEASE CONTACT: GUTHRIE GARVIN Senior Managing Director (212) 660 7786 [email protected]
MICHAEL GEMBECKI Director (212) 660 7743 [email protected]
275 MADISON AVENUE, THIRD FLOOR, NEW YORK, NY 10016 WWW.CUSHMANWAKEFIELD.COM
Cushman & Wakefield Copyright 2017. 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.
SECOND AVENUE
CORNER MIXED-USE BUILDING
LOCATION INFORMATION 1403 SECOND AVENUE, NEW YORK, NY
PRIME LOCATION The property is less than 100’ away from 72nd Avenue Station.
72 Street Station
CUSHMAN & WAKEFIELD
02
PROPERTY INFORMATION 1403 SECOND AVENUE, NEW YORK, NY
BUILDING FOR SALE
PROPERTY HIGHLIGHTS The subject property is a 25.5 foot wide mixed use building located on the northwest corner of Second Avenue and East 73rd Street. This bestin-class location is just 100 feet from the Second Avenue subway stop on 72nd Street providing long term stability and growth. The building has recently undergone a full renovation (including common areas and units) and is configured as 16 residential apartments above one ground floor commercial unit, which has been re-tenanted with a lease that extends until 2029. The new tenant, Sushi Gama, has retrofitted the restaurant with a brand new custom cold bar, kitchen, refinished floors and a soon to be added side walk café. The combination of Second Avenue’s wide sidewalks and the removal of construction equipment has allowed for businesses to recapture out-door seating and dining on the Avenue. This opportunity also benefits from nearly 10,000 BSF on an undeveloped block, which presents the rare opportunity to own a corner lot of a future assemblage.
PROPERTY FEATURES LOCATION: BLOCK / LOT: LOT SIZE: STORIES: SF (Above grade): UNITS:
CUSHMAN & WAKEFIELD
On the northwest corner of 2nd Avenue and E 73rd Street 1428 / 21 25.5' x 75‘ 5 9,580 SF (Approx.) 17
ZONING: FAR: LOT AREA: BUILDABLE SQUARE FOOTAGE: UNUSED AIR RIGHTS: ASSESSMENT (16/17): TAXES (16/17):
C1-9 10.0 1,916 SF 19,160 SF 9,580 SF (Approx.) $905,580 $116,747
03
FINANCIAL INFORMATION 1403 SECOND AVENUE, NEW YORK, NY Commercial Revenue Unit
Lease Exp.
Monthly Income
Annual Income
Sushi Gama Corp
8/31/2029
$26,000
$312,000
Residential Revenue Unit
Formerly Known As
Lease Exp.
Status
Room Count
Monthly Income
Annual Income
1A
(1B)
09/30/18
FM
2.0
$2,395
$28,740
1B
(1A)
04/30/17
FM
3.0
$3,000
$36,000
1C
(3)
07/31/17
FM
3.0
$3,000
$36,000
1D
(2)
10/31/17
FM
2.0
$2,595
$31,140
2A
(2A)
06/31/17
FM
4.0
$3,600
$43,200
2B
(4)
06/30/17
FM
3.0
$3,000
$36,000
2C
(5)
08/31/17
FM
3.0
$3,000
$36,000
2D
(2D)
Vacant/Projected
FM
3.0
$3,000
$36,000
3A
(11)
08/31/17
FM
2.0
$2,580
$30,960
3B
(8)
04/30/17
FM
3.0
$3,000
$36,000
3C
(9)
09/30/17
FM
3.0
$3,000
$36,000
3D
(10)
Vacant/Projected
-
2.0
$3,000
$36,000
4A
(15)
Vacant/Projected
FM
2.0
$3,000
$36,000
4B
(12)
Vacant/Projected
-
3.0
$3,000
$36,000
4C
(13)
Vacant/Projected
-
3.0
$3,000
$36,000
4D
(14)
10/31/16
RS
3.0
$1,086
$13,036
Revenue Actual Gross Annual Income: Less Vacancy and Credit Loss:
$855,076 3%
Effective Gross Income:
($25,652) $829,424
C&W PROJECTED Real Estate Taxes (16/17):
$116,747
Water & Sewer:
$0.50 / SF
$5,000
Insurance:
$1.04 / SF
$10,000
Fuel:
$1.04 / SF
$10,000
Electric (Common areas):
$0.84 / SF
$8,000
Payroll & Benefits:
$.63 / SF
$6,000
Repairs:
$1.04 / SF
$10,000
@ 2.5% EGI
$20,736
Management: Total:
$186,483
Effective Gross Income:
$829,424
Less Expenses:
$186,483
Net Operating Income:
$642,941
CUSHMAN & WAKEFIELD
04
Asking Price: $13,900,000
FOR MORE INFORMATION, PLEASE CONTACT: GUTHRIE GARVIN Senior Managing Director (212) 660 7786 [email protected]
MICHAEL GEMBECKI Director (212) 660 7743 [email protected]
275 MADISON AVENUE, THIRD FLOOR, NEW YORK, NY 10016 WWW.CUSHMANWAKEFIELD.COM
Cushman & Wakefield Copyright 2017. 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.
