145 / 147 / 149 West 14th Street
145 / 147 / 149 West 14th Street Prime Chelsea Mixed Use Buildings with Air Rights for Future Development
FOR SALE
Asking: $18,250,000 Bid Deadline: 9/22/2016 at 4:00PM PORTFOLIO OVERVIEW Address Block / Lot Lot Dimensions
(approx.)
Lot Size
(approx.)
Building Dimensions
(approx.)
145 West 14th
147 West 14th
149 West 14th
Total
790/10
790/9
790/8
790/8,9,10
18.4’ x 106.6’
19.6’ x 106.6’
25’ x 103.3’
63’ x 106.6’
1,952
2,077
2,581
6,610
18.4’ x 64’
19.6’ x 64’
25’ x 51.6’
63’ x 64’
Stories
5
Zoning
C6-2A
FAR
6.02
As-of-Right BSF
11,752
12,502
15,539
39,793
(5,866)
(6,240)
(7,662)
(19,768)
5,886
6,262
7,877
20,025
Assessment (16/17)
$420,175
$479,430
$525,664
$1,425,269
Taxes (16/17)
$54,131
$61,765
$67,721
$183,617
(approx.)
ROOFTOP VIEWS
Existing Structure Available Air Rights (approx.)
PORTFOLIO HIGHLIGHTS The offering comprises three buildings featuring 63’ of frontage on 14th Street between Sixth and Seventh Avenues on the border of Chelsea and Greenwich Village. There are three retail spaces and 31 residential units comprising of eleven (11) free-market apartments, five (5) rent-stabilized units, fourteen (14) SRO, and one (1) super’s unit. The property’s inplace income offers substantial revenue to investors and benefits from an additional 20,025 BSF (approx.) of air rights for a total of 39,793 total BSF (approx.). The property provides a future owner with a prime value-add opportunity, or the ability to potentially develop in one of the City’s most coveted neighborhoods. 145 West 14th Street consists of one ground floor retail unit, five free-market, and three rent-stabilized units. The retail unit is leased for $83/SF, which provides an investor with substantial upside given that retail rents in the area are pushing $100/SF or more. The stabilized rents average $32/SF while the free-market average $54/SF.
147 West 14th Street consists of one ground floor retail space, fourteen SRO, and one free-market unit. The property does not currently have a certificate of nonharassment “CONH”. The current rents in the SRO units average $31/SF, which is approximately 45% of the market rate.
149 West 14th Street consists of one ground floor retail unit, five free-market, two rent-stabilized, and one super’s unit. The stabilized units average $30/SF while the freemarket units are pushing $49/SF.
For More Information, Please Contact: Brock Emmetsberger Executive Director (212) 660 7776 [email protected]
Jeffrey A. Shalom Executive Director (718) 307 6558 [email protected]
Billy Simons Senior Associate (212) 660 7794 [email protected]
Caroline Hodes Associate (718) 307 6557 [email protected]
Cushman & Wakefield 275 Madison Avenue, 3rd FL New York, NY 10016 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.
145/147/149 West 14th Street Prime Chelsea Mixed Use Buildings with Air Rights for Future Development
145 West 14th Street UNIT #
LEASE STATUS
NSF
R.P.S.F
MO. RENT
ANNUAL RENT
Retail
LXP 9/30/2016
918
$106
$8,100
$97,200
2F
FM
One Bedroom
$2,600
$31,200
2R
FM
One Bedroom
$2,125
$25,500
3F
RS
One Bedroom
$2,118
$25,420
3R
FM
One Bedroom
$2,100
$25,200
4F
RS
One Bedroom
$809
$9,708
4R
FM
One Bedroom
$1,975
$23,700
5F
FM
One Bedroom
$2,200
$26,400
5R
RS
One Bedroom
$891
$10,695
$6,762
$81,144
147 West 14th Street - SRO Retail
LXP 4/30/2018
1,017
$80
1
SRO
Furnished Room
$694
$8,325
2
SRO
Furnished Room
$645
$7,740
3
SRO
Furnished Room
$550
$6,600
4
SRO
Furnished Room
$660
$7,924
5
SRO
Furnished Room
$700
$8,396
6
SRO
Furnished Room
$509
$6,108
7
SRO
Furnished Room
$669
$8,034
8
SRO
Furnished Room
$700
$8,405
9
Vacant
Furnished Room
$1,500
$18,000
10
SRO
Furnished Room
$512
$6,139
11
SRO
Furnished Room
$603
$7,234
12
SRO
Furnished Room
$631
$7,569
13
SRO
Furnished Room
$485
$5,819
14
Vacant
Furnished Room
$1,500
$18,000
15
FM
One Bedroom
$1,850
$22,200
$10,411
$124,932
149 West 14th Street Retail
LXP 11/30/16
2,125
$59
1
FM
One Bedroom
$2,300
$27,600
2
Super's Unit
One Bedroom
$1,000
$12,000
3
FM
One Bedroom
$2,500
$30,000
4
FM
One Bedroom
$2,500
$30,000
5
RS
One Bedroom
$1,701
$20,417
6
FM
One Bedroom
$2,100
$25,200
7
FM
One Bedroom
$2,450
$29,400
8
RS
One Bedroom
$914
$10,970
COMBINED MONTHLY COMBINED ANNUAL
$67,765 $813,178
Projected at market rate.
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.
145/147/149 West 14th Street Prime Chelsea Mixed Use Buildings with Air Rights for Future Development
Combined Revenue Gross Monthly Revenue
$67,765
Gross Annual Revenue
$813,178
Combined Expenses Combined R.E Taxes (16/17)
Actual
$183,617
145 West 14th Street Tax Pass-through
Actual
-$3,351
147 West 14th Street Tax Pass-through
Actual
-$1,053
Water & Sewer
Projected @ $.50/SF (except 149 West 14th Street)
$3,874
Electric
Projected @ $.25/SF
$1,937
Fuel
Projected @ $1.00/SF
$11,877
Insurance
Projected @ $1.00/SF
$11,877
Projected @ $500/month per building
$18,000
Projected @ $500/month
$6,000
3% of G.A.I
$24,395
Repairs & Maintenance Super Management (3%) Total Annual Expenses
$257,174
Effective Gross Annual Revenue
$813,178
Less Expenses Net Operating Income
($257,174) $556,004
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.
145/147/149 WEST 14TH STREET NEW YORK, NY 10011 OFFER FORM We are pleased to bring 145/147/149 West 14th Street and its associated development rights, (collectively the “Property”) to a bid deadline on Thursday, September 22nd at 4:00 p.m. We look forward to your response.
1)
Purchaser: Principal:
________________________________
Company:
________________________________
Address:
________________________________ ________________________________
Phone:
________________________________
Fax / E-mail:
____________________/______________________________________
Broker (if applicable) ___________________________________________________________
2)
Offer Price:
______________________________
3)
Terms:
All Cash (The seller will not provide financing)
4)
Contract Deposit:
_________% (The seller is looking for at least a 10% deposit; however, a larger deposit would be viewed favorably)
5)
Closing Period:
_________ Days Do you agree to this being time of the essence, as against the Purchaser? ___ Yes ___ No
6)
Contingencies:
None - The Purchaser must purchase the Property on an “As-Is, Where-Is” basis subject to all violations and existing conditions, and with no contingencies. Do you agree to this? ___ Yes ___ No 145/147/149 West 14th Street – Offer Form Page 1 of 3
If not, please list any contingencies: _____________________________ __________________________________________________________ __________________________________________________________ 7)
Participants:
Please list all Partners and/or Principals (if a company, please list individual Principals and company name) who will be participating in the acquisition entity. __________________________________________ __________________________________________ __________________________________________
8)
Debt:
How much financing do you anticipate obtaining for this acquisition? Please also indicate the source of financing and elaborate on the type of acquisition and/or construction financing you plan to secure. __________________________________________ __________________________________________ __________________________________________ __________________________________________
The seller will not accept a financing contingency of any kind. Do you agree to this? ___ Yes ___ No 9)
Who will be legally representing you on this transaction? Lawyer:
__________________________________
Firm:
__________________________________
Address: __________________________________ __________________________________ Phone:
__________________________________
Fax:
__________________________________
E-Mail:
__________________________________
Seller reserves the right, in its sole discretion, to change any of the terms of sale with or without notice, to withdraw the Property from the market at any time, to accept or reject any bids, and to commence and/or terminate discussions with any party at any time for any reason whatsoever. This Offer Form does not, nor do any of the materials, constitute an offer or acceptance to sell the Property. No liability will attach to the undersigned, Seller or any other party for failure to receive, open or reject any bid or any other matter in connection therewith. Seller may, in its sole discretion and without notice to any person: (a) withdraw from any discussion or potential sale, or (b) sell all or any portion of the Property to any other person, or (c) reject any offer or discontinue any negotiation for any or no reason. Seller shall 145/147/149 West 14th Street – Offer Form Page 2 of 3
have no legal or equitable commitment or obligation to any person making an offer with respect to the Property unless and until a written contract with respect to the Property has been fully executed and delivered by Seller and such person and the contract deposit has been received. Please return this form by hand or email before Thursday, September 22nd at 4:00 p.m. to: Brock Emmetsberger Cushman and Wakefield 275 Madison Avenue, 3rd Floor New York, NY 10016 Fax: 212-696-0333 Email: [email protected] On the envelope or in the subject please write “145/147/149 West 14th Street - Offer ”.
145/147/149 West 14th Street – Offer Form Page 3 of 3
FOR SALE
Asking: $18,250,000 Bid Deadline: 9/22/2016 at 4:00PM PORTFOLIO OVERVIEW Address Block / Lot Lot Dimensions
(approx.)
Lot Size
(approx.)
Building Dimensions
(approx.)
145 West 14th
147 West 14th
149 West 14th
Total
790/10
790/9
790/8
790/8,9,10
18.4’ x 106.6’
19.6’ x 106.6’
25’ x 103.3’
63’ x 106.6’
1,952
2,077
2,581
6,610
18.4’ x 64’
19.6’ x 64’
25’ x 51.6’
63’ x 64’
Stories
5
Zoning
C6-2A
FAR
6.02
As-of-Right BSF
11,752
12,502
15,539
39,793
(5,866)
(6,240)
(7,662)
(19,768)
5,886
6,262
7,877
20,025
Assessment (16/17)
$420,175
$479,430
$525,664
$1,425,269
Taxes (16/17)
$54,131
$61,765
$67,721
$183,617
(approx.)
ROOFTOP VIEWS
Existing Structure Available Air Rights (approx.)
PORTFOLIO HIGHLIGHTS The offering comprises three buildings featuring 63’ of frontage on 14th Street between Sixth and Seventh Avenues on the border of Chelsea and Greenwich Village. There are three retail spaces and 31 residential units comprising of eleven (11) free-market apartments, five (5) rent-stabilized units, fourteen (14) SRO, and one (1) super’s unit. The property’s inplace income offers substantial revenue to investors and benefits from an additional 20,025 BSF (approx.) of air rights for a total of 39,793 total BSF (approx.). The property provides a future owner with a prime value-add opportunity, or the ability to potentially develop in one of the City’s most coveted neighborhoods. 145 West 14th Street consists of one ground floor retail unit, five free-market, and three rent-stabilized units. The retail unit is leased for $83/SF, which provides an investor with substantial upside given that retail rents in the area are pushing $100/SF or more. The stabilized rents average $32/SF while the free-market average $54/SF.
147 West 14th Street consists of one ground floor retail space, fourteen SRO, and one free-market unit. The property does not currently have a certificate of nonharassment “CONH”. The current rents in the SRO units average $31/SF, which is approximately 45% of the market rate.
149 West 14th Street consists of one ground floor retail unit, five free-market, two rent-stabilized, and one super’s unit. The stabilized units average $30/SF while the freemarket units are pushing $49/SF.
For More Information, Please Contact: Brock Emmetsberger Executive Director (212) 660 7776 [email protected]
Jeffrey A. Shalom Executive Director (718) 307 6558 [email protected]
Billy Simons Senior Associate (212) 660 7794 [email protected]
Caroline Hodes Associate (718) 307 6557 [email protected]
Cushman & Wakefield 275 Madison Avenue, 3rd FL New York, NY 10016 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.
145/147/149 West 14th Street Prime Chelsea Mixed Use Buildings with Air Rights for Future Development
145 West 14th Street UNIT #
LEASE STATUS
NSF
R.P.S.F
MO. RENT
ANNUAL RENT
Retail
LXP 9/30/2016
918
$106
$8,100
$97,200
2F
FM
One Bedroom
$2,600
$31,200
2R
FM
One Bedroom
$2,125
$25,500
3F
RS
One Bedroom
$2,118
$25,420
3R
FM
One Bedroom
$2,100
$25,200
4F
RS
One Bedroom
$809
$9,708
4R
FM
One Bedroom
$1,975
$23,700
5F
FM
One Bedroom
$2,200
$26,400
5R
RS
One Bedroom
$891
$10,695
$6,762
$81,144
147 West 14th Street - SRO Retail
LXP 4/30/2018
1,017
$80
1
SRO
Furnished Room
$694
$8,325
2
SRO
Furnished Room
$645
$7,740
3
SRO
Furnished Room
$550
$6,600
4
SRO
Furnished Room
$660
$7,924
5
SRO
Furnished Room
$700
$8,396
6
SRO
Furnished Room
$509
$6,108
7
SRO
Furnished Room
$669
$8,034
8
SRO
Furnished Room
$700
$8,405
9
Vacant
Furnished Room
$1,500
$18,000
10
SRO
Furnished Room
$512
$6,139
11
SRO
Furnished Room
$603
$7,234
12
SRO
Furnished Room
$631
$7,569
13
SRO
Furnished Room
$485
$5,819
14
Vacant
Furnished Room
$1,500
$18,000
15
FM
One Bedroom
$1,850
$22,200
$10,411
$124,932
149 West 14th Street Retail
LXP 11/30/16
2,125
$59
1
FM
One Bedroom
$2,300
$27,600
2
Super's Unit
One Bedroom
$1,000
$12,000
3
FM
One Bedroom
$2,500
$30,000
4
FM
One Bedroom
$2,500
$30,000
5
RS
One Bedroom
$1,701
$20,417
6
FM
One Bedroom
$2,100
$25,200
7
FM
One Bedroom
$2,450
$29,400
8
RS
One Bedroom
$914
$10,970
COMBINED MONTHLY COMBINED ANNUAL
$67,765 $813,178
Projected at market rate.
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.
145/147/149 West 14th Street Prime Chelsea Mixed Use Buildings with Air Rights for Future Development
Combined Revenue Gross Monthly Revenue
$67,765
Gross Annual Revenue
$813,178
Combined Expenses Combined R.E Taxes (16/17)
Actual
$183,617
145 West 14th Street Tax Pass-through
Actual
-$3,351
147 West 14th Street Tax Pass-through
Actual
-$1,053
Water & Sewer
Projected @ $.50/SF (except 149 West 14th Street)
$3,874
Electric
Projected @ $.25/SF
$1,937
Fuel
Projected @ $1.00/SF
$11,877
Insurance
Projected @ $1.00/SF
$11,877
Projected @ $500/month per building
$18,000
Projected @ $500/month
$6,000
3% of G.A.I
$24,395
Repairs & Maintenance Super Management (3%) Total Annual Expenses
$257,174
Effective Gross Annual Revenue
$813,178
Less Expenses Net Operating Income
($257,174) $556,004
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.
145/147/149 WEST 14TH STREET NEW YORK, NY 10011 OFFER FORM We are pleased to bring 145/147/149 West 14th Street and its associated development rights, (collectively the “Property”) to a bid deadline on Thursday, September 22nd at 4:00 p.m. We look forward to your response.
1)
Purchaser: Principal:
________________________________
Company:
________________________________
Address:
________________________________ ________________________________
Phone:
________________________________
Fax / E-mail:
____________________/______________________________________
Broker (if applicable) ___________________________________________________________
2)
Offer Price:
______________________________
3)
Terms:
All Cash (The seller will not provide financing)
4)
Contract Deposit:
_________% (The seller is looking for at least a 10% deposit; however, a larger deposit would be viewed favorably)
5)
Closing Period:
_________ Days Do you agree to this being time of the essence, as against the Purchaser? ___ Yes ___ No
6)
Contingencies:
None - The Purchaser must purchase the Property on an “As-Is, Where-Is” basis subject to all violations and existing conditions, and with no contingencies. Do you agree to this? ___ Yes ___ No 145/147/149 West 14th Street – Offer Form Page 1 of 3
If not, please list any contingencies: _____________________________ __________________________________________________________ __________________________________________________________ 7)
Participants:
Please list all Partners and/or Principals (if a company, please list individual Principals and company name) who will be participating in the acquisition entity. __________________________________________ __________________________________________ __________________________________________
8)
Debt:
How much financing do you anticipate obtaining for this acquisition? Please also indicate the source of financing and elaborate on the type of acquisition and/or construction financing you plan to secure. __________________________________________ __________________________________________ __________________________________________ __________________________________________
The seller will not accept a financing contingency of any kind. Do you agree to this? ___ Yes ___ No 9)
Who will be legally representing you on this transaction? Lawyer:
__________________________________
Firm:
__________________________________
Address: __________________________________ __________________________________ Phone:
__________________________________
Fax:
__________________________________
E-Mail:
__________________________________
Seller reserves the right, in its sole discretion, to change any of the terms of sale with or without notice, to withdraw the Property from the market at any time, to accept or reject any bids, and to commence and/or terminate discussions with any party at any time for any reason whatsoever. This Offer Form does not, nor do any of the materials, constitute an offer or acceptance to sell the Property. No liability will attach to the undersigned, Seller or any other party for failure to receive, open or reject any bid or any other matter in connection therewith. Seller may, in its sole discretion and without notice to any person: (a) withdraw from any discussion or potential sale, or (b) sell all or any portion of the Property to any other person, or (c) reject any offer or discontinue any negotiation for any or no reason. Seller shall 145/147/149 West 14th Street – Offer Form Page 2 of 3
have no legal or equitable commitment or obligation to any person making an offer with respect to the Property unless and until a written contract with respect to the Property has been fully executed and delivered by Seller and such person and the contract deposit has been received. Please return this form by hand or email before Thursday, September 22nd at 4:00 p.m. to: Brock Emmetsberger Cushman and Wakefield 275 Madison Avenue, 3rd Floor New York, NY 10016 Fax: 212-696-0333 Email: [email protected] On the envelope or in the subject please write “145/147/149 West 14th Street - Offer ”.
145/147/149 West 14th Street – Offer Form Page 3 of 3
