146 East 89th Street
MARKETING TEAM
Peter Von Der Ahe
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5114 Fax: (646) 349-3308 [email protected]
Joe Koicim
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5147 Fax: (212) 500-7565 [email protected]
David Lloyd
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5185 Fax: (212) 500-7565 [email protected]
Danny Handweiler
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5138 Fax: (212) 500-7565 [email protected]
Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]
146 East 89th Street TABLE OF CONTENTS
Section I
INVESTMENT OVERVIEW
Section II
PRICING & FINANCIAL ANALYSIS
Section III
PROPERTY DESCRIPTION
Section IV
MARKET OVERVIEW
INVESTMENT OVERVIEW
146 East 89th Street INVESTMENT OVERVIEW
146 East 89th Street is now being offered for a reduced price of $5,500,000 INVESTMENT DESCRIPTION Marcus & Millichap is pleased to offer the following opportunity located in the Rhinelander District of the Upper East Side. The property has a total approximate square footage of 5,483 and is located on east 89th Street between Lexington and Third Avenues. The property is built approximately 13 feet by 77 feet deep and is situated on a 21 by 101 foot lot (Block: 1517 Lot: 0149). The property is zoned C1-8X, includes approximately 3,000 square feet of unused air rights, and falls within the protected 2B tax class distinction.
THE OPPORTUNITY The subject property is a four-story townhouse currently configured as a fiveunit multifamily building. The first floor is divided into two apartments: the front unit is a one-bedroom duplex while the rear unit is a two-bedroom duplex with access to a private south facing garden.
The second and third floors each contain a floor-through two-bedroom unit with a private balcony. The fourth floor is a twobedroom duplex with annex and roof deck access. This is an extremely rare opportunity to acquire an entirely free market building on the Upper East Side. The building, which boasts tremendous character and history, has light and air on three sides, original fire places, and a south facing garden. All current residential leases contain demolition clauses, rendering it ideal for an immediate single family conversion or live plus income investment. The Rhinelander District is one of the smallest historic districts in New York City, comprised of seven buildings on the corner of East 89th Street and Lexington Avenue. These seven homes were originally designed as “French Flats”, which exemplified a distinct social status at a time when most all New Yorkers shared living quarters in tenement buildings.
146 East 89th Street INVESTMENT OVERVIEW
146 East 89th Street is now being offered for a reduced price of $5,500,000 THE OPPORTUNITY, CONT.
INVESTMENT HIGHLIGHTS
The Rhinelanders, one of New York’s oldest and wealthiest landlords in the 18th and 19th centuries, hired renowned architect Henry Hardenbergh — whose résumé included the Dakota, the Waldorf Astoria, and the Plaza – to design these homes with an aura of romance and sophistication.
•
Rare Offering – One of Seven Addresses in the Prestigious Rhinelander District
•
100% Free Market; Ideal for Single Family Conversion or Live Plus Income Investment
•
Building Contains Unique Triple Exposure: Light and Air on Three Sides
•
South Facing Garden, Original Fire Places, and Hardwood Floors
Traditionally one of the most mature and stable rental markets in Manhattan, this Upper East Side building is located just three blocks from the 4, 5, and 6 subway lines at East 86th Street and Lexington Avenue.
•
Five Free Market Units: Features Ground Floor Two Bedroom Duplex Garden Unit Top Floor Two-Bedroom with Roof Deck Access; Floor Through Units Have Private Balconies
•
Located Steps from 4, 5, and 6 Trains on Lexington Avenue and East 86th Street
PRICING & FINANCIAL ANALYSIS
146 East 89th Street PRICING & FINANCIAL ANALYSIS
FINANCIAL OVERVIEW
CONFIDENTIAL OFFERING MEMORANDUM This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
146 East 89th Street PRICING & FINANCIAL ANALYSIS
RENT ROLL
CONFIDENTIAL OFFERING MEMORANDUM This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
146 East 89th Street PRICING & FINANCIAL ANALYSIS
CASH FLOW
CONFIDENTIAL OFFERING MEMORANDUM This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
PROPERTY DESCRIPTION
146 East 89th Street PROPERTY DESCRIPTION 146 East 89th Streeti City: State: Block & Lot: Lot Dimensions: Lot SF: Building Dimensions: Building SF:
New Yorki NYi 1517 / 149.0i 21 x 100i 2,000i 13 x 77i 5,404i
Zoning:
R8Bi
Max FAR:
4.00i
Available Air Rights: Landmark Status:
3,010i 146 East 89th Street House
Historic District:
Nonei
Annual Tax Bill:
__$44,471i
Tax Class:
TAX MAP | BOROUGH MAP
2Bi
146 East 89th Street SUBJECT PROPERTY
146 East 89th Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
146 East 89th Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
146 East 89th Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
MARKET OVERVIEW
146 East 89th Street MARKET OVERVIEW | MANHATTAN
MANHATTAN
146 East 89th Street MARKET OVERVIEW | MANHATTAN
146 East 89th Street MARKET OVERVIEW | MANHATTAN
146 East 89th Street MARKET OVERVIEW | MANHATTAN
146 East 89th Street MARKET OVERVIEW | THE UPPER EAST SIDE
146 East 89th Street MARKETING TEAM
Peter Von Der Ahe
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5114 Fax: (646) 349-3308 [email protected]
Joe Koicim
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5147 Fax: (212) 500-7565 [email protected]
David Lloyd
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5185 Fax: (212) 500-7565 [email protected]
Danny Handweiler
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5138 Fax: (212) 500-7565 [email protected]
Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]
Peter Von Der Ahe
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5114 Fax: (646) 349-3308 [email protected]
Joe Koicim
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5147 Fax: (212) 500-7565 [email protected]
David Lloyd
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5185 Fax: (212) 500-7565 [email protected]
Danny Handweiler
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5138 Fax: (212) 500-7565 [email protected]
Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]
146 East 89th Street TABLE OF CONTENTS
Section I
INVESTMENT OVERVIEW
Section II
PRICING & FINANCIAL ANALYSIS
Section III
PROPERTY DESCRIPTION
Section IV
MARKET OVERVIEW
INVESTMENT OVERVIEW
146 East 89th Street INVESTMENT OVERVIEW
146 East 89th Street is now being offered for a reduced price of $5,500,000 INVESTMENT DESCRIPTION Marcus & Millichap is pleased to offer the following opportunity located in the Rhinelander District of the Upper East Side. The property has a total approximate square footage of 5,483 and is located on east 89th Street between Lexington and Third Avenues. The property is built approximately 13 feet by 77 feet deep and is situated on a 21 by 101 foot lot (Block: 1517 Lot: 0149). The property is zoned C1-8X, includes approximately 3,000 square feet of unused air rights, and falls within the protected 2B tax class distinction.
THE OPPORTUNITY The subject property is a four-story townhouse currently configured as a fiveunit multifamily building. The first floor is divided into two apartments: the front unit is a one-bedroom duplex while the rear unit is a two-bedroom duplex with access to a private south facing garden.
The second and third floors each contain a floor-through two-bedroom unit with a private balcony. The fourth floor is a twobedroom duplex with annex and roof deck access. This is an extremely rare opportunity to acquire an entirely free market building on the Upper East Side. The building, which boasts tremendous character and history, has light and air on three sides, original fire places, and a south facing garden. All current residential leases contain demolition clauses, rendering it ideal for an immediate single family conversion or live plus income investment. The Rhinelander District is one of the smallest historic districts in New York City, comprised of seven buildings on the corner of East 89th Street and Lexington Avenue. These seven homes were originally designed as “French Flats”, which exemplified a distinct social status at a time when most all New Yorkers shared living quarters in tenement buildings.
146 East 89th Street INVESTMENT OVERVIEW
146 East 89th Street is now being offered for a reduced price of $5,500,000 THE OPPORTUNITY, CONT.
INVESTMENT HIGHLIGHTS
The Rhinelanders, one of New York’s oldest and wealthiest landlords in the 18th and 19th centuries, hired renowned architect Henry Hardenbergh — whose résumé included the Dakota, the Waldorf Astoria, and the Plaza – to design these homes with an aura of romance and sophistication.
•
Rare Offering – One of Seven Addresses in the Prestigious Rhinelander District
•
100% Free Market; Ideal for Single Family Conversion or Live Plus Income Investment
•
Building Contains Unique Triple Exposure: Light and Air on Three Sides
•
South Facing Garden, Original Fire Places, and Hardwood Floors
Traditionally one of the most mature and stable rental markets in Manhattan, this Upper East Side building is located just three blocks from the 4, 5, and 6 subway lines at East 86th Street and Lexington Avenue.
•
Five Free Market Units: Features Ground Floor Two Bedroom Duplex Garden Unit Top Floor Two-Bedroom with Roof Deck Access; Floor Through Units Have Private Balconies
•
Located Steps from 4, 5, and 6 Trains on Lexington Avenue and East 86th Street
PRICING & FINANCIAL ANALYSIS
146 East 89th Street PRICING & FINANCIAL ANALYSIS
FINANCIAL OVERVIEW
CONFIDENTIAL OFFERING MEMORANDUM This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
146 East 89th Street PRICING & FINANCIAL ANALYSIS
RENT ROLL
CONFIDENTIAL OFFERING MEMORANDUM This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
146 East 89th Street PRICING & FINANCIAL ANALYSIS
CASH FLOW
CONFIDENTIAL OFFERING MEMORANDUM This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
PROPERTY DESCRIPTION
146 East 89th Street PROPERTY DESCRIPTION 146 East 89th Streeti City: State: Block & Lot: Lot Dimensions: Lot SF: Building Dimensions: Building SF:
New Yorki NYi 1517 / 149.0i 21 x 100i 2,000i 13 x 77i 5,404i
Zoning:
R8Bi
Max FAR:
4.00i
Available Air Rights: Landmark Status:
3,010i 146 East 89th Street House
Historic District:
Nonei
Annual Tax Bill:
__$44,471i
Tax Class:
TAX MAP | BOROUGH MAP
2Bi
146 East 89th Street SUBJECT PROPERTY
146 East 89th Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
146 East 89th Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
146 East 89th Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
MARKET OVERVIEW
146 East 89th Street MARKET OVERVIEW | MANHATTAN
MANHATTAN
146 East 89th Street MARKET OVERVIEW | MANHATTAN
146 East 89th Street MARKET OVERVIEW | MANHATTAN
146 East 89th Street MARKET OVERVIEW | MANHATTAN
146 East 89th Street MARKET OVERVIEW | THE UPPER EAST SIDE
146 East 89th Street MARKETING TEAM
Peter Von Der Ahe
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5114 Fax: (646) 349-3308 [email protected]
Joe Koicim
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5147 Fax: (212) 500-7565 [email protected]
David Lloyd
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5185 Fax: (212) 500-7565 [email protected]
Danny Handweiler
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5138 Fax: (212) 500-7565 [email protected]
Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]
