Theinformationcontainedhereinhaseitherbeengiventousbytheownerofthepropertyorobtainedfromsourcesthatwedeemreliable.Wehavenoreasontodoubtitsaccuracybutwedonotguaranteetheaccuracyofany information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. July 12, 2016 5:42 PM
1750-1752 2nd Avenue, New York 10128 Two (2) Contiguous Mixed-Use Buildings | 24 Units, 15,070 Sq. Ft. | FOR SALE
15,070
24
Gross SF
Upper East Side
Units
Location
Property Information Address
1750 2nd Avenue
1752 2nd Avenue
Total
East side of 2nd Avenue, between East 91st Street and East 92nd Street.
Location Block / Lot
1554 / 2
Stories
1554 / 3
5
5
Number of Units
10
14
24
Residential Units
8
12
20
Retail Units
2
2
4
C2-8 (3.00)
C2-8 (3.00)
25' x 80'
25' x 80'
50’ x 80’
2,000
2,000
4,000
25' x 60'
25' x 60'
50’ x 60’
7,535
7,535
15,070
$238,442
$344,856
$583,298
$30,718
$44,428
$75,146
Zoning (FAR) Lot Dimensions Lot Size Building Dimensions Building Size Assessment (16/17) Taxes (16/17)
Investment Highlights Ariel Property Advisors has been retained exclusively to sell 1750-1752 2nd Avenue—two contiguous, turn-key condition mixed-use buildings that are poised to benefit from the imminent arrival of the Second Avenue Subway. With a new subway entrance opening only two blocks north at East 94th Street, the property’s residential and retail components have tremendous near-term upside. Spanning 50’ of retail frontage, 1750-52 Second Avenue contains approximately 15,070 square feet, has twenty-four (24) units and generates additional income from a rooftop antenna. Of the twenty (20) residential units, there are fifteen (15) free market*, two (2) rent stabilized and three (3) rent controlled apartments. Twelve (12) units are floor-thru apartments and the remaining eight (8) are studios. Notably, all of the units in 1750 Second Avenue have free market status, which presents investors with a unique opportunity to extract significant upside through renovation and repositioning to either two-bedroom units or by dividing them into studios. The buildings also contain four (4) retail units, one (1) of which is vacant and three (3) are operating with immediate upside that will be realized with the end of subway construction. The buildings have been maintained well by a professional management company and benefit from recent capital improvements that include a new gas boiler and a newly upgraded roof. Please note that there are no air rights since the owner previously sold them to a neighbor. The properties are surrounded by several of the city’s top educational institutions and museums, highlighted by the Metropolitan Museum of Art and Cornell University’s Medical School. The 6 train is also a short walk away, and with the imminent Second Avenue Subway opening, residents will enjoy convenient access to the outer boroughs and the rest of Manhattan. A turn-key asset offering near-term value-add potential and tremendous long-term upside, 1750-1752 2nd Avenue represents an outstanding Manhattan multifamily investment opportunity. *Please note unit 3SE is currently RS but will be delivered vacant and is eligible for conversion to free market status
Current Roll
EXPENSES: (ESTIMATED) Current Rent
Pro Forma Rent
Scheduled Gross Income:
$718,249
$870,982
Less Vacancy Rate Reserve (1.5%):
($10,774)
($13,065)
Gross Operating Income:
$707,475
$857,917
($165,242)
($172,764)
$542,233
$685,153
Less Expenses: Net Operating Income:
Real Estate Taxes (16/17)
$75,146
Real Estate Taxes Paid By Retail Tenants
($5,061)
Water & Sewer
$17,000
Insurance
$14,400
Fuel (Gas)
$15,070
Electric
$3,713
Repairs, Cleaning & Maintenance
$9,600
Legal/Miscellaneous
$7,075
Management
$28,299
Gross Operating Expenses
$165,242
Asking Price: $14,250,000 For More Information Please Contact Our Exclusive Sales Agents Michael A. Tortorici
Victor Sozio
Shimon Shkury
Howard Raber, Esq.
Jesse Greshin
212.544.9500 x13
212.544.9500 x12
212.544.9500 x11
212.544.9500 x23
212.544.9500 x5272
[email protected] [email protected] [email protected] [email protected] [email protected] Ariel Property Advisors | Building Results | 122 East 42nd Street, Suite 2405 - New York NY 10168 | 212.544.9500 | arielpa.nyc
1
Bx
Bx15 to Fordham Plaza via Third Av
ROBERT F. KEN
1
W 130 ST
R ID
ADAM CLAYTON
LENOX
EM
LO TRE
VB
98 15 Theinformationcontainedhereinhaseitherbeengiventousbytheownerofthepropertyorobtainedfromsourcesthatwedeemreliable.Wehavenoreasontodoubtitsaccuracybutwedonotguaranteetheaccuracyofany information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. July 12, 2016 5:42 PM
125 ST
METRO NORTH
Bx
4 5 6
Bx
15 35
E 126 ST
F. KENNEDY BRIDGE 125 St 1750-1752 2nd Avenue, New YorkROBERT 10128
60 15
2 3
WI LLI SA
98
100 101
35
15
101 103
1 AV 3 AV
2 AV
EAST HARLEM
116 102
98 101
E 116 ST
116
PLEASANT AV
S LA
6
LEXINGTON AV
118 ST
5 AV
PARK AV
MADISON AV
E 120 ST
W 116 ST
35
ICAHN STADIUM
116
102
AV 1
1
2
JEFFERSON PARK
E 112 ST
W 112 ST
Central Park North (110 St)
15
2 3 2
RAL PARKDANA DISCOVERY CENTRAL ORTH HARLEM LASKER RINK
E 110 ST
E 110 ST
6 2
1
4
3
2
1
4
3
MEER
106
Q
Т
106
E 105 ST FDR DRIVE
E 104 ST
6 103 ST 1
3
60
E 102 ST
4 106
1
101 102
3
103 98
4 106
NORTH MEADOW
E 106 ST
E 106 ST
EL MUSEO DEL BARRIO MUSEUM OF THE CITY OF NEW YORK
WARD’S ISLAND
15
110 ST
5 AV
E 100 ST
101 102
Location map 96 106
103 98
E 97 ST
CENTRAL PARK
96
E 96 ST
Q
6
96
E 96 ST
Т
96 ST
1 AV
3 AV
2 AV
E 92 ST E 91 ST
GRACIE MANSION
86 ST
4 5 6
E 84 ST
86
Q
Т E 86 ST
YORKVILLE
Asking Price: $14,250,000 E 83 ST
E 83 ST
METROPOLITAN For More Information Please Contact Our Exclusive Sales Agents MUSEUM OF ART 1 3 Michael A. Tortorici Victor Sozio Shimon Shkury Howard Raber, Esq. BELVEDERE CASTLE 4 E 80 ST NATURE CENTRE 212.544.9500 x13 212.544.9500 x12 212.544.9500 x11 212.544.9500 x23 79
[email protected] 79
E 79 ST
[email protected] E 79 ST
[email protected] CARL SCHURZ PARK
EAST END AV
86
31 86
E 89 ST
86
GREAT LAWN
Subject Property
YORK AV
86
COOPER-HEWITT MUSEUM NATIONAL ACADEMY MUSEUM GUGGENHEIM MUSEUM
LEXINGTON AV
RESERVOIR
PARK AV
JEWISH MUSEUM
MADISON AV
E 94 ST
5 AV
m of y
AV
OLAS AV
)
2 3
O IN
MT MORRIS PARK W
MARCUS GARVEY PARK
D LA PA
ST NICH
ST
RANDALL’S ISLAND
E 124 ST
116 St
60 35
E 125 ST
Т 103 Two (2) ContiguousQMixed-Use Buildings | 24 Units, 15,070 Sq. Ft. | FOR SALE 100
DR MARTIN LUTHER KING BLVD
STUDIO MUSEUM IN HARLEM 3D / Tax Map
35
[email protected] 79
Jesse Greshin 212.544.9500 x5272
[email protected] Q
E 77 ST
103 98
UPPER
JAY
102
ROOSEVELT
nd JOHN Ariel Property Advisors | Building Results | 122 101 102East 42 Street, Suite 2405 - New York NY 10168 | 212.544.9500 | arielpa.nyc
RO
Theinformationcontainedhereinhaseitherbeengiventousbytheownerofthepropertyorobtainedfromsourcesthatwedeemreliable.Wehavenoreasontodoubtitsaccuracybutwedonotguaranteetheaccuracyofany information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. July 12, 2016 5:42 PM
1750-1752 2nd Avenue, New York 10128 Two (2) Contiguous Mixed-Use Buildings | 24 Units, 15,070 Sq. Ft. | FOR SALE
Rent roll | 1750 2nd Avenue Unit
Status
Sq. Ft. (Approx.)
Actual / Projected
Monthly Rent
Lease Expiration
Pro Forma Income
1750 - North
Comm.
650 SF
Actual
$5,700
9/30/2025*
$5,700
1750 - South
Comm.
650 SF
Actual
$4,131
1/31/2022
$4,131
2N
FM
650 SF
Actual
$2,400
8/31/2016
$3,500
2S
FM
650 SF
Actual
$2,300
3/31/2017
$3,500
3N
FM
650 SF
Actual
$2,150
2/28/2017
$3,500
3S
FM
650 SF
Actual
$2,150
4/30/2017
$3,500
4N
FM
650 SF
Actual
$2,250
7/31/2016
$3,500
4S
FM
650 SF
Actual
$2,100
7/31/2016
$3,500
5N
FM
650 SF
Actual
$2,050
5/31/2017
$3,500
5S
FM
650 SF
Actual
$2,150
5/31/2017
$3,500
Comm.
-
Actual
$2,273
2/28/2018
ROOF Total Monthly Rent Total Annual Rent Total # of Units
$2,273
$29,654
$40,104
$355,849
$481,249
10
*Landlord can terminate after 11/30/2021, with 6 month notice and payment to tenant of $500 per each month then remaining in lease term
Rent roll | 1752 2nd Avenue Unit
Status
Sq. Ft. (Approx.)
Actual / Projected
Monthly Rent
Lease Expiration
Pro Forma Income
1752 - North
Comm.
650 SF
Projected
$8,000
-
$8,000
1752 - South
Comm.
650 SF
Actual
$3,860
6/30/2019
$3,860
2NE
RS
325 SF
Actual
$1,625
12/31/2016
$1,950
2NW
FM
325 SF
Actual
$1,675
2/28/2017
$1,950
2SE
FM
325 SF
Actual
$1,675
3/31/2017
$1,950
2SW
FM
325 SF
Actual
$1,750
4/30/2017
$1,950
3N
RC
650 SF
Actual
$764
N/A
$764
3SE
TBD***
325 SF
Projected
$1,950***
-
$1,950
3SW
RS
325 SF
Actual
$1,086
3/31/2017
$1,086
4N
RC
650 SF
Actual
$851
N/A
$851
4S
FM
650 SF
Actual
$2,800
5/31/2017
$3,500
5N
RC
650 SF
Actual
$888**
N/A
$766
5SE
FM
325 SF
Actual
$1,600
4/30/2017
$1,950
5SW
FM
325 SF
Actual
$1,675
6/30/2017
Total Monthly Rent Total Annual Rent Total # of Units
$1,950
$30,200
$32,478
$362,400
$389,733
14
**Fuel Surcharge ***Please note unit 3SE is currently RS but will be delivered vacant and is eligible for conversion to free market status
Asking Price: $14,250,000 For More Information Please Contact Our Exclusive Sales Agents Michael A. Tortorici
Victor Sozio
Shimon Shkury
Howard Raber, Esq.
Jesse Greshin
212.544.9500 x13
212.544.9500 x12
212.544.9500 x11
212.544.9500 x23
212.544.9500 x5272
[email protected] [email protected] [email protected] [email protected] [email protected] Ariel Property Advisors | Building Results | 122 East 42nd Street, Suite 2405 - New York NY 10168 | 212.544.9500 | arielpa.nyc