15070 24 Upper east side

Report 0 Downloads 182 Views
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