18 east 23rd street new york, ny
18 EAST 23RD STREET NEW YORK, NY Prime Flatiron Apartment Building w/ Retail
Asking Price: $14,000,000
FOR SALE
Property Information PROPERTY HIGHLIGHTS Location:
South side of East 23rd Street between Broadway and Park Avenue South
Block/Lot:
851 / 60
Lot Size:
25’ x 98.75’
Building Size:
25' x 96' Ground Floor (Approx.)
(Approx.)
25' x 85' Floors 2-5
(Approx.)
Total Gross Sq. Ft:
9,400
(Approx.)
Stories:
5 plus cellar
Commercial Units:
1
Residential Units:
16
Zoning/FAR:
C6-4M (R10 Equivalent) / 10.0
Unused Air Rights:
None
Assessment (17/18):
$1,803,560
Taxes (17/18):
$232,515
PROPERTY DESCRIPTION A 2 5 ’ w i d e, 5 - sto r y p l u s ce l l a r, m i xe d - u s e a p a r t m e n t b u i l d i n g t h at co n t a i n s 1 6 re s i d e n t i a l u n i t s p l u s a re st a u ra n t o n t h e g ro u n d f l o o r. Th e wa l ku p b u i l d i n g h a s 1 6 f re e m a r ke t re s i d e n t i a l a p a r t m e n t s , a l l o f w h i c h a re st u d i o s . Th e fo u r st u d i o s o n t h e to p f l o o r h ave d o u b l e h e i g h t ce i l i n g s w i t h l o f t s p a ce o n t h e u p p e r p a r t i a l f l o o r ove r l o o k i n g t h e l i v i n g s p a ce. O ve ra l l t h e st u d i o s re n t fo r a n ave ra g e o f $ 2 , 3 0 0 p e r m o n t h i n a n e i g h b o r h o o d w h e re n o n - d o o r m a n st u d i o s t y p i c a l l y co m m a n d i n exce ss o f $ 2 , 6 0 0 p e r m o n t h a n d t h e l a rg e r d u p l ex / l o f t st u d i o s a re re n t i n g fo r $ 2 ,70 0 - $ 3 ,0 0 0 p e r m o n t h . Th e re t a i l i s l e a s e d to t h e c re at i ve s a l a d e ate r y C H O P ’ T fo r 4 ½ m o re ye a r s a t $ 1 70 p e r s q u a re fo o t o n a b l o c k w h e re re n t s h ave e s c a l a te d to ove r $ 2 2 5 p e r fo o t . Th e p ro p e r t y i s l o c a te d o n t h e s o u t h s i d e o f E a st 2 3 rd St re e t b e t we e n B ro a d way a n d Pa r k Ave n u e S o u t h i n t h e h e a r t o f t h e F l a t i ro n n e i g h b o r h o o d . B u i l t c i rc a 1 9 0 0, t h e b u i l d i n g l a st u n d e r we n t a m a j o r re n ovat i o n i n 1 9 8 8 a n d i n 2 01 1 t h e ve st i b u l e a n d a p a r t m e n t s we re re n ovate d . Th e p ro p e r t y i s i d e a l fo r a va l u e - a d d i nve sto r, a n i nve sto r l o o k i n g to p re s e r ve c a p i t a l i n a st a b l e c a s h f l ow i n g a ss e t o r a f u t u re p o te n t i a l e n d - u s e r t h at co u l d p l a ce t h e i r ow n re t a i l b u s i n e ss i n t h e g ro u n d f l o o r i n t h e s h o r t - te r m . Th e p ro p e r t y h a s n o a i r r i g h t s ava i l a b l e a f te r b e i n g s o l d to t h e a d j a ce n t O n e M a d i s o n Pa r k , a n ew co n d o m i n i u m p ro j e c t n ex t d o o r. Th e p ro p e r t y ’s exce l l e n t l o c a t i o n a c ro ss f ro m M a d i s o n S q u a re Pa r k , t h e M e t L i fe C l o c ktowe r a n d l e ss t h a n a b l o c k away f ro m t h e F l at i ro n B u i l d i n g m a ke i t a n a t t ra c t i ve o p p o r t u n i t y fo r a n i nve sto r l o o k i n g to p u rc h a s e a m i xe d - u s e a ss e t in this super-prime neighborhood. FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Craig M. Waggner Director 212 660 7744 [email protected]
Douglas Blankrot Senior Associate 212 589 5157 [email protected]
Lou D. Magarelli Associate 212 307 8167 [email protected]
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 212 696 2500
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.
18 EAST 23RD STREET NEW YORK, NY Prime Flatiron Apartment Building w/ Retail Commercial Revenue Unit
Tenant
LL
LXP
Size (Net RSF)
Chop't Restaurant
2,314
Chop't Restaurant
Retail
$/RSF
4/13/2022
1,909
$ $175
Real Estate Tax Pass-Through Water Reimbursement 11/9/2023
Laundry Income
Monthly Rent
TOTAL EXPECTED COMMERCIAL REVENUE
-
Annual Rent $
-
$
27,865
$
334,374
$
2,365
$
28,379
$
1,463
$
17,559
$
35
$
420
$
31,728
$
380,732
Residential Revenue Unit
Status
Layout
LXP
Monthly Rent
Annual Rent
1A
FM
Studio
VACANT
$
2,350
$
28,200
1B
FM
Studio
9/30/2017
$
2,375
$
28,500
1C
FM
Studio
2/28/2018
$
2,300
$
27,600
1D
FM
Studio
7/31/2018
$
2,000
$
24,000
2A
FM
Studio
5/31/2018
$
2,475
$
29,700
2B
FM
Studio
9/30/2017
$
2,500
$
30,000
2C
FM
Studio
VACANT
$
2,350
$
28,200
2D
FM
Studio
7/31/2018
$
1,900
$
22,800
3A
FM
Studio
4/30/2018
$
2,700
$
32,400
3B
FM
Studio
VACANT
$
2,600
$
31,200
3C
FM
Studio
VACANT
$
2,350
$
28,200
3D
FM
Studio
4/30/2018
$
2,000
$
24,000
4A/5A
FM
Studio Plus Loft
2/28/2018
$
3,000
$
36,000
4B/5B
FM
Studio Plus Loft
9/30/2017
$
2,750
$
33,000
4C/5C
FM
Studio Plus Loft
10/31/2017
$
2,850
$
34,200
4D/5D
FM
Studio Plus Loft
VACANT
$
2,800
$
33,600
TOTAL EXPECTED RESIDENTIAL REVENUE:
$
39,300
$
471,600
COMBINED TOTAL EXPECTED REVENUE:
$
71,028
$
852,332
Vacant Projected
ESTIMATED EXPENSES
$/SF
FINANCIAL OVERVIEW
% of EGI
RE Taxes (17/18)
$
24.74
27.28%
$
232,515
Potential Gross Annual Revenue:
$
852,332
Water & Sewer
$
3.90
4.30%
$
36,679
Less: Expenses
$
(337,201)
Electric
$
0.29
0.32%
$
2,725
NET OPERATING INCOME
$
515,132
Insurance
$
1.38
1.52%
$
12,996
Fuel/Gas
$
0.83
0.92%
$
7,816
Repairs & Maintenance
$
1.16
1.28%
$
10,900
Superintendent
$
0.85
0.94%
$
8,000
Management
$
2.72
3.00%
$
25,570
TOTALS
$
35.87
39.56%
$
337,201
Asking Price: $14,000,000
FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Craig M. Waggner Director 212 660 7744 [email protected]
Douglas Blankrot Senior Associate (212) 589 5157 [email protected]
Lou D. Magarelli Associate 212 307 8167 [email protected]
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 212 696 2500
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.
18 EAST 23RD STREET NEW YORK, NY Prime Flatiron Apartment Building w/ Retail
VIEW SOUTHEAST
V
E
UNION SQ PA R K
F
IF
TH
A
GRAMERCY PA R K
W
18
ES
T
18
TH
ST
E. 23
ONE MADISON
rd
STREET
18
E. 23rd
F L AT I R O N BUILDING
METLIFE CLOCKTOWER
STREET
E A T A LY WE
23
RD
ST
BROAD
WAY
MADISON SQUARE PA R K
ST
E A S T 2 3 RD S T
25
PA R K AV E S
BR
98.75
60
OA DW AY
E A S T 2 2 ND S T
Asking Price: $14,000,000 FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Craig M. Waggner Director 212 660 7744 [email protected]
Douglas Blankrot Senior Associate 212 589 5157 [email protected]
Lou D. Magarelli Associate 212 307 8167 [email protected]
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 212 696 2500
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.
Asking Price: $14,000,000
FOR SALE
Property Information PROPERTY HIGHLIGHTS Location:
South side of East 23rd Street between Broadway and Park Avenue South
Block/Lot:
851 / 60
Lot Size:
25’ x 98.75’
Building Size:
25' x 96' Ground Floor (Approx.)
(Approx.)
25' x 85' Floors 2-5
(Approx.)
Total Gross Sq. Ft:
9,400
(Approx.)
Stories:
5 plus cellar
Commercial Units:
1
Residential Units:
16
Zoning/FAR:
C6-4M (R10 Equivalent) / 10.0
Unused Air Rights:
None
Assessment (17/18):
$1,803,560
Taxes (17/18):
$232,515
PROPERTY DESCRIPTION A 2 5 ’ w i d e, 5 - sto r y p l u s ce l l a r, m i xe d - u s e a p a r t m e n t b u i l d i n g t h at co n t a i n s 1 6 re s i d e n t i a l u n i t s p l u s a re st a u ra n t o n t h e g ro u n d f l o o r. Th e wa l ku p b u i l d i n g h a s 1 6 f re e m a r ke t re s i d e n t i a l a p a r t m e n t s , a l l o f w h i c h a re st u d i o s . Th e fo u r st u d i o s o n t h e to p f l o o r h ave d o u b l e h e i g h t ce i l i n g s w i t h l o f t s p a ce o n t h e u p p e r p a r t i a l f l o o r ove r l o o k i n g t h e l i v i n g s p a ce. O ve ra l l t h e st u d i o s re n t fo r a n ave ra g e o f $ 2 , 3 0 0 p e r m o n t h i n a n e i g h b o r h o o d w h e re n o n - d o o r m a n st u d i o s t y p i c a l l y co m m a n d i n exce ss o f $ 2 , 6 0 0 p e r m o n t h a n d t h e l a rg e r d u p l ex / l o f t st u d i o s a re re n t i n g fo r $ 2 ,70 0 - $ 3 ,0 0 0 p e r m o n t h . Th e re t a i l i s l e a s e d to t h e c re at i ve s a l a d e ate r y C H O P ’ T fo r 4 ½ m o re ye a r s a t $ 1 70 p e r s q u a re fo o t o n a b l o c k w h e re re n t s h ave e s c a l a te d to ove r $ 2 2 5 p e r fo o t . Th e p ro p e r t y i s l o c a te d o n t h e s o u t h s i d e o f E a st 2 3 rd St re e t b e t we e n B ro a d way a n d Pa r k Ave n u e S o u t h i n t h e h e a r t o f t h e F l a t i ro n n e i g h b o r h o o d . B u i l t c i rc a 1 9 0 0, t h e b u i l d i n g l a st u n d e r we n t a m a j o r re n ovat i o n i n 1 9 8 8 a n d i n 2 01 1 t h e ve st i b u l e a n d a p a r t m e n t s we re re n ovate d . Th e p ro p e r t y i s i d e a l fo r a va l u e - a d d i nve sto r, a n i nve sto r l o o k i n g to p re s e r ve c a p i t a l i n a st a b l e c a s h f l ow i n g a ss e t o r a f u t u re p o te n t i a l e n d - u s e r t h at co u l d p l a ce t h e i r ow n re t a i l b u s i n e ss i n t h e g ro u n d f l o o r i n t h e s h o r t - te r m . Th e p ro p e r t y h a s n o a i r r i g h t s ava i l a b l e a f te r b e i n g s o l d to t h e a d j a ce n t O n e M a d i s o n Pa r k , a n ew co n d o m i n i u m p ro j e c t n ex t d o o r. Th e p ro p e r t y ’s exce l l e n t l o c a t i o n a c ro ss f ro m M a d i s o n S q u a re Pa r k , t h e M e t L i fe C l o c ktowe r a n d l e ss t h a n a b l o c k away f ro m t h e F l at i ro n B u i l d i n g m a ke i t a n a t t ra c t i ve o p p o r t u n i t y fo r a n i nve sto r l o o k i n g to p u rc h a s e a m i xe d - u s e a ss e t in this super-prime neighborhood. FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Craig M. Waggner Director 212 660 7744 [email protected]
Douglas Blankrot Senior Associate 212 589 5157 [email protected]
Lou D. Magarelli Associate 212 307 8167 [email protected]
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 212 696 2500
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.
18 EAST 23RD STREET NEW YORK, NY Prime Flatiron Apartment Building w/ Retail Commercial Revenue Unit
Tenant
LL
LXP
Size (Net RSF)
Chop't Restaurant
2,314
Chop't Restaurant
Retail
$/RSF
4/13/2022
1,909
$ $175
Real Estate Tax Pass-Through Water Reimbursement 11/9/2023
Laundry Income
Monthly Rent
TOTAL EXPECTED COMMERCIAL REVENUE
-
Annual Rent $
-
$
27,865
$
334,374
$
2,365
$
28,379
$
1,463
$
17,559
$
35
$
420
$
31,728
$
380,732
Residential Revenue Unit
Status
Layout
LXP
Monthly Rent
Annual Rent
1A
FM
Studio
VACANT
$
2,350
$
28,200
1B
FM
Studio
9/30/2017
$
2,375
$
28,500
1C
FM
Studio
2/28/2018
$
2,300
$
27,600
1D
FM
Studio
7/31/2018
$
2,000
$
24,000
2A
FM
Studio
5/31/2018
$
2,475
$
29,700
2B
FM
Studio
9/30/2017
$
2,500
$
30,000
2C
FM
Studio
VACANT
$
2,350
$
28,200
2D
FM
Studio
7/31/2018
$
1,900
$
22,800
3A
FM
Studio
4/30/2018
$
2,700
$
32,400
3B
FM
Studio
VACANT
$
2,600
$
31,200
3C
FM
Studio
VACANT
$
2,350
$
28,200
3D
FM
Studio
4/30/2018
$
2,000
$
24,000
4A/5A
FM
Studio Plus Loft
2/28/2018
$
3,000
$
36,000
4B/5B
FM
Studio Plus Loft
9/30/2017
$
2,750
$
33,000
4C/5C
FM
Studio Plus Loft
10/31/2017
$
2,850
$
34,200
4D/5D
FM
Studio Plus Loft
VACANT
$
2,800
$
33,600
TOTAL EXPECTED RESIDENTIAL REVENUE:
$
39,300
$
471,600
COMBINED TOTAL EXPECTED REVENUE:
$
71,028
$
852,332
Vacant Projected
ESTIMATED EXPENSES
$/SF
FINANCIAL OVERVIEW
% of EGI
RE Taxes (17/18)
$
24.74
27.28%
$
232,515
Potential Gross Annual Revenue:
$
852,332
Water & Sewer
$
3.90
4.30%
$
36,679
Less: Expenses
$
(337,201)
Electric
$
0.29
0.32%
$
2,725
NET OPERATING INCOME
$
515,132
Insurance
$
1.38
1.52%
$
12,996
Fuel/Gas
$
0.83
0.92%
$
7,816
Repairs & Maintenance
$
1.16
1.28%
$
10,900
Superintendent
$
0.85
0.94%
$
8,000
Management
$
2.72
3.00%
$
25,570
TOTALS
$
35.87
39.56%
$
337,201
Asking Price: $14,000,000
FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Craig M. Waggner Director 212 660 7744 [email protected]
Douglas Blankrot Senior Associate (212) 589 5157 [email protected]
Lou D. Magarelli Associate 212 307 8167 [email protected]
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 212 696 2500
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.
18 EAST 23RD STREET NEW YORK, NY Prime Flatiron Apartment Building w/ Retail
VIEW SOUTHEAST
V
E
UNION SQ PA R K
F
IF
TH
A
GRAMERCY PA R K
W
18
ES
T
18
TH
ST
E. 23
ONE MADISON
rd
STREET
18
E. 23rd
F L AT I R O N BUILDING
METLIFE CLOCKTOWER
STREET
E A T A LY WE
23
RD
ST
BROAD
WAY
MADISON SQUARE PA R K
ST
E A S T 2 3 RD S T
25
PA R K AV E S
BR
98.75
60
OA DW AY
E A S T 2 2 ND S T
Asking Price: $14,000,000 FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Craig M. Waggner Director 212 660 7744 [email protected]
Douglas Blankrot Senior Associate 212 589 5157 [email protected]
Lou D. Magarelli Associate 212 307 8167 [email protected]
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 212 696 2500
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.
