219 East 60th St. New York, NY
219 East 60th St. New York, NY VACANT MIXED-USE IN MIDTOWN EAST Significant Conversion & User Potential FOR SALE
Asking Price: $5,350,000
PROPERTY FEATURES
Block / Lot Lot Dimensions Lot Size (SF) Stories
North side of East 60th Street between Second and Third Avenues 1415 / 10 20.00' x 100.42' (Approx.) 2,008 (Approx.) 5
Building Dimensions Floor SF Total Building GSF
20’ x 52’ 1,040 5,200
(Approx.) (Approx.) (Approx.)
Zoning FAR Total BSF Existing SF Additional Air Rights Assessment (16/17) Annual Taxes (16/17)
R8B 4.0 8,032 5,200 2,832 $836,550 $89,457
(Approx.) (Approx.) (Approx.)
Location
PROPERTY DESCRIPTION Cushman and Wakefield has been retained exclusively to arrange for the sale of 219 East 60th Street. In the heart of Manhattan’s Midtown East neighborhood, the property presents incredible opportunity for a user, investor or developer to acquire a vacant mixed-use building with significant upside and conversion potential. The first two floors provide highly desired retail space in the prized Decoration and Design District. The ground floor features a large well-kept rear courtyard and the second floor boasts 15’ ceilings with original woodwork, moldings and floor to ceiling pocket doors. The three upper floors were configured as full-floor offices but are prime for residential conversion. Each floor features several entrances to the main stairwell which provides seamless transition to two (2) or three (3) residential units per floor.
These floors also feature high ceilings and original moldings. The open floor-plates provide maximum flexibility and freedom to create new residential spaces. The building could further be improved with the addition of a penthouse and roof deck using the existing air rights. Additionally the ground floor could be extended to create a larger retail space and would provide potential for a second-floor terrace or roof deck. Situated on the north side of 60th Street and between Second and Third Avenues, the location benefits from superior access to public transportation. The property is just one block from the Lexington Avenue/59th Street subway station servicing the 4,5,6 and N,Q,R trains. The neighborhood is further serviced by multiple bus lines and close proximity to the Queensboro Bridge and Roosevelt Island Tram. Nearby retail includes worldrenowned Bloomingdale’s flagship, countless boutiques and galleries.
For More Information, Please Contact: Clint Olsen Executive Managing Director (212) 660 7747 [email protected]
Alex Woodlief Associate (212) 660 7713 [email protected]
Will Conrad Associate (212) 660 7740 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 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.
219 East 60th Street, New York, NY
RETAIL MAP
E 63 ST
CENTRAL PARK
SECOND AVE SECOND AVE
THIRD AVE
LEXINGTON AVE
E 61 ST
PARK AVE
MADISON AVE
FIFTH AVE
E 62 ST
E 60 ST TRAMWAY PARK TRAM TO ROOSEVELT ISLAND
E 59 ST GRAND ARMY PLAZA
E 58 ST
E 57 ST
E 56 ST
60 T H STR EET
21 22 23
Dylan's Candy Bar Anassa Taverna Flywheel Sports
24 25 26 27 28 29 30
Patsy's Pizzeria Canaletto Serendipity Venfield Alt Box John Salibello Ann-Morris Inc.
219 East 60th Street
32
TH I RD AVE
CB2 Hastens Waterworks Ilumé Koleksiyon Furniture sohoConcept Duxiana Club A Steakhouse Auffrance Felidia
34
59
11 12 13 14 15 16 17 18 19 20
STREE T
McKinnon and Harris Waterworks Lutron Janus et Cie The Shade Store Lapicida Galerie Van Den Akker Michael Dawkins Home Safavieh Carpets De Gournay
61
32 33 34
ST
60
33 21 23
26 27 29 30 31 E 60 ST TRAMWAY PARK
22 24 25
TRAM TO
11 14 15 TH
219 EAST TH
E 61 ST
STR EET
SE CO ND AVE
5 8 TH STREET
1 2 3 4 5 6 7 8 9 10
20 ROOSEVELT
STREET
ISLAND
E 59 ST
Scalinatella Learning Express Toys InVite Health
12 13 1
3
16 17 18 19 4
6 7
9 10
E 58 ST
2
5
8
For More Information, Please Contact: Clint Olsen Executive Managing Director (212) 660 7747 [email protected]
Alex Woodlief Associate (212) 660 7713 [email protected]
Will Conrad Associate (212) 660 7740 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 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.
219 East 60th Street, New York, NY
COMMERCIAL REVENUE FLOOR
STATUS
LXP
GROSS SF*
$/SF
POTENTIAL MONTHLY RENT
POTENTIAL ANNUAL RENT
1 (Retail)
FM**
Vacant
884
$125
$9,208
$110,500
2 (Retail)
FM**
Vacant
884
$75
$5,525
$66,300
1,768
$100
$14,733
$176,800
TOTALS
RESIDENTIAL REVENUE FLOOR
STATUS
LXP
GROSS SF*
$/SF
POTENTIAL MONTHLY RENT
POTENTIAL ANNUAL RENT
3 (Residential)
FM**
Vacant
884
$65
$4,788
$57,460
4 (Residential)
FM**
Vacant
884
$65
$4,788
$57,460
5 (Residential)
FM**
Vacant
884
$65
$4,788
$57,460
2,652
$65
$14,365
TOTALS
$172,380
*Square Footage is calculated using a 15% loss factor. **Subject to obtaining commercial variance / C of O alteration.
REVENUE
(PROJECTED)
Commercial Gross Income
$176,800
Residential Gross Income
$172,380
Less Vacancy & Credit Loss
(3%)
EFFECTIVE GROSS INCOME
EXPENSES
($10,475) $338,705
(PROJECTED)
Real Estate Taxes (16/17)
Actual
$89,457
Insurance
$1/GSF
$3,900
Water & Sewer
$0.75/GSF
$5,200
Heating Fuel
$1.60/GSF
$8,320
Electric
$0.25/GSF
$1,300
Repairs & Maintenance
$0.75/GSF
$3,900
Superintendant
$400/Month
$4,800
Management
4% of EGI
$13,548
TOTAL
$127,883
Effective Gross Income
$338,705
Less Expenses
($127,883)
NET OPERATING INCOME
$210,821
Asking Price: $5,350,000 For More Information, Please Contact: Clint Olsen Executive Managing Director (212) 660 7747 [email protected]
Alex Woodlief Associate (212) 660 7713 [email protected]
Will Conrad Associate (212) 660 7740 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 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.
Asking Price: $5,350,000
PROPERTY FEATURES
Block / Lot Lot Dimensions Lot Size (SF) Stories
North side of East 60th Street between Second and Third Avenues 1415 / 10 20.00' x 100.42' (Approx.) 2,008 (Approx.) 5
Building Dimensions Floor SF Total Building GSF
20’ x 52’ 1,040 5,200
(Approx.) (Approx.) (Approx.)
Zoning FAR Total BSF Existing SF Additional Air Rights Assessment (16/17) Annual Taxes (16/17)
R8B 4.0 8,032 5,200 2,832 $836,550 $89,457
(Approx.) (Approx.) (Approx.)
Location
PROPERTY DESCRIPTION Cushman and Wakefield has been retained exclusively to arrange for the sale of 219 East 60th Street. In the heart of Manhattan’s Midtown East neighborhood, the property presents incredible opportunity for a user, investor or developer to acquire a vacant mixed-use building with significant upside and conversion potential. The first two floors provide highly desired retail space in the prized Decoration and Design District. The ground floor features a large well-kept rear courtyard and the second floor boasts 15’ ceilings with original woodwork, moldings and floor to ceiling pocket doors. The three upper floors were configured as full-floor offices but are prime for residential conversion. Each floor features several entrances to the main stairwell which provides seamless transition to two (2) or three (3) residential units per floor.
These floors also feature high ceilings and original moldings. The open floor-plates provide maximum flexibility and freedom to create new residential spaces. The building could further be improved with the addition of a penthouse and roof deck using the existing air rights. Additionally the ground floor could be extended to create a larger retail space and would provide potential for a second-floor terrace or roof deck. Situated on the north side of 60th Street and between Second and Third Avenues, the location benefits from superior access to public transportation. The property is just one block from the Lexington Avenue/59th Street subway station servicing the 4,5,6 and N,Q,R trains. The neighborhood is further serviced by multiple bus lines and close proximity to the Queensboro Bridge and Roosevelt Island Tram. Nearby retail includes worldrenowned Bloomingdale’s flagship, countless boutiques and galleries.
For More Information, Please Contact: Clint Olsen Executive Managing Director (212) 660 7747 [email protected]
Alex Woodlief Associate (212) 660 7713 [email protected]
Will Conrad Associate (212) 660 7740 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 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.
219 East 60th Street, New York, NY
RETAIL MAP
E 63 ST
CENTRAL PARK
SECOND AVE SECOND AVE
THIRD AVE
LEXINGTON AVE
E 61 ST
PARK AVE
MADISON AVE
FIFTH AVE
E 62 ST
E 60 ST TRAMWAY PARK TRAM TO ROOSEVELT ISLAND
E 59 ST GRAND ARMY PLAZA
E 58 ST
E 57 ST
E 56 ST
60 T H STR EET
21 22 23
Dylan's Candy Bar Anassa Taverna Flywheel Sports
24 25 26 27 28 29 30
Patsy's Pizzeria Canaletto Serendipity Venfield Alt Box John Salibello Ann-Morris Inc.
219 East 60th Street
32
TH I RD AVE
CB2 Hastens Waterworks Ilumé Koleksiyon Furniture sohoConcept Duxiana Club A Steakhouse Auffrance Felidia
34
59
11 12 13 14 15 16 17 18 19 20
STREE T
McKinnon and Harris Waterworks Lutron Janus et Cie The Shade Store Lapicida Galerie Van Den Akker Michael Dawkins Home Safavieh Carpets De Gournay
61
32 33 34
ST
60
33 21 23
26 27 29 30 31 E 60 ST TRAMWAY PARK
22 24 25
TRAM TO
11 14 15 TH
219 EAST TH
E 61 ST
STR EET
SE CO ND AVE
5 8 TH STREET
1 2 3 4 5 6 7 8 9 10
20 ROOSEVELT
STREET
ISLAND
E 59 ST
Scalinatella Learning Express Toys InVite Health
12 13 1
3
16 17 18 19 4
6 7
9 10
E 58 ST
2
5
8
For More Information, Please Contact: Clint Olsen Executive Managing Director (212) 660 7747 [email protected]
Alex Woodlief Associate (212) 660 7713 [email protected]
Will Conrad Associate (212) 660 7740 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 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.
219 East 60th Street, New York, NY
COMMERCIAL REVENUE FLOOR
STATUS
LXP
GROSS SF*
$/SF
POTENTIAL MONTHLY RENT
POTENTIAL ANNUAL RENT
1 (Retail)
FM**
Vacant
884
$125
$9,208
$110,500
2 (Retail)
FM**
Vacant
884
$75
$5,525
$66,300
1,768
$100
$14,733
$176,800
TOTALS
RESIDENTIAL REVENUE FLOOR
STATUS
LXP
GROSS SF*
$/SF
POTENTIAL MONTHLY RENT
POTENTIAL ANNUAL RENT
3 (Residential)
FM**
Vacant
884
$65
$4,788
$57,460
4 (Residential)
FM**
Vacant
884
$65
$4,788
$57,460
5 (Residential)
FM**
Vacant
884
$65
$4,788
$57,460
2,652
$65
$14,365
TOTALS
$172,380
*Square Footage is calculated using a 15% loss factor. **Subject to obtaining commercial variance / C of O alteration.
REVENUE
(PROJECTED)
Commercial Gross Income
$176,800
Residential Gross Income
$172,380
Less Vacancy & Credit Loss
(3%)
EFFECTIVE GROSS INCOME
EXPENSES
($10,475) $338,705
(PROJECTED)
Real Estate Taxes (16/17)
Actual
$89,457
Insurance
$1/GSF
$3,900
Water & Sewer
$0.75/GSF
$5,200
Heating Fuel
$1.60/GSF
$8,320
Electric
$0.25/GSF
$1,300
Repairs & Maintenance
$0.75/GSF
$3,900
Superintendant
$400/Month
$4,800
Management
4% of EGI
$13,548
TOTAL
$127,883
Effective Gross Income
$338,705
Less Expenses
($127,883)
NET OPERATING INCOME
$210,821
Asking Price: $5,350,000 For More Information, Please Contact: Clint Olsen Executive Managing Director (212) 660 7747 [email protected]
Alex Woodlief Associate (212) 660 7713 [email protected]
Will Conrad Associate (212) 660 7740 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 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.
