221 west 70th street
221 WEST 70TH STREET FOR SALE
PROPERTY OVERVIEW
221 WEST 70TH STREET
Building Features Location:
The subject property is located on the north side of West 70th Street between Amsterdam and West End Avenue.
Block/Lot:
1162/122
Lot Size:
15 x 100.42' (Approx.)
Lot Area:
1,506 SF (Approx.)
Building Size:
15' x 79' (1-4 Approx. Irr.) 15' x 54' (5)
Building Gross SF:
4,595 (Per DOF)
Units:
5 FM
Zoning:
R8B
Historic District:
West End-Collegiate Extension
Air Rights:
1,429 SF
Assessment (16/17):
$500,952
Taxes (16/17):
$64,538 (Tax Class 2A)
Building Description
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 221 West 70th Street, a 15' wide, 5-story townhouse with a 3 story rear extension and a beautiful lime stone facade. 221 West 70th Street is ideally located just steps from Riverside Park and a short walk from Verdi Square and the 72nd Street express metro station. All of the Free Market units have been renovated to varying degrees and are presently averaging rents of approx. $4,390 per month.
Its location, facade and tenancy present purchasers with the flexibility of converting the house to a single family or creating a spacious owners unit while preserving investment income from the remaining rentals.
ASKING PRICE:
$5,525,000 Tax Map
The townhouse possesses approximately 1,429 SF of additional air rights and lie within the West EndCollegiate Extension Historic district. Any future use of the excess air-rights will be subject to LPC approval.
2 CUSHMAN & WAKEFIELD
2
PROPERTY OVERVIEW
221 WEST 70TH STREET
Rent Roll Unit
Type
Monthly
Annual
Status
Expiration
$5,800
$69,600
1
Duplex
FM
Vacant
2
Two Bed
FM
11/30/17
$4,100
$49,200
3
Two Bed
FM
9/30/18
$4,500
$54,000
$4,050
$48,600
4
One Bed
FM
5/31/18
5
Studio
FM
11/30/17
Residential Gross Income: Vacancy & Credit Loss: Effective Operating Income
$2,200
$26,400
$20,650
$247,800
2%
$5,268 $242,532
Income & Expense Summary Gross Monthly Revenue Gross
$20,650
Annual Revenue
$247,800 $/SF
Expenses
$/Unit
Real Estate Taxes Insurance
Full Taxes
$64,538
$2,500
$12,908
Water & Sewer
$1.00/PSF
$4,595
$6,500
$919
Heating Fuel
$750/Unit
$3,750
$957
$750
Electric
$1.65/PSF
$7,582
$1,066
$1,516
Repairs & Maintenance Payroll &
$0.35/PSF
$1,608
$982
$322
Benefits (Super) Management
$500/Unit
$2,500
$1,148
$500
Total:
$500/Month
$6,000
$2,121
$1,200
3.00%/EGI
$7,744
$2,233
$1,549
$98,317
$20,518
$19,633
Operating Income Gross Annual Revenue
$247,800 $98,317
Less Expenses Vacancy and Credit Loss Net Operating Income
2%
$5,268 $144,215
CUSHMAN & WAKEFIELD
3
For more information, please contact: Hall Oster
Paul B. Smadbeck
Teddy Galligan
Bryan Smadbeck
Senior Managing Director [email protected] 212 660 7723
Associate Director [email protected] 212 589 5137
Senior Managing Director [email protected] 212 660 7760
Senior Associate [email protected] 212 589 5169
Conrad Martin
Associate Director [email protected] 212 307 8175
For questions about financing please call: Justin Boruchov
Director of Finance [email protected] 212 660 7728
PROPERTY OVERVIEW
221 WEST 70TH STREET
Building Features Location:
The subject property is located on the north side of West 70th Street between Amsterdam and West End Avenue.
Block/Lot:
1162/122
Lot Size:
15 x 100.42' (Approx.)
Lot Area:
1,506 SF (Approx.)
Building Size:
15' x 79' (1-4 Approx. Irr.) 15' x 54' (5)
Building Gross SF:
4,595 (Per DOF)
Units:
5 FM
Zoning:
R8B
Historic District:
West End-Collegiate Extension
Air Rights:
1,429 SF
Assessment (16/17):
$500,952
Taxes (16/17):
$64,538 (Tax Class 2A)
Building Description
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 221 West 70th Street, a 15' wide, 5-story townhouse with a 3 story rear extension and a beautiful lime stone facade. 221 West 70th Street is ideally located just steps from Riverside Park and a short walk from Verdi Square and the 72nd Street express metro station. All of the Free Market units have been renovated to varying degrees and are presently averaging rents of approx. $4,390 per month.
Its location, facade and tenancy present purchasers with the flexibility of converting the house to a single family or creating a spacious owners unit while preserving investment income from the remaining rentals.
ASKING PRICE:
$5,525,000 Tax Map
The townhouse possesses approximately 1,429 SF of additional air rights and lie within the West EndCollegiate Extension Historic district. Any future use of the excess air-rights will be subject to LPC approval.
2 CUSHMAN & WAKEFIELD
2
PROPERTY OVERVIEW
221 WEST 70TH STREET
Rent Roll Unit
Type
Monthly
Annual
Status
Expiration
$5,800
$69,600
1
Duplex
FM
Vacant
2
Two Bed
FM
11/30/17
$4,100
$49,200
3
Two Bed
FM
9/30/18
$4,500
$54,000
$4,050
$48,600
4
One Bed
FM
5/31/18
5
Studio
FM
11/30/17
Residential Gross Income: Vacancy & Credit Loss: Effective Operating Income
$2,200
$26,400
$20,650
$247,800
2%
$5,268 $242,532
Income & Expense Summary Gross Monthly Revenue Gross
$20,650
Annual Revenue
$247,800 $/SF
Expenses
$/Unit
Real Estate Taxes Insurance
Full Taxes
$64,538
$2,500
$12,908
Water & Sewer
$1.00/PSF
$4,595
$6,500
$919
Heating Fuel
$750/Unit
$3,750
$957
$750
Electric
$1.65/PSF
$7,582
$1,066
$1,516
Repairs & Maintenance Payroll &
$0.35/PSF
$1,608
$982
$322
Benefits (Super) Management
$500/Unit
$2,500
$1,148
$500
Total:
$500/Month
$6,000
$2,121
$1,200
3.00%/EGI
$7,744
$2,233
$1,549
$98,317
$20,518
$19,633
Operating Income Gross Annual Revenue
$247,800 $98,317
Less Expenses Vacancy and Credit Loss Net Operating Income
2%
$5,268 $144,215
CUSHMAN & WAKEFIELD
3
For more information, please contact: Hall Oster
Paul B. Smadbeck
Teddy Galligan
Bryan Smadbeck
Senior Managing Director [email protected] 212 660 7723
Associate Director [email protected] 212 589 5137
Senior Managing Director [email protected] 212 660 7760
Senior Associate [email protected] 212 589 5169
Conrad Martin
Associate Director [email protected] 212 307 8175
For questions about financing please call: Justin Boruchov
Director of Finance [email protected] 212 660 7728
