244 Tenth Avenue Setup - Massey Knakal
244 Tenth Avenue New York, NY WEST CHELSEA MIXED-USE BUILDING AVENUE RETAIL & 8 APARTMENTS FOR SALE Building Features Location:
East side of Tenth Avenue between West 24th and 25th Streets
Block / Lot:
722 / 2
Lot Size:
24.4’ x 80’ (Approx.)
Lot Area:
1,952 (Approx.)
Building Size:
24.4’ x 48’ (Estimated)
Stories:
5
Building Gross SF:
6,096 SF (Approx.)
Units:
9
Zoning:
C2-5/R7B
Historic District:
None
Air Rights:
None (Overbuilt)
Assessment (16/17):
$557,598
Taxes (16/17):
$71,835 (Tax Class 2B)
Asking Price: $12,500,000 Property Highlights 244 Tenth Avenue is a fully renovated, five-story, mixed-use building located in the center of West Chelsea. Boasting 24.4’ of avenue frontage, the property is just a few short blocks from the High Line, Chelsea Waterside Park, Clement Clarke Moore Park, and Hudson Yards. The building has recently undergone a full gut renovation and is comprised of ground floor retail space with eight (8) luxury apartments above. Floors 2-4 feature 2 two-bedroom apartments while the fifth floor houses 2 three-bedroom duplexes with private outdoor space. All apartments feature luxury finishes and come equipped with stainless steel appliances and Bosch washers and dryers. The twobedrooms are rented for an average of $4,300 per month and the duplex three-bedroom units are averaging $6,000 per month.
244 Tenth Avenue is an incredible opportunity for an investor looking to acquire a turnkey mixed-use asset in a prime location. In recent years, West Chelsea has evolved into a cultural epicenter of downtown Manhattan with some of the city’s finest restaurants, shopping, art, and architecture. As such, 244 Tenth Avenue offers purchasers immediate cash-flow with long term upside as the neighborhood continues to develop.
For More Information, Please Contact: Hall Oster (212) 696 2500 x7723 [email protected]
Brock Emmetsberger (212) 696 2500 x7776 [email protected]
Teddy Galligan (212) 696 2500 x5137 [email protected]
Billy Simons (212) 696 2500 x7794 [email protected]
Cushman & Wakefield 275 Madison Avenue 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, Cushman & wakefield copyright 2015. or Noother warranty or representation, express or implied, made thespecial accuracy or completeness of the information containedowner(s). herein, andAs same is submitted to errors, omissions,as change price, omissions, change of price, rental conditions, withdrawal without notice,isand to to any listing conditions imposed by the property applicable, we subject make no representation to theofcondition rental 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. of theorproperty (or properties) in question.
244 Tenth Avenue New York, NY
244 Tenth Avenue UNIT #
TYPE
STATUS
LEASE EXP.
MO. RENT
ANN. RENT
Ground
Store
Retail
Lease Pending
$15,000
$180,000
2E
2 Bed
FM
10/31/17
$4,300
$51,600
2W
2 Bed
FM
10/31/17
$4,300
$51,600
3E
2 Bed
FM
10/31/17
$4,300
$51,600
3W
2 Bed
FM
10/31/17
$4,300
$51,600
4E
2 Bed
FM
10/31/17
$4,300
$51,600
4W
2 Bed
FM
10/31/17
$4,300
$51,600
5E
3 Bed
FM
10/31/17
$6,000
$72,000
5W
3 Bed
FM
Vacant
$6,000
$72,000
$52,800
$633,600
Total Residential Revenue
Revenue Gross Monthly Revenue:
$52,800
Gross Annual Revenue:
$633,600
Projected Expenses R. E. Taxes (16/17):
Actual
$71,835
$1.25 PSF
$4,331
$1,500 / Unit
$7,800
Electric:
$0.15 PSF
$3,311
Fuel (Gas):
$1.25 PSF
$8,279
Repairs and Maintenance:
$1.00 PSF
$6,000
$1,000 / Month
$8,400
3.0% / GAR
$19,008
Insurance: Water & Sewer:
Super: Management: Total Annual Expenses:
$128,964
Projected Gross Annual Revenue:
$633,600
Less Projected Expenses:
$128,964
Net Operating Income:
$504,636
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.
244 Tenth Avenue New York, NY
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.
East side of Tenth Avenue between West 24th and 25th Streets
Block / Lot:
722 / 2
Lot Size:
24.4’ x 80’ (Approx.)
Lot Area:
1,952 (Approx.)
Building Size:
24.4’ x 48’ (Estimated)
Stories:
5
Building Gross SF:
6,096 SF (Approx.)
Units:
9
Zoning:
C2-5/R7B
Historic District:
None
Air Rights:
None (Overbuilt)
Assessment (16/17):
$557,598
Taxes (16/17):
$71,835 (Tax Class 2B)
Asking Price: $12,500,000 Property Highlights 244 Tenth Avenue is a fully renovated, five-story, mixed-use building located in the center of West Chelsea. Boasting 24.4’ of avenue frontage, the property is just a few short blocks from the High Line, Chelsea Waterside Park, Clement Clarke Moore Park, and Hudson Yards. The building has recently undergone a full gut renovation and is comprised of ground floor retail space with eight (8) luxury apartments above. Floors 2-4 feature 2 two-bedroom apartments while the fifth floor houses 2 three-bedroom duplexes with private outdoor space. All apartments feature luxury finishes and come equipped with stainless steel appliances and Bosch washers and dryers. The twobedrooms are rented for an average of $4,300 per month and the duplex three-bedroom units are averaging $6,000 per month.
244 Tenth Avenue is an incredible opportunity for an investor looking to acquire a turnkey mixed-use asset in a prime location. In recent years, West Chelsea has evolved into a cultural epicenter of downtown Manhattan with some of the city’s finest restaurants, shopping, art, and architecture. As such, 244 Tenth Avenue offers purchasers immediate cash-flow with long term upside as the neighborhood continues to develop.
For More Information, Please Contact: Hall Oster (212) 696 2500 x7723 [email protected]
Brock Emmetsberger (212) 696 2500 x7776 [email protected]
Teddy Galligan (212) 696 2500 x5137 [email protected]
Billy Simons (212) 696 2500 x7794 [email protected]
Cushman & Wakefield 275 Madison Avenue 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, Cushman & wakefield copyright 2015. or Noother warranty or representation, express or implied, made thespecial accuracy or completeness of the information containedowner(s). herein, andAs same is submitted to errors, omissions,as change price, omissions, change of price, rental conditions, withdrawal without notice,isand to to any listing conditions imposed by the property applicable, we subject make no representation to theofcondition rental 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. of theorproperty (or properties) in question.
244 Tenth Avenue New York, NY
244 Tenth Avenue UNIT #
TYPE
STATUS
LEASE EXP.
MO. RENT
ANN. RENT
Ground
Store
Retail
Lease Pending
$15,000
$180,000
2E
2 Bed
FM
10/31/17
$4,300
$51,600
2W
2 Bed
FM
10/31/17
$4,300
$51,600
3E
2 Bed
FM
10/31/17
$4,300
$51,600
3W
2 Bed
FM
10/31/17
$4,300
$51,600
4E
2 Bed
FM
10/31/17
$4,300
$51,600
4W
2 Bed
FM
10/31/17
$4,300
$51,600
5E
3 Bed
FM
10/31/17
$6,000
$72,000
5W
3 Bed
FM
Vacant
$6,000
$72,000
$52,800
$633,600
Total Residential Revenue
Revenue Gross Monthly Revenue:
$52,800
Gross Annual Revenue:
$633,600
Projected Expenses R. E. Taxes (16/17):
Actual
$71,835
$1.25 PSF
$4,331
$1,500 / Unit
$7,800
Electric:
$0.15 PSF
$3,311
Fuel (Gas):
$1.25 PSF
$8,279
Repairs and Maintenance:
$1.00 PSF
$6,000
$1,000 / Month
$8,400
3.0% / GAR
$19,008
Insurance: Water & Sewer:
Super: Management: Total Annual Expenses:
$128,964
Projected Gross Annual Revenue:
$633,600
Less Projected Expenses:
$128,964
Net Operating Income:
$504,636
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.
244 Tenth Avenue New York, NY
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.
