246-248 Tenth Avenue - Massey Knakal
246-248 Tenth Avenue NEW YORK, NY WEST CHELSEA MIXED-USE BUILDING AVENUE RETAIL & 15 APARTMENTS FOR SALE
Asking Price: $28,000,000
Building Features Location:
East side of Tenth Avenue between West 24th and 25th Streets
Block / Lot:
722 / 3, 4
Lot Size:
49.65’ x 100’ (Approx.)
Lot Area:
4,965 (Approx.)
Building Size:
49.65’ x 100’ (irr.) (Approx.)
Stories:
5 + Penthouse Duplex
Building Gross SF:
19,721 SF (Approx.) + Outdoor Terraces
Residential Units:
15
Zoning:
R7B
Historic District:
None
Air Rights:
None (Overbuilt)
Assessment (16/17):
$1,699,471 (Combined)
Taxes (16/17):
$219,095 (Combined)
Property Highlights 246-248 Tenth Avenue are two contiguous mixed-use walkup buildings in the heart of West Chelsea. Recently renovated inside and out, these two buildings feature 15 apartments of which 13 are free market (FM), one is rent stabilized (RS) and one is rent controlled (RC). The free market apartments feature updated finishes and appliances in addition to spacious terraces. Residential rents currently average approx. $58/SF. The ground floor has been home to classic Tuscan restaurant Bottino since 1996. They recently signed a 15-year extension with a starting rent of $122/SF and will start paying a portion of the real estate taxes in 2018. Recent upgrades to the buildings include two new gas boilers and hot water tanks. The property also benefits from additional income from a cellular roof antenna. With a prime location across the street from the prestigious Avenues School, 246-248 Tenth Avenue is ideal for a long term neighborhood investor or foreign purchaser seeking a low maintenance asset.
For More Information, Please Contact:
Brock Emmetsberger
Billy Simons
(212) 696 2500 x7776
(212) 696 2500 x7794 [email protected]
[email protected]
Cushman & Wakefield 275 Madison Avenue New York, NY 10016 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.
246-248 Tenth Avenue New York, NY
UNIT #
STATUS
TYPE
Bottino
LXP: 2/29/32
Retail
$
42,917
$
515,000
246-2FL
RS
6 Rooms
$
892
$
10,703
246-3A
FM
1BR/1BA
$
3,500
$
42,000
246-3B
FM
3BR/2BA
$
4,300
$
51,600
246-4A
RC
1BR/1BA
$
527
$
6,325
246-4B
FM
2BR/2BA
$
4,700
$
56,400
246-5A
FM
2BR/2BA
$
6,050
$
72,600
246-5B
FM
3BR/2BA
$
6,750
$
81,000
248-2A
FM
1BR/1BA
$
3,500
$
42,000
248-2B
FM
2BR/2BA
$
5,100
$
61,200
248-3A
FM
1BR/1BA
$
3,600
$
43,200
248-3B
FM
2BR/2BA
$
4,300
$
51,600
248-4A
FM
1BR/1BA
$
3,500
$
42,000
248-4B
FM
2BR/2BA
$
5,300
$
63,600
248-5A
FM
2BR/2BA
$
6,500
$
78,000
248-5B
FM
2BR/2BA
$
6,650
$
79,800
$
5,066
$
60,792
$
113,152
$
1,357,821
Antenna Total Residential Revenue
MO. RENT
ANNUAL RENT
Projected Expenses Actual
$
219,095
Water & Sewer:
Projected @ $1.00 PSF
$
15,326
Insurance:
Projected @ $1.25 PSF
$
19,158
Actual (Tenants Contribute)
$
14,000
Projected @ $0.50
$
7,663
Repairs and Maintenance:
Projected @ $500 / Unit
$
8,000
Management:
Projected @ 4% of EGI
$
52,683
Total Annual Expenses:
$
335,925
Projected Gross Annual Revenue:
$ 1,317,086
Less Projected Expenses:
$
335,925
Net Operating Income:
$
981,161
R. E. Taxes (16/17):
Gas & Electric: Common Area Electric:
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.
246-248 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.
Asking Price: $28,000,000
Building Features Location:
East side of Tenth Avenue between West 24th and 25th Streets
Block / Lot:
722 / 3, 4
Lot Size:
49.65’ x 100’ (Approx.)
Lot Area:
4,965 (Approx.)
Building Size:
49.65’ x 100’ (irr.) (Approx.)
Stories:
5 + Penthouse Duplex
Building Gross SF:
19,721 SF (Approx.) + Outdoor Terraces
Residential Units:
15
Zoning:
R7B
Historic District:
None
Air Rights:
None (Overbuilt)
Assessment (16/17):
$1,699,471 (Combined)
Taxes (16/17):
$219,095 (Combined)
Property Highlights 246-248 Tenth Avenue are two contiguous mixed-use walkup buildings in the heart of West Chelsea. Recently renovated inside and out, these two buildings feature 15 apartments of which 13 are free market (FM), one is rent stabilized (RS) and one is rent controlled (RC). The free market apartments feature updated finishes and appliances in addition to spacious terraces. Residential rents currently average approx. $58/SF. The ground floor has been home to classic Tuscan restaurant Bottino since 1996. They recently signed a 15-year extension with a starting rent of $122/SF and will start paying a portion of the real estate taxes in 2018. Recent upgrades to the buildings include two new gas boilers and hot water tanks. The property also benefits from additional income from a cellular roof antenna. With a prime location across the street from the prestigious Avenues School, 246-248 Tenth Avenue is ideal for a long term neighborhood investor or foreign purchaser seeking a low maintenance asset.
For More Information, Please Contact:
Brock Emmetsberger
Billy Simons
(212) 696 2500 x7776
(212) 696 2500 x7794 [email protected]
[email protected]
Cushman & Wakefield 275 Madison Avenue New York, NY 10016 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.
246-248 Tenth Avenue New York, NY
UNIT #
STATUS
TYPE
Bottino
LXP: 2/29/32
Retail
$
42,917
$
515,000
246-2FL
RS
6 Rooms
$
892
$
10,703
246-3A
FM
1BR/1BA
$
3,500
$
42,000
246-3B
FM
3BR/2BA
$
4,300
$
51,600
246-4A
RC
1BR/1BA
$
527
$
6,325
246-4B
FM
2BR/2BA
$
4,700
$
56,400
246-5A
FM
2BR/2BA
$
6,050
$
72,600
246-5B
FM
3BR/2BA
$
6,750
$
81,000
248-2A
FM
1BR/1BA
$
3,500
$
42,000
248-2B
FM
2BR/2BA
$
5,100
$
61,200
248-3A
FM
1BR/1BA
$
3,600
$
43,200
248-3B
FM
2BR/2BA
$
4,300
$
51,600
248-4A
FM
1BR/1BA
$
3,500
$
42,000
248-4B
FM
2BR/2BA
$
5,300
$
63,600
248-5A
FM
2BR/2BA
$
6,500
$
78,000
248-5B
FM
2BR/2BA
$
6,650
$
79,800
$
5,066
$
60,792
$
113,152
$
1,357,821
Antenna Total Residential Revenue
MO. RENT
ANNUAL RENT
Projected Expenses Actual
$
219,095
Water & Sewer:
Projected @ $1.00 PSF
$
15,326
Insurance:
Projected @ $1.25 PSF
$
19,158
Actual (Tenants Contribute)
$
14,000
Projected @ $0.50
$
7,663
Repairs and Maintenance:
Projected @ $500 / Unit
$
8,000
Management:
Projected @ 4% of EGI
$
52,683
Total Annual Expenses:
$
335,925
Projected Gross Annual Revenue:
$ 1,317,086
Less Projected Expenses:
$
335,925
Net Operating Income:
$
981,161
R. E. Taxes (16/17):
Gas & Electric: Common Area Electric:
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.
246-248 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.
