257 WEST 12TH STREET
FOR SALE
257 WEST 12TH STREET New York, NY 10014
WEST VILLAGE APARTMENT BUILDING FOR SALE
Property Information Block / Lot
615 / 90
Lot Size
25' x 70'
Lot SF
1,755
(Approx.)
Building Dimensions Building SF
(Approx.)
25' x 59' Irr. 8,100 (Includes Step-Down LL)
(Approx.)
Stories
5 + Lower Level W/ Egress
Residential Units
11
Zoning
R6
Residential FAR
2.20
Air Rights
None
(Approx.)
Historic District
Greenwich Village
RE Assessment (17/18)
$911,880
RE Taxes (17/18)
$117,560 (Tax Class 2)
(Tax Class 2)
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a 25' wide, five-story plus lower level, walk-up apartment building located on the north side of West 12th Street between Greenwich Avenue and West 4th Street. The building has been owned and operated by current ownership for over 10 years. The property consists of 11 large railroad-style apartments of which nine are FM and two are RS. The average in-place rent is approximately $58 per square foot which is 40% below market. There is substantial upside in rents by renovating the common areas and converting the apartments into two-bedroom units (currently only four of them are twobedrooms). Additionally, if the property can be vacated, it would make for an expansive single family townhouse conversion opportunity on a block that commands in excess of $2,200 per square foot for similar assets. It is located steps from popular neighborhood spots such as Wallflower, Monument Lane, Corner Bistro, and Beatrice Inn as well as area amenities such as Equinox, St. Vincent's Park, and Bleecker Playground. Additionally, it is three blocks south of the 14th Street stops to the A, C, E, L, 1, 2, and 3 trains. This is a rare opportunity to acquire an investment property with strong in-place cash flow and immediate upside in the rents with additional long-term upside as a single family conversion on one of the best blocks in the West Village.
ASKING PRICE
$10,950,000 For Financing:
Ryan Carlson, Equity & Debt Coordinator 212.660.7782// [email protected]
James Nelson, Vice Chairman
212.696.2500 x7710 // [email protected]
David Yaeli, Senior Associate 212.589.5116// [email protected]
David Shalom, Director 212.660.7767 // [email protected]
Mitchell Levine, Director 212.660.7761 // [email protected]
Brandon Polakoff, Associate Director 212.660.7755 // [email protected]
Carly Weinreb, Senior Associate 212.589.5114 // [email protected]
Cushman & Wakefield copyright 2017. 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.
FOR SALE
257 WEST 12TH STREET New York, NY 10014
FINANCIAL SNAPSHOT RESIDENTIAL REVENUE UNIT
STATUS
BE
FM
1E
(1)
TYPE
NSF
LXP
MONTHLY RENT
$/SF
ANNUAL RENT
MARKET $/SF
MARKET ANNUAL
Studio
432
May-17
$2,350
$65
$28,200
$95
$41,040
FM
1 BR / 1 BA
615
Jun-17
$3,800
$74
$45,600
$95
$58,425
1W
FM
1 BR / 1.5 BA + Garden
1,140
Jul-17
$4,900
$52
$58,800
$100
$114,000
2E
RS
1 BR / 1 BA
615
Oct-18
$1,075
$21
$12,896
$21
$12,896
2W
FM
1 BR / 1 BA
615
Jun-17
$3,700
$72
$44,400
$95
$58,425
3E
FM
2 BR / 1 BA
615
Oct-18
$3,300
$64
$39,600
$95
$58,425
3W
FM
2 BR / 1 BA
615
Jun-17
$3,800
$74
$45,600
$95
$58,425
4E
FM
1 BR / 1 BA
615
Jul-17
$3,500
$68
$42,000
$95
$58,425
4W
FM
2 BR / 1 BA
615
May-17
$3,600
$70
$43,200
$95
$58,425
5E
RS
1 BR / 1 BA
615
Nov-18
$1,026
$20
$12,313
$20
$12,313
5W
FM
2 BR / 1 BA
615
Apr-17
$3,200
$62
$38,400
$95
$58,425
$34,251
$58
$411,009
$83
$589,224
TOTAL
7,107
*Yellow denotes projection at market rent (1)
Pending DHCR reconciliation
EXPENSES
METRIC
AMOUNT
AMOUNT
RE Taxes (17/18)
Actual
$117,560
$117,560
Common Electric
Projected @ $0.25/SF
$2,025
$2,025
Water & Sewer
Projected @ $1.00/SF
$8,100
$8,100
Insurance
Projected @ $1.00/SF
$8,100
$8,100
Fuel
Projected @ $1.50/SF
$12,150
$12,150
Repairs & Maintenance
Projected @ $500/Unit
$5,500
$5,500
Super
Projected @ $300/Unit
$3,300
$3,300
Management
Projected @ 3% of EGI
$12,330
$17,677
TOTAL
$169,065
$174,411
Residential Income
$411,009
$589,224
($169,065)
($174,411)
$241,945
$414,813
Less Expenses Net Operating Income
Cushman & Wakefield copyright 2017. 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.
257 WEST 12TH STREET New York, NY 10014
WEST VILLAGE APARTMENT BUILDING FOR SALE
Property Information Block / Lot
615 / 90
Lot Size
25' x 70'
Lot SF
1,755
(Approx.)
Building Dimensions Building SF
(Approx.)
25' x 59' Irr. 8,100 (Includes Step-Down LL)
(Approx.)
Stories
5 + Lower Level W/ Egress
Residential Units
11
Zoning
R6
Residential FAR
2.20
Air Rights
None
(Approx.)
Historic District
Greenwich Village
RE Assessment (17/18)
$911,880
RE Taxes (17/18)
$117,560 (Tax Class 2)
(Tax Class 2)
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a 25' wide, five-story plus lower level, walk-up apartment building located on the north side of West 12th Street between Greenwich Avenue and West 4th Street. The building has been owned and operated by current ownership for over 10 years. The property consists of 11 large railroad-style apartments of which nine are FM and two are RS. The average in-place rent is approximately $58 per square foot which is 40% below market. There is substantial upside in rents by renovating the common areas and converting the apartments into two-bedroom units (currently only four of them are twobedrooms). Additionally, if the property can be vacated, it would make for an expansive single family townhouse conversion opportunity on a block that commands in excess of $2,200 per square foot for similar assets. It is located steps from popular neighborhood spots such as Wallflower, Monument Lane, Corner Bistro, and Beatrice Inn as well as area amenities such as Equinox, St. Vincent's Park, and Bleecker Playground. Additionally, it is three blocks south of the 14th Street stops to the A, C, E, L, 1, 2, and 3 trains. This is a rare opportunity to acquire an investment property with strong in-place cash flow and immediate upside in the rents with additional long-term upside as a single family conversion on one of the best blocks in the West Village.
ASKING PRICE
$10,950,000 For Financing:
Ryan Carlson, Equity & Debt Coordinator 212.660.7782// [email protected]
James Nelson, Vice Chairman
212.696.2500 x7710 // [email protected]
David Yaeli, Senior Associate 212.589.5116// [email protected]
David Shalom, Director 212.660.7767 // [email protected]
Mitchell Levine, Director 212.660.7761 // [email protected]
Brandon Polakoff, Associate Director 212.660.7755 // [email protected]
Carly Weinreb, Senior Associate 212.589.5114 // [email protected]
Cushman & Wakefield copyright 2017. 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.
FOR SALE
257 WEST 12TH STREET New York, NY 10014
FINANCIAL SNAPSHOT RESIDENTIAL REVENUE UNIT
STATUS
BE
FM
1E
(1)
TYPE
NSF
LXP
MONTHLY RENT
$/SF
ANNUAL RENT
MARKET $/SF
MARKET ANNUAL
Studio
432
May-17
$2,350
$65
$28,200
$95
$41,040
FM
1 BR / 1 BA
615
Jun-17
$3,800
$74
$45,600
$95
$58,425
1W
FM
1 BR / 1.5 BA + Garden
1,140
Jul-17
$4,900
$52
$58,800
$100
$114,000
2E
RS
1 BR / 1 BA
615
Oct-18
$1,075
$21
$12,896
$21
$12,896
2W
FM
1 BR / 1 BA
615
Jun-17
$3,700
$72
$44,400
$95
$58,425
3E
FM
2 BR / 1 BA
615
Oct-18
$3,300
$64
$39,600
$95
$58,425
3W
FM
2 BR / 1 BA
615
Jun-17
$3,800
$74
$45,600
$95
$58,425
4E
FM
1 BR / 1 BA
615
Jul-17
$3,500
$68
$42,000
$95
$58,425
4W
FM
2 BR / 1 BA
615
May-17
$3,600
$70
$43,200
$95
$58,425
5E
RS
1 BR / 1 BA
615
Nov-18
$1,026
$20
$12,313
$20
$12,313
5W
FM
2 BR / 1 BA
615
Apr-17
$3,200
$62
$38,400
$95
$58,425
$34,251
$58
$411,009
$83
$589,224
TOTAL
7,107
*Yellow denotes projection at market rent (1)
Pending DHCR reconciliation
EXPENSES
METRIC
AMOUNT
AMOUNT
RE Taxes (17/18)
Actual
$117,560
$117,560
Common Electric
Projected @ $0.25/SF
$2,025
$2,025
Water & Sewer
Projected @ $1.00/SF
$8,100
$8,100
Insurance
Projected @ $1.00/SF
$8,100
$8,100
Fuel
Projected @ $1.50/SF
$12,150
$12,150
Repairs & Maintenance
Projected @ $500/Unit
$5,500
$5,500
Super
Projected @ $300/Unit
$3,300
$3,300
Management
Projected @ 3% of EGI
$12,330
$17,677
TOTAL
$169,065
$174,411
Residential Income
$411,009
$589,224
($169,065)
($174,411)
$241,945
$414,813
Less Expenses Net Operating Income
Cushman & Wakefield copyright 2017. 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.
