261 West 126th Street
261 West 126th Street ~6,880 SQ FT RESIDENTIAL BUILDABLE SITE Located near 125th Street, City College & Manhattanville Factory District
Asking Price: $2,500,000
FOR SALE
Property Features
Block / Lot
The subject property is located on the north side of West 126th Street between Adam Clayton Powell Jr and Frederick Douglass Boulevards. 1932 / 8
Zoning / FAR Lot Dimensions Lot Size Total Residential Buildiable SF: Community Facility Buildable SF: Building Dimensions Square Footage Stories Units Assessment (15/16) Taxes (15/16)
R7-2 / 3.44 (6.5 Community Facility) 20’ x 99.92’ 2,000 (approx.) 6,880 (approx.) 13,000 (approx.) 20’ x 100’ 4,000 (approx.) 3 3 Residential & 1 Commercial $265,671 $28,310
Location
Gross Annual Revenue: Expenses & Vacancy Loss: NOI:
$170,400 ($33,766) $136,634
Property Description West 127th Street
261 West 126th Street is a 20’ wide, 6,880 buildable square foot development site located on the north side of West 126th Street between Frederick Douglass & Adam Clayton Powell Jr. Boulevards in West Harlem. Located just one block from the renowned 125th Street and Frederick Douglass Boulevard retail corridors, future tenants will benefit from an increasing
Vacant Vacant HPD 8 PropertyHPD Description Lots Lots
1932
ACP
FDB
variety of local and national retail, entertainment, restaurants, bars and amenities that continue to flood the neighborhood. New construction condominium sellout values range from approximately $1,100 to $1,300 per square foot. Currently, a 4,000 square foot mixed-use building exists on the site which consists of 3 residential units and 1 owner occupied office unit that have a projected gross annual income of approximately $131,000 per year. Public transportation is easily accessible via the A, B, C, D, 2 & 3 train stations located just two blocks away on 125th Street and the numerous bus lines that service the neighborhood. Additionally, the Harlem 125th Street Metro North train station is located four blocks to the east on Park Avenue, providing access to the New York metropolitan area. In addition to being a standalone development site, the potential exists for a future assemblage with three adjacent lots to the west (Link to M/WBE RFP - http://goo.
West 126th Street
gl/IuKqfF) that are currently under the jurisdiction of NYC HPD. Public transportation is easily accessible via the G, L, J, M, and Z subway lines as well as numerous bus lines that service the area. Future ownership will have the opportunity to capitalize on the upside found in this cultural hotbed.
For More Information, Please Contact: Robert M. Shapiro
Josh Lipton
Ian M. Brooks
Andrew Levine
Executive Vice President (212) 660 7717 [email protected]
Director (212) 660 7779 [email protected]
Associate (212) 589 5107 [email protected]
Associate (212) 589 5153 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
Cushman & Wakefield Copyright 2016. 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.
261 West 126th Street
Residential Revenue Unit
Status
SF
RPSF
Actual Rent
2
FM
567
$38.10
$1,800
3
FM
567
$38.10
$1,800
4*
FM
1000
$31.20
$2,600
Total Monthly Residential Revenue:
$6,200
Gross Annual Residential Revenue:
$74,400
Average Rent Per Residential Apt:
$2,067
Residential Rent Per Net Square Foot:
$43.76
*Contains an Outdoor Terrace
Commercial Revenue Unit
Status
SF
RPSF
Actual Rent
1
Office
2000
$48
$8,000
Total Monthly Commercial Revenue:
$8,000
Gross Annual Commercial Revenue:
$96,000
Gross Monthly Combined Revenue:
$14,200
Gross Annual Combined Revenue:
$170,400
Combined Revenue
Cushman & Wakefield Copyright 2016. 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.
261 West 126th Street
Residential Revenue Gross Annual Residential Revenue
$74,400
Less Vacancy & Credit Loss (3%)
($2,232)
Effective Gross Annual Revenue
$72,168
Commercial Revenue Gross Annual Residential Revenue
$96,000
Less Vacancy & Credit Loss (5%)
($4,800)
Effective Gross Annual Revenue
$91,200
Combined Effective Gross Annual Revenue:
$163,368
Expenses R.E. Taxes (15/16)
Actual
$28,310
Tax Pass Through
Tenant Pays
($8,493)
Actual
$1,267
Water/Sewer Insurance
@
$400
/ Unit
$1,600
Repairs & Maintenance
@
$550
/ Unit
$1,650
Super
@
$200
/ Month
$2,400
Total Expenses
$26,734
Effective Gross Annual Revenue
$163,368
Less Expenses
$26,734
Net Operating Income
$136,634
Cushman & Wakefield Copyright 2016. 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.
261 West 126th Street, NY 10027
2185 ACP The Balton
381 Lenox
The Lenox
Parkside Flats
50 West 127
Dwyer Condo
2280 FDB
117 West 123
:New Construction
Cushman & Wakefield Copyright 2016. 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.
261 West 126th Street, NY 10027 Subhead
Overview Map
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127 th
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125 th
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HPD Lot
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Do
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261 West 126th Street
Cushman & Wakefield Copyright 2016. 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.
261 West 126th Street, NY 10027
Major 125th Street Developments
MIXED-USE, RETAIL, COMMUNITY Building
In addition to the success of the residential market, a significant testament of value in West Harlem is the revolution of the neighborhood’s commercial and retail activity.
1
The robust demand from major national retailers is already present along the 125th
2 3 4 5 6 7 8 9 10 11 12
Street shopping corridor and continues to grow at a rapid pace. Some of Manhattan’s most active commercial and retail developers are coming in and buying up the best remaining properties, resulting in a significant upgrade of 125th Street. At the forefront of the neighborhood’s transformation is the Whole Food’s expansion at the corner of West 125th and Lenox Avenue. Many see this addition to the neighborhood as a catalyst for a booming retail sector, enticing a flurry of interest and new developments across all property types. Large-scale commercial developments under construction have seen an uptick in lease commitments from tenants. Examples include Bed Bath & Beyond and shared office space provider WeWork, both taking space at Aurora Capital’s 5-15 West 125th Street. Other projects underway, such as the rehabilitation of the Corn Exchange Building by Artimus Construction, are leveraging the value
Developer
Columbia University Expansion Taystee Building
Janus Property Company
Uptown House
Uptown House, LLC
Harlem USA
HCC/Grid Properties
301 West 125th Street
Aurora Capital Associates
269 West 125th Street
HCC/Grid Properties
Victoria Theater Redevlopment
Danforth Development
National Urban League
ESD, EDC, NUL
125th Street & Lenox Avenue
Wharton Properties
5-15 West 125th Street
Aurora Capital Associates
1800 Park Avenue
The Continuum Company
Corn Exchange Building
Artimus Construction
261 West 126th Street
of historic properties and repositioning them into office space for tech tenants and fashion firms.
1 261 West 126th Street
3 2
5 4
6
7
10
8 9
12 11
Cushman & Wakefield Copyright 2016. 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: $2,500,000
FOR SALE
Property Features
Block / Lot
The subject property is located on the north side of West 126th Street between Adam Clayton Powell Jr and Frederick Douglass Boulevards. 1932 / 8
Zoning / FAR Lot Dimensions Lot Size Total Residential Buildiable SF: Community Facility Buildable SF: Building Dimensions Square Footage Stories Units Assessment (15/16) Taxes (15/16)
R7-2 / 3.44 (6.5 Community Facility) 20’ x 99.92’ 2,000 (approx.) 6,880 (approx.) 13,000 (approx.) 20’ x 100’ 4,000 (approx.) 3 3 Residential & 1 Commercial $265,671 $28,310
Location
Gross Annual Revenue: Expenses & Vacancy Loss: NOI:
$170,400 ($33,766) $136,634
Property Description West 127th Street
261 West 126th Street is a 20’ wide, 6,880 buildable square foot development site located on the north side of West 126th Street between Frederick Douglass & Adam Clayton Powell Jr. Boulevards in West Harlem. Located just one block from the renowned 125th Street and Frederick Douglass Boulevard retail corridors, future tenants will benefit from an increasing
Vacant Vacant HPD 8 PropertyHPD Description Lots Lots
1932
ACP
FDB
variety of local and national retail, entertainment, restaurants, bars and amenities that continue to flood the neighborhood. New construction condominium sellout values range from approximately $1,100 to $1,300 per square foot. Currently, a 4,000 square foot mixed-use building exists on the site which consists of 3 residential units and 1 owner occupied office unit that have a projected gross annual income of approximately $131,000 per year. Public transportation is easily accessible via the A, B, C, D, 2 & 3 train stations located just two blocks away on 125th Street and the numerous bus lines that service the neighborhood. Additionally, the Harlem 125th Street Metro North train station is located four blocks to the east on Park Avenue, providing access to the New York metropolitan area. In addition to being a standalone development site, the potential exists for a future assemblage with three adjacent lots to the west (Link to M/WBE RFP - http://goo.
West 126th Street
gl/IuKqfF) that are currently under the jurisdiction of NYC HPD. Public transportation is easily accessible via the G, L, J, M, and Z subway lines as well as numerous bus lines that service the area. Future ownership will have the opportunity to capitalize on the upside found in this cultural hotbed.
For More Information, Please Contact: Robert M. Shapiro
Josh Lipton
Ian M. Brooks
Andrew Levine
Executive Vice President (212) 660 7717 [email protected]
Director (212) 660 7779 [email protected]
Associate (212) 589 5107 [email protected]
Associate (212) 589 5153 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
Cushman & Wakefield Copyright 2016. 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.
261 West 126th Street
Residential Revenue Unit
Status
SF
RPSF
Actual Rent
2
FM
567
$38.10
$1,800
3
FM
567
$38.10
$1,800
4*
FM
1000
$31.20
$2,600
Total Monthly Residential Revenue:
$6,200
Gross Annual Residential Revenue:
$74,400
Average Rent Per Residential Apt:
$2,067
Residential Rent Per Net Square Foot:
$43.76
*Contains an Outdoor Terrace
Commercial Revenue Unit
Status
SF
RPSF
Actual Rent
1
Office
2000
$48
$8,000
Total Monthly Commercial Revenue:
$8,000
Gross Annual Commercial Revenue:
$96,000
Gross Monthly Combined Revenue:
$14,200
Gross Annual Combined Revenue:
$170,400
Combined Revenue
Cushman & Wakefield Copyright 2016. 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.
261 West 126th Street
Residential Revenue Gross Annual Residential Revenue
$74,400
Less Vacancy & Credit Loss (3%)
($2,232)
Effective Gross Annual Revenue
$72,168
Commercial Revenue Gross Annual Residential Revenue
$96,000
Less Vacancy & Credit Loss (5%)
($4,800)
Effective Gross Annual Revenue
$91,200
Combined Effective Gross Annual Revenue:
$163,368
Expenses R.E. Taxes (15/16)
Actual
$28,310
Tax Pass Through
Tenant Pays
($8,493)
Actual
$1,267
Water/Sewer Insurance
@
$400
/ Unit
$1,600
Repairs & Maintenance
@
$550
/ Unit
$1,650
Super
@
$200
/ Month
$2,400
Total Expenses
$26,734
Effective Gross Annual Revenue
$163,368
Less Expenses
$26,734
Net Operating Income
$136,634
Cushman & Wakefield Copyright 2016. 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.
261 West 126th Street, NY 10027
2185 ACP The Balton
381 Lenox
The Lenox
Parkside Flats
50 West 127
Dwyer Condo
2280 FDB
117 West 123
:New Construction
Cushman & Wakefield Copyright 2016. 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.
261 West 126th Street, NY 10027 Subhead
Overview Map
A ve n
ue
We st
127 th
Stre e
Sa
in
126 th
ou
tN
We st
ss B
ic h
ol as
le va rd
t
Stre e
ic
125 th
Stre e
t
Fr ed er
We st
HPD Lot
k
Do
ug
la
t
261 West 126th Street
Cushman & Wakefield Copyright 2016. 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.
261 West 126th Street, NY 10027
Major 125th Street Developments
MIXED-USE, RETAIL, COMMUNITY Building
In addition to the success of the residential market, a significant testament of value in West Harlem is the revolution of the neighborhood’s commercial and retail activity.
1
The robust demand from major national retailers is already present along the 125th
2 3 4 5 6 7 8 9 10 11 12
Street shopping corridor and continues to grow at a rapid pace. Some of Manhattan’s most active commercial and retail developers are coming in and buying up the best remaining properties, resulting in a significant upgrade of 125th Street. At the forefront of the neighborhood’s transformation is the Whole Food’s expansion at the corner of West 125th and Lenox Avenue. Many see this addition to the neighborhood as a catalyst for a booming retail sector, enticing a flurry of interest and new developments across all property types. Large-scale commercial developments under construction have seen an uptick in lease commitments from tenants. Examples include Bed Bath & Beyond and shared office space provider WeWork, both taking space at Aurora Capital’s 5-15 West 125th Street. Other projects underway, such as the rehabilitation of the Corn Exchange Building by Artimus Construction, are leveraging the value
Developer
Columbia University Expansion Taystee Building
Janus Property Company
Uptown House
Uptown House, LLC
Harlem USA
HCC/Grid Properties
301 West 125th Street
Aurora Capital Associates
269 West 125th Street
HCC/Grid Properties
Victoria Theater Redevlopment
Danforth Development
National Urban League
ESD, EDC, NUL
125th Street & Lenox Avenue
Wharton Properties
5-15 West 125th Street
Aurora Capital Associates
1800 Park Avenue
The Continuum Company
Corn Exchange Building
Artimus Construction
261 West 126th Street
of historic properties and repositioning them into office space for tech tenants and fashion firms.
1 261 West 126th Street
3 2
5 4
6
7
10
8 9
12 11
Cushman & Wakefield Copyright 2016. 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.
