265 pleasant avenue
265 PLEASANT AVENUE Seven Story Corner Mixed-Use East Harlem, Manhattan 10029 PROPERTY OVERVIEW
ASKING PRICE
$10,475,000
DESCRIPTION:
LOCATION
Northwest corner of Pleasant Avenue and East 114th Street
BLOCK/LOT
1708/ 121, 22
LOT DIMENSIONS
69’ x 75’
LOT AREA
5,175 SF
CORNER BUILDING DIMENSIONS
40’ x 72’
STORIES
7
GROSS SF
16,544 SF
TOWNHOUSE DIMENSIONS
19’ x 40’
STORIES
4
GROSS SF
3,040 SF
GROSS SF COMBINED
19,584 SF
COMMERCIAL UNITS
1
RESIDENTIAL UNITS
22
TOTAL UNITS
23
ZONING
R7A
RESIDENTIAL FAR
4.0
TOTAL BUILDABLE SF
20,700 SF
LESS EXISTING SF
19,584 SF
AIR RIGHTS REMAINING
1,116 SF
ASSESSMENT (14/15)
$1,089,450
TAXES (BEFORE EXEMPTION)
$141,563
421A EXEMPTION
($127,877)
TAXES (14/15)
$13,686
Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of 265 Pleasant Avenue, which is the home to world renowned Rao’s restaurant. The seven (7) story elevator building totals approximately 19,584 gross square feet and was built above Rao’s in 2005. The building contains twenty two (22) residential units which feature condo finishes, generous layouts and spectacular views overlooking Jefferson Park and the East river. The unit mix of apartments is eleven (11) one bedroom, ten (10) two bedroom and one (1) studio, of which five (5) of the two bedroom units feature elevator access that opens directly into the unit. The building is currently in year 8 of 25 of a 421A tax exemption that is scheduled to expire on 6/30/32. Although the property is uniquely situated on a quiet residential block, East River Plaza shopping center is located two blocks away and is currently home to Costco, Target and Best Buy, with an additional 1,100 residential units slated to be added in 2016. The site will also benefit from the proposed 116th street stop for the Second Avenue Subway that was approved in August 2014. In addition to offering the once in a lifetime opportunity to own a building anchored by a New York institution, future ownership will be able to enjoy immediate upside in the rents which are approximately 30% below market at $35.93 psf. Ultimately ownership will have the opportunity to convert the building to condominiums or possibly split the lot and convert a portion of the premises back to a single family townhouse with a curb cut. FOR MORE INFORMATION, PLEASE CONTACT:
Tom Gammino Executive Vice President (212) 696 2500 x7727 [email protected]
Lev Kimyagarov Director (212) 696 2500 x7729 [email protected]
Brett Weisblum Associate Director (212) 696 2500 x7784 [email protected]
Louis Marchetta Associate (212) 696 2500 x5143 [email protected]
Edward Pierrepont Associate (212) 696 2500 x5182 [email protected]
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
265 PLEASANT AVENUE Seven Story Corner Mixed-Use East Harlem, Manhattan 10029
Residential Revenue: Unit Status Type 1A Vacant Studio
Lease Exp. N/A
N.S.F. 412
$/SF $ 45.00
Monthly Rent $ 1,545
Annual Rent $ 18,540*
1B
Vacant
1 BR
N/A
1,540
$ 45.00
$
5,775
$
69,300*
2A
RS
2 BR Elevator
May-16
731
$ 38.58
$
2,350
$
2B
RS
1 BR
Sep-15
544
$ 41.80
$
1,895
$
22,740
2C
RS
2 BR
Aug-17
966
$ 31.06
$
2,500
$
30,000
2D
RS
1 BR
Nov-15
810
$ 27.41
$
1,850
$
22,200
3A
RS
2 BR Elevator
Jan-16
731
$ 34.47
$
2,100
$
25,200
3B
RS
1 BR
Jan-16
544
$ 38.93
$
1,765
$
21,180
3C
RS
2 BR
Jun-15
966
$ 32.30
$
2,600
$
31,200
3D
RS
1 BR
Jun-15
810
$ 28.30
$
1,910
$
22,920
4A
RS
2 BR Elevator
May-16
731
$ 36.69
$
2,235
$
26,820
28,200
4B
RS
1 BR
Nov-15
544
$ 41.80
$
1,895
$
22,740
4C
RS
2 BR
Aug-15
966
$ 31.68
$
2,550
$
30,600
4D
RS
1 BR
Aug-15
810
$ 28.89
$
1,950
$
23,400
5A
RS
2 BR Elevator
Dec-15
720
$ 36.25
$
2,175
$
26,100
5B
RS
1 BR
Sep-15
575
$ 41.63
$
1,995
$
23,940
5C
RS
1 BR
Jun-16
574
$ 42.41
$
2,028
$
24,341
6A
RS
2 BR Elevator
Nov-15
720
$ 35.42
$
2,125
$
25,500
6B
RS
1 BR
Jun-15
575
$ 36.52
$
1,750
$
21,000
6C
RS
1 BR
Feb-16
574
$ 34.49
$
1,650
$
19,800
7A
Vacant
1 BR
N/A
473
$ 45.00
$
1,774
$
7B
RS
2 BR
Jun-16
970
$ 25.94
$
2,096
$
21,285*
$
48,514
$
Total Residential Rent Commercial Revenue: Unit Rao's
N.S.F. 1,200
$/SF $ 15.00
Total Commercial & Residential Rent
Monthly Rent $ 1,500 $
2015 Expenses: (Estimated) Real Estate Taxes (14/15) Water & Sewer Insurance Gas Electric Repairs & Maintenance Super Elevator Maintenance Management Fee (3%) Total Expenses: Gross Annual Revenue: Less Expenses: Net Operating Income:
50,014
25,157 582,164
Annual Rent $ 18,000 $
600,164
$ $ $ $ $ $ $ $ $ $ $ $ $
13,686 16,100 14,689 29,376 2,938 12,650 24,000 5,000 17,986 136,425 600,164 136,425 463,739
*Rents Projected FOR MORE INFORMATION, PLEASE CONTACT: Tom Gammino Executive Vice President (212) 696 2500 x7727 [email protected]
Lev Kimyagarov Director (212) 696 2500 x7729 [email protected]
Brett Weisblum Associate Director (212) 696 2500 x7784 [email protected]
Louis Marchetta Associate (212) 696 2500 x5143 [email protected]
Edward Pierrepont Associate (212) 696 2500 x5182 [email protected]
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
265 PLEASANT AVENUE Seven Story Corner Mixed-Use East Harlem, Manhattan 10029
FOR MORE INFORMATION, PLEASE CONTACT: Tom Gammino Executive Vice President (212) 696 2500 x7727 [email protected]
Lev Kimyagarov Director (212) 696 2500 x7729 [email protected]
Brett Weisblum Associate Director (212) 696 2500 x7784 [email protected]
Louis Marchetta Associate (212) 696 2500 x5143 [email protected]
Edward Pierrepont Associate (212) 696 2500 x5182 [email protected]
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
ASKING PRICE
$10,475,000
DESCRIPTION:
LOCATION
Northwest corner of Pleasant Avenue and East 114th Street
BLOCK/LOT
1708/ 121, 22
LOT DIMENSIONS
69’ x 75’
LOT AREA
5,175 SF
CORNER BUILDING DIMENSIONS
40’ x 72’
STORIES
7
GROSS SF
16,544 SF
TOWNHOUSE DIMENSIONS
19’ x 40’
STORIES
4
GROSS SF
3,040 SF
GROSS SF COMBINED
19,584 SF
COMMERCIAL UNITS
1
RESIDENTIAL UNITS
22
TOTAL UNITS
23
ZONING
R7A
RESIDENTIAL FAR
4.0
TOTAL BUILDABLE SF
20,700 SF
LESS EXISTING SF
19,584 SF
AIR RIGHTS REMAINING
1,116 SF
ASSESSMENT (14/15)
$1,089,450
TAXES (BEFORE EXEMPTION)
$141,563
421A EXEMPTION
($127,877)
TAXES (14/15)
$13,686
Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of 265 Pleasant Avenue, which is the home to world renowned Rao’s restaurant. The seven (7) story elevator building totals approximately 19,584 gross square feet and was built above Rao’s in 2005. The building contains twenty two (22) residential units which feature condo finishes, generous layouts and spectacular views overlooking Jefferson Park and the East river. The unit mix of apartments is eleven (11) one bedroom, ten (10) two bedroom and one (1) studio, of which five (5) of the two bedroom units feature elevator access that opens directly into the unit. The building is currently in year 8 of 25 of a 421A tax exemption that is scheduled to expire on 6/30/32. Although the property is uniquely situated on a quiet residential block, East River Plaza shopping center is located two blocks away and is currently home to Costco, Target and Best Buy, with an additional 1,100 residential units slated to be added in 2016. The site will also benefit from the proposed 116th street stop for the Second Avenue Subway that was approved in August 2014. In addition to offering the once in a lifetime opportunity to own a building anchored by a New York institution, future ownership will be able to enjoy immediate upside in the rents which are approximately 30% below market at $35.93 psf. Ultimately ownership will have the opportunity to convert the building to condominiums or possibly split the lot and convert a portion of the premises back to a single family townhouse with a curb cut. FOR MORE INFORMATION, PLEASE CONTACT:
Tom Gammino Executive Vice President (212) 696 2500 x7727 [email protected]
Lev Kimyagarov Director (212) 696 2500 x7729 [email protected]
Brett Weisblum Associate Director (212) 696 2500 x7784 [email protected]
Louis Marchetta Associate (212) 696 2500 x5143 [email protected]
Edward Pierrepont Associate (212) 696 2500 x5182 [email protected]
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
265 PLEASANT AVENUE Seven Story Corner Mixed-Use East Harlem, Manhattan 10029
Residential Revenue: Unit Status Type 1A Vacant Studio
Lease Exp. N/A
N.S.F. 412
$/SF $ 45.00
Monthly Rent $ 1,545
Annual Rent $ 18,540*
1B
Vacant
1 BR
N/A
1,540
$ 45.00
$
5,775
$
69,300*
2A
RS
2 BR Elevator
May-16
731
$ 38.58
$
2,350
$
2B
RS
1 BR
Sep-15
544
$ 41.80
$
1,895
$
22,740
2C
RS
2 BR
Aug-17
966
$ 31.06
$
2,500
$
30,000
2D
RS
1 BR
Nov-15
810
$ 27.41
$
1,850
$
22,200
3A
RS
2 BR Elevator
Jan-16
731
$ 34.47
$
2,100
$
25,200
3B
RS
1 BR
Jan-16
544
$ 38.93
$
1,765
$
21,180
3C
RS
2 BR
Jun-15
966
$ 32.30
$
2,600
$
31,200
3D
RS
1 BR
Jun-15
810
$ 28.30
$
1,910
$
22,920
4A
RS
2 BR Elevator
May-16
731
$ 36.69
$
2,235
$
26,820
28,200
4B
RS
1 BR
Nov-15
544
$ 41.80
$
1,895
$
22,740
4C
RS
2 BR
Aug-15
966
$ 31.68
$
2,550
$
30,600
4D
RS
1 BR
Aug-15
810
$ 28.89
$
1,950
$
23,400
5A
RS
2 BR Elevator
Dec-15
720
$ 36.25
$
2,175
$
26,100
5B
RS
1 BR
Sep-15
575
$ 41.63
$
1,995
$
23,940
5C
RS
1 BR
Jun-16
574
$ 42.41
$
2,028
$
24,341
6A
RS
2 BR Elevator
Nov-15
720
$ 35.42
$
2,125
$
25,500
6B
RS
1 BR
Jun-15
575
$ 36.52
$
1,750
$
21,000
6C
RS
1 BR
Feb-16
574
$ 34.49
$
1,650
$
19,800
7A
Vacant
1 BR
N/A
473
$ 45.00
$
1,774
$
7B
RS
2 BR
Jun-16
970
$ 25.94
$
2,096
$
21,285*
$
48,514
$
Total Residential Rent Commercial Revenue: Unit Rao's
N.S.F. 1,200
$/SF $ 15.00
Total Commercial & Residential Rent
Monthly Rent $ 1,500 $
2015 Expenses: (Estimated) Real Estate Taxes (14/15) Water & Sewer Insurance Gas Electric Repairs & Maintenance Super Elevator Maintenance Management Fee (3%) Total Expenses: Gross Annual Revenue: Less Expenses: Net Operating Income:
50,014
25,157 582,164
Annual Rent $ 18,000 $
600,164
$ $ $ $ $ $ $ $ $ $ $ $ $
13,686 16,100 14,689 29,376 2,938 12,650 24,000 5,000 17,986 136,425 600,164 136,425 463,739
*Rents Projected FOR MORE INFORMATION, PLEASE CONTACT: Tom Gammino Executive Vice President (212) 696 2500 x7727 [email protected]
Lev Kimyagarov Director (212) 696 2500 x7729 [email protected]
Brett Weisblum Associate Director (212) 696 2500 x7784 [email protected]
Louis Marchetta Associate (212) 696 2500 x5143 [email protected]
Edward Pierrepont Associate (212) 696 2500 x5182 [email protected]
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
265 PLEASANT AVENUE Seven Story Corner Mixed-Use East Harlem, Manhattan 10029
FOR MORE INFORMATION, PLEASE CONTACT: Tom Gammino Executive Vice President (212) 696 2500 x7727 [email protected]
Lev Kimyagarov Director (212) 696 2500 x7729 [email protected]
Brett Weisblum Associate Director (212) 696 2500 x7784 [email protected]
Louis Marchetta Associate (212) 696 2500 x5143 [email protected]
Edward Pierrepont Associate (212) 696 2500 x5182 [email protected]
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
