300 West 122nd Street New York, NY
300 West 122nd Street New York, NY FULLY APPROVED DEVELOPMENT PROJECT For Sale in the Heart of West Harlem FOR SALE
PRICE REDUCTION Property Features Location
300 West 122nd Street and 223-229 St. Nicholas Avenue
Lot Size
20,606
Frontage Breakdown West 122nd Street:
Project Gross SF Above Grade:
184,061
St. Nicholas Avenue:
Project Gros s SF Below Grade:
21,000
West 121st Street:
Total Project Gross SF
205,061
Total Frontage:
Condominium Project Projections
66' approx. 207' approx. 50' approx. 323' approx. Rental Project Projections
Net SF
Sell Out Value
Net SF
Annual Gross Revenue
Residential - Fair Market (Floors 2-13)
133,174
$170,778,621
133,174
$9,082,830
Retail (Ground Floor & Cellar Space)
29,437
$32,380,952
29,437
$1,700,000
Office (Ground Floor)
1,016
$2,000,000
1,016
$101,600
Total
163,627
$205,159,573
163,627
$10,884,430
Brownfields Tax Credit Up To
$24,000,000
Total Potential Sellout Value
$229,159,573
$24,000,000
*Please note that the above figures solely represent projections.
Asking Price: $74,900,000
RENDERING
Property Description Cushman & Wakefield has been retained on an exclusive basis to seek proposals for the sale of an exceptional development package located at 300 West 122nd Street in the thriving West Harlem neighborhood of Manhattan. The opportunity presents two options, a 126 unit condominium package and a 183 unit rental package. The condominium plans and approvals are 100% complete and a complete set of New Building (NB) plans will be delivered at closing. The rental configuration is more than 80% complete. Both configurations sit above a nearly 30,000sf retail/ supermarket space. Total sellout value of the condominium including a substantial $24mm Brownfields Tax Credit (“BTC”) is approximately $229mm. The rental configuration is forecasted to generate approximately $10.8mm per annum at stabilization and benefit from the same $24mm in BTCs. Located adjacent to Restaurant Row along Frederick Douglass Boulevard from 110th to 124th Streets, the development project will benefit from the surge of construction which has produced crisp-looking, luxury condominiums, rental buildings, and a wide range of restaurants and cafes, including Jado Sushi, Harlem Tavern, Lido Restaurant, Vinateria Restaurant & Bar, Frederick Café Bistro, Maharaja, Moca Lounge and many others. The subject offering is a shovel ready approximately 205,000 square foot mixed-use, block-front development project that contains approximately
275 feet of total retail frontage in the neighborhood’s prime corridor with easy transportation, robust foot traffic and excellent visibility. The condominium plan features 126 condominium units, a commercial office condo, and two floors of retail selling space with 14 feet clear, including the ground floor and cellar. For developers looking for an income-producing opportunity, alternative plans exist for a 183-unit rental building with similar amenities and high-end finishes. Building amenities featured in the plans include bike storage, 24-hour concierge, a state-of-the-art fitness facility, numerous private balconies, outdoor terraces on the second floor, spacious communal rooftop space, and private outdoor terraces for the 5 penthouse units. The condo budget and offering plan are substantially complete and will provide the developer with the momentum to market sales imminently. The variances necessary to build the project have already been obtained and the project has already been admitted into the Brownfield Cleanup Program with the remediation workplan approved. Whether seeking to develop the condo to take advantage of the current momentum in the marketplace or seeking to develop a first class income property, 300 West 122nd Street provides prospective developers with a truly unique, near shovel-ready opportunity in the heart of the West Harlem submarket, Manhattan’s hottest residential market.
For More Information, Please Contact: Robert Knakal
Josh Lipton
Jonathan Hageman
Patrick Yannotta
Andrew Levine
Chairman Director Director Senior Associate Associate (212) 660 7777 (212) 660 7779 (212) 660 7773 (212) 660 7791 (212) 589 5153 [email protected] [email protected] [email protected] [email protected] [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl 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, 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.
300 West 122nd Street New York, NY PROPERTY
Project Residential Unit Mix
AIR RIGHTS
W E S T 1 2 2 ND S T
56.3%
9
7.1%
Four Bedroom +
2
1.6%
Total
126
100.0%
R8A/C2-4
24 25 26
30
N I N T H AV E
71
Three Bedroom
M A N H AT TA N AV E
Two Bedroom
R7A
E
27.0%
35
AV S L A 3’ O 88.8
34
40
H
One Bedroom
1948
IC
7.9%
N
10
.
Studio
BLOCK
ST ’
% of Units
8.5
Unit Mix
11
Condominium Proposal
66’
29 50’ W E S T 1 2 1 ST S T
S
ID
E
V
E WE
ST
125
TH
ST
A
N
H
A
T
T
A
N
A
V
M
O
R
N
IN
G
A
E
MORNINGSIDE PA R K
ST
122
ND
ST
G U O D K IC R E D E R F
AV E S T. N I C H O L A S
L
A
S
S
B
L
V
D
M
WE
Asking Price: $74,900,000
For More Information, Please Contact: Robert Knakal
Josh Lipton
Jonathan Hageman
Patrick Yannotta
Andrew Levine
Chairman Director Director Senior Associate Associate (212) 660 7777 (212) 660 7779 (212) 660 7773 (212) 660 7791 (212) 589 5153 [email protected] [email protected] [email protected] [email protected] [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl 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, 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.
PRICE REDUCTION Property Features Location
300 West 122nd Street and 223-229 St. Nicholas Avenue
Lot Size
20,606
Frontage Breakdown West 122nd Street:
Project Gross SF Above Grade:
184,061
St. Nicholas Avenue:
Project Gros s SF Below Grade:
21,000
West 121st Street:
Total Project Gross SF
205,061
Total Frontage:
Condominium Project Projections
66' approx. 207' approx. 50' approx. 323' approx. Rental Project Projections
Net SF
Sell Out Value
Net SF
Annual Gross Revenue
Residential - Fair Market (Floors 2-13)
133,174
$170,778,621
133,174
$9,082,830
Retail (Ground Floor & Cellar Space)
29,437
$32,380,952
29,437
$1,700,000
Office (Ground Floor)
1,016
$2,000,000
1,016
$101,600
Total
163,627
$205,159,573
163,627
$10,884,430
Brownfields Tax Credit Up To
$24,000,000
Total Potential Sellout Value
$229,159,573
$24,000,000
*Please note that the above figures solely represent projections.
Asking Price: $74,900,000
RENDERING
Property Description Cushman & Wakefield has been retained on an exclusive basis to seek proposals for the sale of an exceptional development package located at 300 West 122nd Street in the thriving West Harlem neighborhood of Manhattan. The opportunity presents two options, a 126 unit condominium package and a 183 unit rental package. The condominium plans and approvals are 100% complete and a complete set of New Building (NB) plans will be delivered at closing. The rental configuration is more than 80% complete. Both configurations sit above a nearly 30,000sf retail/ supermarket space. Total sellout value of the condominium including a substantial $24mm Brownfields Tax Credit (“BTC”) is approximately $229mm. The rental configuration is forecasted to generate approximately $10.8mm per annum at stabilization and benefit from the same $24mm in BTCs. Located adjacent to Restaurant Row along Frederick Douglass Boulevard from 110th to 124th Streets, the development project will benefit from the surge of construction which has produced crisp-looking, luxury condominiums, rental buildings, and a wide range of restaurants and cafes, including Jado Sushi, Harlem Tavern, Lido Restaurant, Vinateria Restaurant & Bar, Frederick Café Bistro, Maharaja, Moca Lounge and many others. The subject offering is a shovel ready approximately 205,000 square foot mixed-use, block-front development project that contains approximately
275 feet of total retail frontage in the neighborhood’s prime corridor with easy transportation, robust foot traffic and excellent visibility. The condominium plan features 126 condominium units, a commercial office condo, and two floors of retail selling space with 14 feet clear, including the ground floor and cellar. For developers looking for an income-producing opportunity, alternative plans exist for a 183-unit rental building with similar amenities and high-end finishes. Building amenities featured in the plans include bike storage, 24-hour concierge, a state-of-the-art fitness facility, numerous private balconies, outdoor terraces on the second floor, spacious communal rooftop space, and private outdoor terraces for the 5 penthouse units. The condo budget and offering plan are substantially complete and will provide the developer with the momentum to market sales imminently. The variances necessary to build the project have already been obtained and the project has already been admitted into the Brownfield Cleanup Program with the remediation workplan approved. Whether seeking to develop the condo to take advantage of the current momentum in the marketplace or seeking to develop a first class income property, 300 West 122nd Street provides prospective developers with a truly unique, near shovel-ready opportunity in the heart of the West Harlem submarket, Manhattan’s hottest residential market.
For More Information, Please Contact: Robert Knakal
Josh Lipton
Jonathan Hageman
Patrick Yannotta
Andrew Levine
Chairman Director Director Senior Associate Associate (212) 660 7777 (212) 660 7779 (212) 660 7773 (212) 660 7791 (212) 589 5153 [email protected] [email protected] [email protected] [email protected] [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl 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, 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.
300 West 122nd Street New York, NY PROPERTY
Project Residential Unit Mix
AIR RIGHTS
W E S T 1 2 2 ND S T
56.3%
9
7.1%
Four Bedroom +
2
1.6%
Total
126
100.0%
R8A/C2-4
24 25 26
30
N I N T H AV E
71
Three Bedroom
M A N H AT TA N AV E
Two Bedroom
R7A
E
27.0%
35
AV S L A 3’ O 88.8
34
40
H
One Bedroom
1948
IC
7.9%
N
10
.
Studio
BLOCK
ST ’
% of Units
8.5
Unit Mix
11
Condominium Proposal
66’
29 50’ W E S T 1 2 1 ST S T
S
ID
E
V
E WE
ST
125
TH
ST
A
N
H
A
T
T
A
N
A
V
M
O
R
N
IN
G
A
E
MORNINGSIDE PA R K
ST
122
ND
ST
G U O D K IC R E D E R F
AV E S T. N I C H O L A S
L
A
S
S
B
L
V
D
M
WE
Asking Price: $74,900,000
For More Information, Please Contact: Robert Knakal
Josh Lipton
Jonathan Hageman
Patrick Yannotta
Andrew Levine
Chairman Director Director Senior Associate Associate (212) 660 7777 (212) 660 7779 (212) 660 7773 (212) 660 7791 (212) 589 5153 [email protected] [email protected] [email protected] [email protected] [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl 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, 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.
