316 East 55th Street
316 East 55th Street, New York NY VALUE-ADD ELEVATOR BUILDING FOR SALE 41-UNITS IN MIDTOWN EAST FOR SALE
ASKING PRICE: $19,975,000
PROPERTY FEATURES Location:
South side of East 55th Street between First and Second Avenues
Block / Lot:
1347 / 42
Lot Dimensions:
50’ x 100.42’
Lot Area:
5,021
Gross Square Feet:
25,040
Units:
41
Stories:
7
Zoning:
R8B
FAR:
4.0
Air Rights:
-overbuilt-
Assessment (16/17):
$1,099,080
Annual Taxes (16/17):
$141,594
PROPERTY DESCRIPTION Cushman & Wakefield has been retained on an exclusive basis to sell 316 East 55th Street, a seven-story elevator-serviced apartment building between First Avenue and Second Avenue. The post-war residential building contains 41 rent regulated units, configured as a mix of one bedroom (1), alcove (27), and studio (13) units. The property is positioned for significant value creation and revenue growth where rents are currently just 42% of market. Of the 41 stabilized units, 7 are either owner-occupied or can be delivered vacant. These units represent opportunity for lease-up and could result in an immediate 27% increase in average rent per square foot in the building. Additionally, 27 units are configured as alcoves and can easily be converted to true one bedroom apartments or combined to create two- or three- bedroom apartments. 3 ground floor units boast large private outdoor spaces and the open roof presents tremendous opportunity to construct a finished deck with panoramic views. The building benefits from an elevator, laundry in the basement and approx. 1,000 of unused basement space that could be converted into additional amenities. 316 East 55th Street is located on a quiet, tree-lined block and benefits from Sutton Place livability yet is a short walk from the midtown core and multiple subway stops. A few blocks away, the Lexington Avenue/53rd Street Station and 51st Street Station services the 6, E & M lines and the incoming 55th Street station on Second Avenue will be less than half a block away. Additionally, 316 East 55th Street sits in the heart of a recently transforming Second Avenue corridor, characterized by several luxury condominium developments and a burgeoning retail stretch. 316 East 55th Street presents the rare opportunity to acquire a cash-flowing, stable asset with significant upside potential in a highly-desired core neighborhood of Manhattan. For More Information, Please Contact: Clint Olsen
Executive Managing Director (212) 660 7747 [email protected]
Madeline Burbank
Senior Associate (212) 589 5172 [email protected]
Alex Woodlief
Associate (212) 660 7713 [email protected]
Will Conrad
Associate (212) 660 7740 [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, 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.
316 East 55th Street, New York NY RESIDENTIAL RENT ROLL FOR SAL PROJECTED REVENUE Unit
Status**
LXP
Layout
SF*
1A 1B 1C 1E 1F 2A 2B 2C 2D 2E 2F 3A 3B 3C 3D 3E 3F 4A 4B 4C 4D 4E 4F 5A 5B 5C 5D 5E 5F 6A 6B 6C 6D 6E 6F 7A 7B 7C 7D 7E 7F LAUNDRY
RS RS TE RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS TE RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS TE TE RS RS -
3/31/2017 1/31/2017 Super 4/30/2017 3/31/2017 10/30/2016 1/31/2018 Vacant 5/31/2017 8/31/2017 3/31/2017 4/30/2017 4/20/2017 4/30/2017 3/31/2017 2/28/2017 3/31/2017 Vacant 12/31/2016 4/30/2017 Vacant Vacant 9/31/2017 4/30/2017 1/31/2018 6/30/2017 3/31/2017 8/31/2018 Vacant 3/31/2017 9/30/2017 8/31/2018 12/14/2016 5/31/2017 2/28/2017 5/31/2017 1/31/2017 Vacant 2/28/2017 9/30/2017 2/28/2017 -
STUDIO ALCOVE 1 BR ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE -
430 550 600 550 550 430 550 550 450 550 550 430 550 550 450 550 550 430 550 550 450 550 550 430 550 550 450 550 550 430 550 550 450 550 550 430 550 550 450 550 550 -
TOTAL MONTHLY INCOME
Current Rent/SF
Current Legal Monthly Rent
Projected Rent/SF
Projected Monthly Rent
$28 $28 $31 $19 $47 $29 $34 $44 $34 $25 $37 $23 $32 $16 $28 $26 $36 $21 $32 $20 $34 $27 $39 $24 $20 $24 $23 $30 $19 $36 $24 $31 $34 $16 $43 $28 $19 $21 $19 $23
$1,017 $1,270 $1,428 $860 $1,676 $1,343 $1,543 $1,659 $1,565 $1,133 $1,312 $1,036 $1,449 $598 $1,264 $1,175 $1,303 $948 $1,486 $750 $1,545 $1,246 $1,401 $1,114 $928 $882 $1,062 $1,386 $680 $1,671 $1,120 $1,168 $1,563 $747 $1,529 $1,285 $885 $791 $892 $1,074 $400
$28 $28 $65 $31 $19 $47 $29 $65 $44 $34 $25 $37 $23 $32 $16 $28 $26 $65 $21 $32 $65 $65 $27 $39 $24 $20 $24 $24 $65 $19 $36 $24 $31 $34 $16 $43 $28 $65 $21 $19 $23
$1,017 $1,270 $3,250 $1,428 $860 $1,676 $1,343 $3,000 $1,659 $1,565 $1,133 $1,312 $1,036 $1,449 $598 $1,264 $1,175 $2,325 $948 $1,486 $2,450 $3,000 $1,246 $1,401 $1,114 $928 $882 $1,084 $3,000 $680 $1,671 $1,120 $1,168 $1,563 $747 $1,529 $1,285 $3,000 $791 $892 $1,074 $400
$27
$48,187
$34
$60,820
TOTAL ANNUAL INCOME
$578,242
$729,843
*Square footage includes 15% loss factor and is estimated using information provided Units can be delivered vacant, projected at market rents **TE=Temporarily Exempt (owner occupied/employee) 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.
316 East 55th Street, New York NY VALUE-ADD BUILDING FORYork SALE NY 316 EastELEVATOR 55th Street, New 41-UNITS IN MIDTOWN EAST
EXPENSES FOR SALE
AND NET OPERATING INCOME
EXPENSES Real Estate Taxes (16/17)
(PROJECTED)
Status Mix
Unit Mix
Actual
$141,594
$0.75/sf
$18,780
$500/unit
$20,500
Fuel
$1.35/sf
$33,804
Gas & Electric
$0.25/sf
$6,260
Elevator
$4,000/year
$4,000
Super
$400/month
$4,800
Repairs & Maintenance
$0.35/sf
$8,764
Studio
Stabilized
Management
3% of GI
$21,238
Alcove
Exempt
Water & Sewer Insurance
Total Expenses:
4
27 41 13
41 1
37
1 Bedroom
$259,740
NOI CALCULATION
Rent Upside
Potential Gross Income
$729,843
Less Expenses
$259,740
Net Operating Income
$470,102
Rent per square foot is projected to increase from $27/SF to $34/SF (27%) subject to re-lease of vacant units and specific apartment and building improvements. Rents are projected to increase by 140% as units are brought to market rates ($65/SF).
$70.00 $60.00
$65/SF
141%
43%
$50.00 $40.00 $30.00 $20.00
$34/SF
27%
$27/SF
$10.00 $-
Rent per SF
ASKING PRICE: $19,975,000
Current Legal RPSF
Projected Average RPSF
Projected Market RPSF
For More Information, Please Contact: Clint Olsen
Executive Managing Director (212) 660 7747 [email protected]
Madeline Burbank
Senior Associate (212) 589 5172 [email protected]
Alex Woodlief
Associate (212) 660 7713 [email protected]
Will Conrad
Associate (212) 660 7740 [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.
ASKING PRICE: $19,975,000
PROPERTY FEATURES Location:
South side of East 55th Street between First and Second Avenues
Block / Lot:
1347 / 42
Lot Dimensions:
50’ x 100.42’
Lot Area:
5,021
Gross Square Feet:
25,040
Units:
41
Stories:
7
Zoning:
R8B
FAR:
4.0
Air Rights:
-overbuilt-
Assessment (16/17):
$1,099,080
Annual Taxes (16/17):
$141,594
PROPERTY DESCRIPTION Cushman & Wakefield has been retained on an exclusive basis to sell 316 East 55th Street, a seven-story elevator-serviced apartment building between First Avenue and Second Avenue. The post-war residential building contains 41 rent regulated units, configured as a mix of one bedroom (1), alcove (27), and studio (13) units. The property is positioned for significant value creation and revenue growth where rents are currently just 42% of market. Of the 41 stabilized units, 7 are either owner-occupied or can be delivered vacant. These units represent opportunity for lease-up and could result in an immediate 27% increase in average rent per square foot in the building. Additionally, 27 units are configured as alcoves and can easily be converted to true one bedroom apartments or combined to create two- or three- bedroom apartments. 3 ground floor units boast large private outdoor spaces and the open roof presents tremendous opportunity to construct a finished deck with panoramic views. The building benefits from an elevator, laundry in the basement and approx. 1,000 of unused basement space that could be converted into additional amenities. 316 East 55th Street is located on a quiet, tree-lined block and benefits from Sutton Place livability yet is a short walk from the midtown core and multiple subway stops. A few blocks away, the Lexington Avenue/53rd Street Station and 51st Street Station services the 6, E & M lines and the incoming 55th Street station on Second Avenue will be less than half a block away. Additionally, 316 East 55th Street sits in the heart of a recently transforming Second Avenue corridor, characterized by several luxury condominium developments and a burgeoning retail stretch. 316 East 55th Street presents the rare opportunity to acquire a cash-flowing, stable asset with significant upside potential in a highly-desired core neighborhood of Manhattan. For More Information, Please Contact: Clint Olsen
Executive Managing Director (212) 660 7747 [email protected]
Madeline Burbank
Senior Associate (212) 589 5172 [email protected]
Alex Woodlief
Associate (212) 660 7713 [email protected]
Will Conrad
Associate (212) 660 7740 [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, 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.
316 East 55th Street, New York NY RESIDENTIAL RENT ROLL FOR SAL PROJECTED REVENUE Unit
Status**
LXP
Layout
SF*
1A 1B 1C 1E 1F 2A 2B 2C 2D 2E 2F 3A 3B 3C 3D 3E 3F 4A 4B 4C 4D 4E 4F 5A 5B 5C 5D 5E 5F 6A 6B 6C 6D 6E 6F 7A 7B 7C 7D 7E 7F LAUNDRY
RS RS TE RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS TE RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS RS TE TE RS RS -
3/31/2017 1/31/2017 Super 4/30/2017 3/31/2017 10/30/2016 1/31/2018 Vacant 5/31/2017 8/31/2017 3/31/2017 4/30/2017 4/20/2017 4/30/2017 3/31/2017 2/28/2017 3/31/2017 Vacant 12/31/2016 4/30/2017 Vacant Vacant 9/31/2017 4/30/2017 1/31/2018 6/30/2017 3/31/2017 8/31/2018 Vacant 3/31/2017 9/30/2017 8/31/2018 12/14/2016 5/31/2017 2/28/2017 5/31/2017 1/31/2017 Vacant 2/28/2017 9/30/2017 2/28/2017 -
STUDIO ALCOVE 1 BR ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE STUDIO ALCOVE ALCOVE -
430 550 600 550 550 430 550 550 450 550 550 430 550 550 450 550 550 430 550 550 450 550 550 430 550 550 450 550 550 430 550 550 450 550 550 430 550 550 450 550 550 -
TOTAL MONTHLY INCOME
Current Rent/SF
Current Legal Monthly Rent
Projected Rent/SF
Projected Monthly Rent
$28 $28 $31 $19 $47 $29 $34 $44 $34 $25 $37 $23 $32 $16 $28 $26 $36 $21 $32 $20 $34 $27 $39 $24 $20 $24 $23 $30 $19 $36 $24 $31 $34 $16 $43 $28 $19 $21 $19 $23
$1,017 $1,270 $1,428 $860 $1,676 $1,343 $1,543 $1,659 $1,565 $1,133 $1,312 $1,036 $1,449 $598 $1,264 $1,175 $1,303 $948 $1,486 $750 $1,545 $1,246 $1,401 $1,114 $928 $882 $1,062 $1,386 $680 $1,671 $1,120 $1,168 $1,563 $747 $1,529 $1,285 $885 $791 $892 $1,074 $400
$28 $28 $65 $31 $19 $47 $29 $65 $44 $34 $25 $37 $23 $32 $16 $28 $26 $65 $21 $32 $65 $65 $27 $39 $24 $20 $24 $24 $65 $19 $36 $24 $31 $34 $16 $43 $28 $65 $21 $19 $23
$1,017 $1,270 $3,250 $1,428 $860 $1,676 $1,343 $3,000 $1,659 $1,565 $1,133 $1,312 $1,036 $1,449 $598 $1,264 $1,175 $2,325 $948 $1,486 $2,450 $3,000 $1,246 $1,401 $1,114 $928 $882 $1,084 $3,000 $680 $1,671 $1,120 $1,168 $1,563 $747 $1,529 $1,285 $3,000 $791 $892 $1,074 $400
$27
$48,187
$34
$60,820
TOTAL ANNUAL INCOME
$578,242
$729,843
*Square footage includes 15% loss factor and is estimated using information provided Units can be delivered vacant, projected at market rents **TE=Temporarily Exempt (owner occupied/employee) 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.
316 East 55th Street, New York NY VALUE-ADD BUILDING FORYork SALE NY 316 EastELEVATOR 55th Street, New 41-UNITS IN MIDTOWN EAST
EXPENSES FOR SALE
AND NET OPERATING INCOME
EXPENSES Real Estate Taxes (16/17)
(PROJECTED)
Status Mix
Unit Mix
Actual
$141,594
$0.75/sf
$18,780
$500/unit
$20,500
Fuel
$1.35/sf
$33,804
Gas & Electric
$0.25/sf
$6,260
Elevator
$4,000/year
$4,000
Super
$400/month
$4,800
Repairs & Maintenance
$0.35/sf
$8,764
Studio
Stabilized
Management
3% of GI
$21,238
Alcove
Exempt
Water & Sewer Insurance
Total Expenses:
4
27 41 13
41 1
37
1 Bedroom
$259,740
NOI CALCULATION
Rent Upside
Potential Gross Income
$729,843
Less Expenses
$259,740
Net Operating Income
$470,102
Rent per square foot is projected to increase from $27/SF to $34/SF (27%) subject to re-lease of vacant units and specific apartment and building improvements. Rents are projected to increase by 140% as units are brought to market rates ($65/SF).
$70.00 $60.00
$65/SF
141%
43%
$50.00 $40.00 $30.00 $20.00
$34/SF
27%
$27/SF
$10.00 $-
Rent per SF
ASKING PRICE: $19,975,000
Current Legal RPSF
Projected Average RPSF
Projected Market RPSF
For More Information, Please Contact: Clint Olsen
Executive Managing Director (212) 660 7747 [email protected]
Madeline Burbank
Senior Associate (212) 589 5172 [email protected]
Alex Woodlief
Associate (212) 660 7713 [email protected]
Will Conrad
Associate (212) 660 7740 [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.
