331 east 89th street new york, ny - Agorafy
331 EAST 89TH STREET NEW YORK, NY Upper East Side Multifamily Building
FOR SALE PROPERTY FEATURES LOCATION
North side of East 89th Street between First and Second Avenue.
BLOCK / LOT
1552/20
LOT DIMENSIONS
25’ x 100.67’
LOT SF
2,517
GROSS SF (ABOVE GRADE)
8,500 (Approx.)
STORIES
5 plus lower level
RESIDENTIAL UNITS
11
ZONING/ FAR
R8B / 4.00
DEVELOPMENT RIGHTS
1,567 (Approx.)
ASSESSMENT (15/16)
$260,646
TAXES (15/16)
$33,506
PROPERTY DESCRIPTION
ASKING PRICE
$8,000,000
Cushman & Wakefield has been retained on an exclusive basis to assist in the sale of 331 East 89th Street, an 11 unit multifamily building located on the north side of East 89th Street between First and Second Avenue. The property is five stories and approximately 8,500 square feet above grade excluding a lower level owner occupied unit that has access to the rear yard. Of the 11 units, 7 are Free Market, 2 are Rent Stabilized, 1 is Rent Controlled, and 1 is owner occupied. There is immediate upside in the rents as the average rent per square foot for the Free Market units (not including the owner occupied unit) is $45/SF, which is substantially under market. The Free Market units have all been renovated in the last few years but an investor could implement his/her own touches to further increase revenue. There is also the possibility of duplexing units 1W and the lower level owner’s unit to create a large beautiful apartment with access to the rear yard. There are approximately 1,567 square feet of development rights remaining.
FOR MORE INFORMATION, PLEASE CONTACT: Thomas Gammino Executive Vice President (212) 696 2500 x 7727 [email protected]
Brett Weisblum Associate Director (212) 696 2500 x 7784 [email protected]
FOR FINANCING: Louis Marchetta Associate (212) 696 2500 x 5143 [email protected]
Jessica Ke Director – Capital Services (212) 696-2500 x 5106 [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.)
331 EAST 89TH STREET NEW YORK, NY Upper East Side Multifamily Building
REVENUE
Unit Status Lower Level Owner Occupied 1W FM 1E FM 2W FM 2E FM 3W FM 3E FM 4W FM 4E RC 5W RS 5E RS Gross Residential Revenue
Lease Exp. 12/19/2015 6/30/2016 3/31/2016 8/31/2016 Mo-To-Mo Mo-To-Mo 5/14/2016 11/30/2017 3/31/2016
FOR SALE
SF (approx.) 1,200 800 700 800 800 800 800 725 725 725 725
Month $6,000 $3,500 $2,700 $2,550 $3,100 $3,100 $2,400 $2,800 $556 $898 $1,026 $28,630
Annual $72,000 $42,000 $32,400 $30,600 $37,200 $37,200 $28,800 $33,600 $6,674 $10,778 $12,307 $343,559
Projected Month $7,500 $4,000 $3,500 $4,000 $4,000 $4,000 $4,000 $3,625 $556 $898 $1,026 $37,105
Projected Annual $90,000 $48,000 $42,000 $48,000 $48,000 $48,000 $48,000 $43,500 $6,674 $10,778 $12,307 $445,259
Actual $33,506 $5,603 $5,746 $12,951 $4,768 $5,400 $10,307 $78,281
Projected $33,506 $5,603 $5,746 $12,951 $4,768 $5,400 $13,358 $81,332
$343,559 $78,281 $265,279
$445,259 $81,332 $363,928
* Rent Projected
EXPENSES (ACTUAL) Real Estate Taxes (15/16) Water & Sewer Insurance Fuel/Electric Repairs & Maintenance Super Management Total Expenses
@
3%
Gross Annual Revenue Expenses Net Operating Income
FOR MORE INFORMATION, PLEASE CONTACT: Thomas Gammino Executive Vice President (212) 696 2500 x 7727 [email protected]
Brett Weisblum Associate Director (212) 696 2500 x 7784 [email protected]
FOR FINANCING: Louis Marchetta Associate (212) 696 2500 x 5143 [email protected]
Jessica Ke Director – Capital Services (212) 696-2500 x 5106 [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.)
331 EAST 89TH STREET NEW YORK, NY Upper East Side Multifamily Building
FOR MORE INFORMATION, PLEASE CONTACT: Thomas Gammino Executive Vice President (212) 696 2500 x 7727 [email protected]
Brett Weisblum Associate Director (212) 696 2500 x 7784 [email protected]
FOR SALE
FOR FINANCING: Louis Marchetta Associate (212) 696 2500 x 5143 [email protected]
Jessica Ke Director – Capital Services (212) 696-2500 x 5106 [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.)
FOR SALE PROPERTY FEATURES LOCATION
North side of East 89th Street between First and Second Avenue.
BLOCK / LOT
1552/20
LOT DIMENSIONS
25’ x 100.67’
LOT SF
2,517
GROSS SF (ABOVE GRADE)
8,500 (Approx.)
STORIES
5 plus lower level
RESIDENTIAL UNITS
11
ZONING/ FAR
R8B / 4.00
DEVELOPMENT RIGHTS
1,567 (Approx.)
ASSESSMENT (15/16)
$260,646
TAXES (15/16)
$33,506
PROPERTY DESCRIPTION
ASKING PRICE
$8,000,000
Cushman & Wakefield has been retained on an exclusive basis to assist in the sale of 331 East 89th Street, an 11 unit multifamily building located on the north side of East 89th Street between First and Second Avenue. The property is five stories and approximately 8,500 square feet above grade excluding a lower level owner occupied unit that has access to the rear yard. Of the 11 units, 7 are Free Market, 2 are Rent Stabilized, 1 is Rent Controlled, and 1 is owner occupied. There is immediate upside in the rents as the average rent per square foot for the Free Market units (not including the owner occupied unit) is $45/SF, which is substantially under market. The Free Market units have all been renovated in the last few years but an investor could implement his/her own touches to further increase revenue. There is also the possibility of duplexing units 1W and the lower level owner’s unit to create a large beautiful apartment with access to the rear yard. There are approximately 1,567 square feet of development rights remaining.
FOR MORE INFORMATION, PLEASE CONTACT: Thomas Gammino Executive Vice President (212) 696 2500 x 7727 [email protected]
Brett Weisblum Associate Director (212) 696 2500 x 7784 [email protected]
FOR FINANCING: Louis Marchetta Associate (212) 696 2500 x 5143 [email protected]
Jessica Ke Director – Capital Services (212) 696-2500 x 5106 [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.)
331 EAST 89TH STREET NEW YORK, NY Upper East Side Multifamily Building
REVENUE
Unit Status Lower Level Owner Occupied 1W FM 1E FM 2W FM 2E FM 3W FM 3E FM 4W FM 4E RC 5W RS 5E RS Gross Residential Revenue
Lease Exp. 12/19/2015 6/30/2016 3/31/2016 8/31/2016 Mo-To-Mo Mo-To-Mo 5/14/2016 11/30/2017 3/31/2016
FOR SALE
SF (approx.) 1,200 800 700 800 800 800 800 725 725 725 725
Month $6,000 $3,500 $2,700 $2,550 $3,100 $3,100 $2,400 $2,800 $556 $898 $1,026 $28,630
Annual $72,000 $42,000 $32,400 $30,600 $37,200 $37,200 $28,800 $33,600 $6,674 $10,778 $12,307 $343,559
Projected Month $7,500 $4,000 $3,500 $4,000 $4,000 $4,000 $4,000 $3,625 $556 $898 $1,026 $37,105
Projected Annual $90,000 $48,000 $42,000 $48,000 $48,000 $48,000 $48,000 $43,500 $6,674 $10,778 $12,307 $445,259
Actual $33,506 $5,603 $5,746 $12,951 $4,768 $5,400 $10,307 $78,281
Projected $33,506 $5,603 $5,746 $12,951 $4,768 $5,400 $13,358 $81,332
$343,559 $78,281 $265,279
$445,259 $81,332 $363,928
* Rent Projected
EXPENSES (ACTUAL) Real Estate Taxes (15/16) Water & Sewer Insurance Fuel/Electric Repairs & Maintenance Super Management Total Expenses
@
3%
Gross Annual Revenue Expenses Net Operating Income
FOR MORE INFORMATION, PLEASE CONTACT: Thomas Gammino Executive Vice President (212) 696 2500 x 7727 [email protected]
Brett Weisblum Associate Director (212) 696 2500 x 7784 [email protected]
FOR FINANCING: Louis Marchetta Associate (212) 696 2500 x 5143 [email protected]
Jessica Ke Director – Capital Services (212) 696-2500 x 5106 [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.)
331 EAST 89TH STREET NEW YORK, NY Upper East Side Multifamily Building
FOR MORE INFORMATION, PLEASE CONTACT: Thomas Gammino Executive Vice President (212) 696 2500 x 7727 [email protected]
Brett Weisblum Associate Director (212) 696 2500 x 7784 [email protected]
FOR SALE
FOR FINANCING: Louis Marchetta Associate (212) 696 2500 x 5143 [email protected]
Jessica Ke Director – Capital Services (212) 696-2500 x 5106 [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.)
