331 West 87th.indd
331 West 87th Street Upper West Side, NY
6-Unit Riverside Park Block Townhouse FOR SALE Property Information Block / Lot:
1249 / 18
Lot Dimensions:
15 x 100.67’ (approx.)
Building Dimensions:
15’ x 68’ (approx.)
Stories:
5
Gross Square Footage:
4,109 sq. ft. (approx.)
Zoning / FAR:
R8 / 6.02
Lot Area:
1,510 (approx.)
Buildable Sq. Ft.:
9,091 (approx.)
Existing Sq. Ft.:
4,109 (approx.)
Available Air Rights:
4,982 (approx.)
Historic District
Yes
Assessment (16/17):
$217,205
Taxes (16/17):
$27,983 (Class 2A)
Property Highlights Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 331 West 87th Street, a 5 story Renaissance Revival townhouse located steps from Riverside Park. 331 West 87th Street was originally constructed in 1892 as one in a row of four (327-333) houses with exquisitely detailed uniform Roman brick façades featuring low box stoops, Juliet balconies, and ornately detailed lentils. Currently the house is configured as 6 rental apartments, of which 1 is Rent Controlled, 4 are Rent Stabilized and 1 is a Free Market. The units consist of 5 studios and 2 floor-through, one-bedroom, apartments. The parlor floor has been renovated for prior use by ownership and features original detail, ample light and air, and full possession of the garden which is accessed via a large terrace.
331 West 87th Street
UPPER WEST SIDE CENTRAL PARK
1249
18
WEST 87 STREET
WEST END AVENUE
RIVERSIDE DRIVE
WEST 88 STREET
Much of the house’s original charm and detail remains intact including fireplaces with mantels, wood floors, an intricate staircase, wainscoting, and tall ceilings. The house’s center hall is topped by an ornate skylight. Additional skylights can be found in several of the apartment bathrooms. The building is heated by a #2 oil fired boiler and is individually metered for electric. The average monthly rent per apartment is $1,905 or $41.31 per net rentable square foot which represents a significant discount to prevailing market rates for newly renovated apartments. The property possesses approx. 4,980 SF of additional air rights and lies within the West End Avenue - Riverside Historic District. It may be possible to utilize a portion of the excess air-rights by building out the remainder of the 5th floor and/or adding to the rear of the house with Landmark & Preservation Commission’s approval.
Asking Price: $4,200,000
FOR MORE INFORMATION OR A COMPLIMENTARY OPINION OF VALUE, PLEASE CONTACT: HALL OSTER
STEPHEN P. PALMESE
MICHAEL MAZZARA
TEDDY GALLIGAN
(212) 660 7723
(718) 307 6552
(718) 606 7052
(212) 589 5137
[email protected]
[email protected]
[email protected]
[email protected]
Senior Managing Director
Vice Chairman
Director
Associate Director
Cushman & Wakefield 275 Madison Avenue, 3rd Fl. New York, New York 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.
331 West 87th Street Upper West Side, NY
6-Unit Riverside Park Block Townhouse FOR SALE Revenue: UNIT
SIZE
STATUS
LEASE EXP.
SQ. FT.
$/NET SQ. FT.*
RENT
NOTES
1
Studio
RC
8/31/2017
598
$14
$673
Garden Terrace & Garden
2
1 Bed
FM
10/31/2017
782
$66
$4,300
3
1 Bed
RS
10/31/2016
782
$17
$1,088
4
Studio
RS
10/3/2017
319
$85
$2,250
5
Studio
RS
1/31/2018
319
$36
$961
6
Studio
RS
7/31/2017
520
$48
$2,099
3,320
$44
$11,371
Terrace Terrace
Expenses & Investment Value: REVENUE: Gross Monthly Revenue:
$11,371
Gross Annual Revenue:
$136,455
EXPENSES: Real Estate Taxes (16/17):
$27,983
Water & Sewer Charges ($600 Per Unit):
$3,600
Insurance ($1.00 PSF):
$4,109
Fuel ($1.75 PSF):
$7,191
Utilities ($.35 PSF):
$1,438
Repairs & Maintenance ($1.00 PSF):
$4,109
Super & Management (4%):
$5,458
Total:
$53,888
Gross Annual Revenue:
$136,455
Less Expenses:
$53,888
Net Operating Income:
$82,568
*Net square footages calculated by assuming 35% loss factor on the first floor and 15% on floors two through five.
FOR MORE INFORMATION OR A COMPLIMENTARY OPINION OF VALUE, PLEASE CONTACT: HALL OSTER
STEPHEN P. PALMESE
MICHAEL MAZZARA
TEDDY GALLIGAN
(212) 660 7723
(718) 307 6552
(718) 606 7052
(212) 589 5137
[email protected]
[email protected]
[email protected]
[email protected]
Senior Managing Director
Vice Chairman
Director
Associate Director
Cushman & Wakefield 275 Madison Avenue, 3rd Fl. New York, New York 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.
6-Unit Riverside Park Block Townhouse FOR SALE Property Information Block / Lot:
1249 / 18
Lot Dimensions:
15 x 100.67’ (approx.)
Building Dimensions:
15’ x 68’ (approx.)
Stories:
5
Gross Square Footage:
4,109 sq. ft. (approx.)
Zoning / FAR:
R8 / 6.02
Lot Area:
1,510 (approx.)
Buildable Sq. Ft.:
9,091 (approx.)
Existing Sq. Ft.:
4,109 (approx.)
Available Air Rights:
4,982 (approx.)
Historic District
Yes
Assessment (16/17):
$217,205
Taxes (16/17):
$27,983 (Class 2A)
Property Highlights Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 331 West 87th Street, a 5 story Renaissance Revival townhouse located steps from Riverside Park. 331 West 87th Street was originally constructed in 1892 as one in a row of four (327-333) houses with exquisitely detailed uniform Roman brick façades featuring low box stoops, Juliet balconies, and ornately detailed lentils. Currently the house is configured as 6 rental apartments, of which 1 is Rent Controlled, 4 are Rent Stabilized and 1 is a Free Market. The units consist of 5 studios and 2 floor-through, one-bedroom, apartments. The parlor floor has been renovated for prior use by ownership and features original detail, ample light and air, and full possession of the garden which is accessed via a large terrace.
331 West 87th Street
UPPER WEST SIDE CENTRAL PARK
1249
18
WEST 87 STREET
WEST END AVENUE
RIVERSIDE DRIVE
WEST 88 STREET
Much of the house’s original charm and detail remains intact including fireplaces with mantels, wood floors, an intricate staircase, wainscoting, and tall ceilings. The house’s center hall is topped by an ornate skylight. Additional skylights can be found in several of the apartment bathrooms. The building is heated by a #2 oil fired boiler and is individually metered for electric. The average monthly rent per apartment is $1,905 or $41.31 per net rentable square foot which represents a significant discount to prevailing market rates for newly renovated apartments. The property possesses approx. 4,980 SF of additional air rights and lies within the West End Avenue - Riverside Historic District. It may be possible to utilize a portion of the excess air-rights by building out the remainder of the 5th floor and/or adding to the rear of the house with Landmark & Preservation Commission’s approval.
Asking Price: $4,200,000
FOR MORE INFORMATION OR A COMPLIMENTARY OPINION OF VALUE, PLEASE CONTACT: HALL OSTER
STEPHEN P. PALMESE
MICHAEL MAZZARA
TEDDY GALLIGAN
(212) 660 7723
(718) 307 6552
(718) 606 7052
(212) 589 5137
[email protected]
[email protected]
[email protected]
[email protected]
Senior Managing Director
Vice Chairman
Director
Associate Director
Cushman & Wakefield 275 Madison Avenue, 3rd Fl. New York, New York 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.
331 West 87th Street Upper West Side, NY
6-Unit Riverside Park Block Townhouse FOR SALE Revenue: UNIT
SIZE
STATUS
LEASE EXP.
SQ. FT.
$/NET SQ. FT.*
RENT
NOTES
1
Studio
RC
8/31/2017
598
$14
$673
Garden Terrace & Garden
2
1 Bed
FM
10/31/2017
782
$66
$4,300
3
1 Bed
RS
10/31/2016
782
$17
$1,088
4
Studio
RS
10/3/2017
319
$85
$2,250
5
Studio
RS
1/31/2018
319
$36
$961
6
Studio
RS
7/31/2017
520
$48
$2,099
3,320
$44
$11,371
Terrace Terrace
Expenses & Investment Value: REVENUE: Gross Monthly Revenue:
$11,371
Gross Annual Revenue:
$136,455
EXPENSES: Real Estate Taxes (16/17):
$27,983
Water & Sewer Charges ($600 Per Unit):
$3,600
Insurance ($1.00 PSF):
$4,109
Fuel ($1.75 PSF):
$7,191
Utilities ($.35 PSF):
$1,438
Repairs & Maintenance ($1.00 PSF):
$4,109
Super & Management (4%):
$5,458
Total:
$53,888
Gross Annual Revenue:
$136,455
Less Expenses:
$53,888
Net Operating Income:
$82,568
*Net square footages calculated by assuming 35% loss factor on the first floor and 15% on floors two through five.
FOR MORE INFORMATION OR A COMPLIMENTARY OPINION OF VALUE, PLEASE CONTACT: HALL OSTER
STEPHEN P. PALMESE
MICHAEL MAZZARA
TEDDY GALLIGAN
(212) 660 7723
(718) 307 6552
(718) 606 7052
(212) 589 5137
[email protected]
[email protected]
[email protected]
[email protected]
Senior Managing Director
Vice Chairman
Director
Associate Director
Cushman & Wakefield 275 Madison Avenue, 3rd Fl. New York, New York 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.
