341-343 East 65th Street - Agorafy
341-343 East 65th Street Two Adjacent Walk Up Buildings New York, New York 10065
On the north side of East 65th Street between First and Second Avenue 1440 / 19, 20 54' x 100.42' = 5,423 SF
Location: Block / Lot: Lot Size: Building Size:
Basement: Ground Floor: Second Floor: Third Floor: Fourth Floor: Fifth Floor: Total:
54’ x 79’ 54’ x 79’ 54’ x 79’ 54’ x 79’ 54’ x 79’ 54’ x 79’
Stories: Square Footage (Above Grade):
5 20,540 SF
(Approx.)
Landmarked: Zoning: Maximum FAR: Lot Area:
No R8B 4.0 5,423 SF
(Approx.)
Buildable Square Footage: Existing Square Footage: Existing Air Rights:
21,692 SF 20,540 SF 1,152 SF
(Approx.) (Approx.) (Approx.)
Assessment (14/15): R.E. Taxes (14/15):
$1,520,260 $195,429
= = = = = =
4,108 SF 4,108 SF 4,108 SF 4,108 SF 4,108 SF 4,108 SF 24,648 SF
(Approx.) (Approx.) (Approx.) (Approx.) (Approx.) (Approx.) (Approx.)
Property Description:
BLOCK 1440
100.71’
SECOND AVE
EAST 66TH ST
FIRST AVE
The subject properties are two contiguous five-story walkup buildings located on the north side of East 65th Street between First and Second Avenue, just two blocks away from Memorial Sloan Kettering Cancer Center. The buildings are configured as 40 one -bedroom apartments, 28 of which are rent stabilized, 8 free market, 2 super’s units and 2 rent controlled. The rents are currently averaging approximately $39/SF or $1,652/month in a market that could be achieving approximately $70/SF or $2,543/month. The property is located in the heart of the Upper East Side, known for its superior health care institutions, and is also within short walking distance to the 68th and 59th Street stations, as well as the 72nd Street stop on the Second Avenue Subway in the near future. This portion of the neighborhood is seeing high demand due to the future Second Avenue Subway and is an ideal opportunity for an investor or converter.
7
54’
EAST 65TH ST
ASKING PRICE:
$19,500,000 REDUCED PRICE:
$18,000,000
FOR MORE INFORMATION, PLEASE CONTACT: Guthrie Garvin Executive Director (212) 696 2500 x7786 [email protected]
Michael Gembecki Associate Director (212) 696 2500 x7743 [email protected]
Tyler Hughes Associate (212) 696 2500 x5148 [email protected]
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo or property (other than Cushman & Wakefield’s client and the Property offered by Cushman & Wakefield) 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 Cushman & Wakefield or its client.
341-343 East 65th Street Two Adjacent Walk Up Buildings New York, New York 10065
RENT ROLL
ACTUAL
PROJECTED
Unit Type 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR
Rentable SF* 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436
Rent/SF $44 $41 $40 $56 $19 $55 $52 $42 $59 $59 $51 $40 $57 $36 $52 $51 $55 $39 $44 $42
Legal Rent $1,616 $1,503 $1,442 $2,019 $708 $2,004 $1,888 $1,515 $2,148 $2,142 $1,843 $1,471 $2,080 $1,317 $1,877 $1,871 $2,010 $1,432 $1,589 $1,537
Annual Rent $19,386 $18,032 $17,306 $24,232 $8,500 $24,044 $22,659 $18,174 $25,771 $25,704 $22,120 $17,647 $24,959 $15,802 $22,529 $22,446 $24,120 $17,180 $19,068 $18,441
Rent/SF $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70
Monthly Rent $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543
Annual Rent $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972
Unit Type 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR
Rentable SF* 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436
Rent/SF $27 $42 $53 $42 $50 $19 $38 $40 $45 $57 $33 $51 $40 $53 $51 $52 $19 $53 $53 $65 $39
Legal Rent $987 $1,520 $1,908 $1,516 $1,830 $685 $1,395 $1,444 $1,638 $2,084 $1,198 $1,835 $1,450 $1,931 $1,852 $1,900 $688 $1,920 $1,910 $2,363 $66,063
Annual Rent $11,847 $18,241 $22,896 $18,192 $21,955 $8,219 $16,744 $17,326 $19,657 $25,004 $14,372 $22,020 $17,396 $23,176 $22,225 $22,800 $8,250 $23,043 $22,919 $28,351 $792,752
Rent/SF $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70
Monthly Rent $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $101,733
Annual Rent $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $1,220,800
LEXINGTON AVE
341 East 65th Street Unit Status 1FE RS 1FW RS 1RE RS 1RW FM 2FE RC 2FW FM 2RE RS 2RW RS 3FE FM 3FW FM 3RE RS 3RW RS 4FE FM 4FW RS 4RE RS 4RW RS 5FE FM 5FW RS 5RE RS 5RW RS 343 East 65th Street Unit Status 1FE RS 1FW RS 1RE RS 1RW RS 2RE Super 2FW Super 2RE RS 2RW RS 3FE RS 3FW FM 3RE RS 3RW RS 4FE RS 4FW RS 4RE RS 4RW RS 5FE RC 5FW RS 5RE RS 5RW FM Total: *15% Loss Factor
FOR MORE INFORMATION, PLEASE CONTACT: Guthrie Garvin Executive Director (212) 696 2500 x7786 [email protected]
Michael Gembecki Associate Director (212) 696 2500 x7743 [email protected]
Tyler Hughes Associate (212) 696 2500 x5148 [email protected]
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo or property (other than Cushman & Wakefield’s client and the Property offered by Cushman & Wakefield) 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 Cushman & Wakefield or its client.
341-343 East 65th Street Two Adjacent Walk Up Buildings New York, New York 10065
REVENUE Gross Annual Income: Less Vacancy and Credit Loss: Effective Gross Income:
3%
2014 ACTUAL OPERATING EXPENSES Real Estate Taxes (15): Water & Sewer: Insurance: Fuel: Repairs & Maintenance: Management Fee: Total:
$.50 / SF $500 / Unit $1.60 / SF $550 / Unit 4%
Effective Gross Income: Less Expenses: Net Operating Income:
ACTUAL $792,752 ($23,783) $768,970
Projected ($36,624) $1,184,176
$195,429 $10,270 $20,000 $32,864 $22,000 $31,710 $312,273
$195,429 $10,270 $20,000 $32,864 $22,000 $48,832 $329,395
$768,970 $312,273 $456,697
$1,184,176 $329,395 $854,781
$1,220,800
341-343 East 65th Street
FOR MORE INFORMATION, PLEASE CONTACT: Guthrie Garvin Executive Director (212) 696 2500 x7786 [email protected]
Michael Gembecki Associate Director (212) 696 2500 x7743 [email protected]
Tyler Hughes Associate (212) 696 2500 x5148 [email protected]
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo or property (other than Cushman & Wakefield’s client and the Property offered by Cushman & Wakefield) 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 Cushman & Wakefield or its client.
On the north side of East 65th Street between First and Second Avenue 1440 / 19, 20 54' x 100.42' = 5,423 SF
Location: Block / Lot: Lot Size: Building Size:
Basement: Ground Floor: Second Floor: Third Floor: Fourth Floor: Fifth Floor: Total:
54’ x 79’ 54’ x 79’ 54’ x 79’ 54’ x 79’ 54’ x 79’ 54’ x 79’
Stories: Square Footage (Above Grade):
5 20,540 SF
(Approx.)
Landmarked: Zoning: Maximum FAR: Lot Area:
No R8B 4.0 5,423 SF
(Approx.)
Buildable Square Footage: Existing Square Footage: Existing Air Rights:
21,692 SF 20,540 SF 1,152 SF
(Approx.) (Approx.) (Approx.)
Assessment (14/15): R.E. Taxes (14/15):
$1,520,260 $195,429
= = = = = =
4,108 SF 4,108 SF 4,108 SF 4,108 SF 4,108 SF 4,108 SF 24,648 SF
(Approx.) (Approx.) (Approx.) (Approx.) (Approx.) (Approx.) (Approx.)
Property Description:
BLOCK 1440
100.71’
SECOND AVE
EAST 66TH ST
FIRST AVE
The subject properties are two contiguous five-story walkup buildings located on the north side of East 65th Street between First and Second Avenue, just two blocks away from Memorial Sloan Kettering Cancer Center. The buildings are configured as 40 one -bedroom apartments, 28 of which are rent stabilized, 8 free market, 2 super’s units and 2 rent controlled. The rents are currently averaging approximately $39/SF or $1,652/month in a market that could be achieving approximately $70/SF or $2,543/month. The property is located in the heart of the Upper East Side, known for its superior health care institutions, and is also within short walking distance to the 68th and 59th Street stations, as well as the 72nd Street stop on the Second Avenue Subway in the near future. This portion of the neighborhood is seeing high demand due to the future Second Avenue Subway and is an ideal opportunity for an investor or converter.
7
54’
EAST 65TH ST
ASKING PRICE:
$19,500,000 REDUCED PRICE:
$18,000,000
FOR MORE INFORMATION, PLEASE CONTACT: Guthrie Garvin Executive Director (212) 696 2500 x7786 [email protected]
Michael Gembecki Associate Director (212) 696 2500 x7743 [email protected]
Tyler Hughes Associate (212) 696 2500 x5148 [email protected]
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo or property (other than Cushman & Wakefield’s client and the Property offered by Cushman & Wakefield) 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 Cushman & Wakefield or its client.
341-343 East 65th Street Two Adjacent Walk Up Buildings New York, New York 10065
RENT ROLL
ACTUAL
PROJECTED
Unit Type 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR
Rentable SF* 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436
Rent/SF $44 $41 $40 $56 $19 $55 $52 $42 $59 $59 $51 $40 $57 $36 $52 $51 $55 $39 $44 $42
Legal Rent $1,616 $1,503 $1,442 $2,019 $708 $2,004 $1,888 $1,515 $2,148 $2,142 $1,843 $1,471 $2,080 $1,317 $1,877 $1,871 $2,010 $1,432 $1,589 $1,537
Annual Rent $19,386 $18,032 $17,306 $24,232 $8,500 $24,044 $22,659 $18,174 $25,771 $25,704 $22,120 $17,647 $24,959 $15,802 $22,529 $22,446 $24,120 $17,180 $19,068 $18,441
Rent/SF $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70
Monthly Rent $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543
Annual Rent $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972
Unit Type 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR 1 BR
Rentable SF* 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436 436
Rent/SF $27 $42 $53 $42 $50 $19 $38 $40 $45 $57 $33 $51 $40 $53 $51 $52 $19 $53 $53 $65 $39
Legal Rent $987 $1,520 $1,908 $1,516 $1,830 $685 $1,395 $1,444 $1,638 $2,084 $1,198 $1,835 $1,450 $1,931 $1,852 $1,900 $688 $1,920 $1,910 $2,363 $66,063
Annual Rent $11,847 $18,241 $22,896 $18,192 $21,955 $8,219 $16,744 $17,326 $19,657 $25,004 $14,372 $22,020 $17,396 $23,176 $22,225 $22,800 $8,250 $23,043 $22,919 $28,351 $792,752
Rent/SF $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70 $70
Monthly Rent $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $2,543 $101,733
Annual Rent $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $33,972 $1,220,800
LEXINGTON AVE
341 East 65th Street Unit Status 1FE RS 1FW RS 1RE RS 1RW FM 2FE RC 2FW FM 2RE RS 2RW RS 3FE FM 3FW FM 3RE RS 3RW RS 4FE FM 4FW RS 4RE RS 4RW RS 5FE FM 5FW RS 5RE RS 5RW RS 343 East 65th Street Unit Status 1FE RS 1FW RS 1RE RS 1RW RS 2RE Super 2FW Super 2RE RS 2RW RS 3FE RS 3FW FM 3RE RS 3RW RS 4FE RS 4FW RS 4RE RS 4RW RS 5FE RC 5FW RS 5RE RS 5RW FM Total: *15% Loss Factor
FOR MORE INFORMATION, PLEASE CONTACT: Guthrie Garvin Executive Director (212) 696 2500 x7786 [email protected]
Michael Gembecki Associate Director (212) 696 2500 x7743 [email protected]
Tyler Hughes Associate (212) 696 2500 x5148 [email protected]
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo or property (other than Cushman & Wakefield’s client and the Property offered by Cushman & Wakefield) 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 Cushman & Wakefield or its client.
341-343 East 65th Street Two Adjacent Walk Up Buildings New York, New York 10065
REVENUE Gross Annual Income: Less Vacancy and Credit Loss: Effective Gross Income:
3%
2014 ACTUAL OPERATING EXPENSES Real Estate Taxes (15): Water & Sewer: Insurance: Fuel: Repairs & Maintenance: Management Fee: Total:
$.50 / SF $500 / Unit $1.60 / SF $550 / Unit 4%
Effective Gross Income: Less Expenses: Net Operating Income:
ACTUAL $792,752 ($23,783) $768,970
Projected ($36,624) $1,184,176
$195,429 $10,270 $20,000 $32,864 $22,000 $31,710 $312,273
$195,429 $10,270 $20,000 $32,864 $22,000 $48,832 $329,395
$768,970 $312,273 $456,697
$1,184,176 $329,395 $854,781
$1,220,800
341-343 East 65th Street
FOR MORE INFORMATION, PLEASE CONTACT: Guthrie Garvin Executive Director (212) 696 2500 x7786 [email protected]
Michael Gembecki Associate Director (212) 696 2500 x7743 [email protected]
Tyler Hughes Associate (212) 696 2500 x5148 [email protected]
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo or property (other than Cushman & Wakefield’s client and the Property offered by Cushman & Wakefield) 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 Cushman & Wakefield or its client.
