342 West 71st Street
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.
342 West 71st Street 34,312 SF SRO Building 7 Stories Plus Basement, 125 Units FOR SALE Building Features Block / Lot
1182 / 49
Lot Dimensions
52’ x 125.83’
Lot SF
6,543 (Approx.)
Building Dimensions
52’ x 109’ (Approx.)
Gross Sq. Ft.
34,312 (Per DOF)
Zoning / FAR
R8B / 4.0
Historic District
West End Collegiate Historic District Extension
Air Rights
None, Overbuilt
Bill. Assessment (16/17)
$2,064,340
Taxes (16/17)
$218,283 (Tax Class 4)
Property Description & Highlights Cushman & Wakefield has been hired on an exclusive basis to arrange for the sale of 342 West 71st Street, a 52' wide, 7 story elevator building containing 124 Single Room Occupancy units (plus a super's unit) in the heart of the Upper West Side. The property lies on a quaint cul-de-sac, just east of the new community of luxury residences that have been constructed along Riverside Boulevard in recent years, and only a half block from Riverside Park. The building is built approximately 109' deep on the lot and features large floor plates, tall ceilings throughout, a full basement and windows facing every direction. The units consist of 79 SRO’s that are in legacy condition, 36 renovated SRO’s of which 9 are vacant, and a Super’s apartment (the 125th unit). The average monthly rent per unit is presently $615. The renovated units are renting for an average of $1,147 per month while the legacy units are averaging $316 per month, which equates to a discount of approximately 72%. The recent market-wide trend towards condominium conversions and the development of larger family style apartments has resulted in a significant lack of efficient, smaller, and furnished rental units in the marketplace. This supply imbalance creates a value-add opportunity for buildings that have the ability to fill the void. 342 West 71st Street represents an exciting opportunity for an investor to acquire and manage a property that possesses substantial long term upside potential at a discount to prevailing market pricing.
Tax Map
Asking Price: $13,000,000 ($378 Per Sq. Ft.)
For More Information, Please Contact: Hall Oster Senior Managing Director (212) 696 2500 x7723 [email protected]
Paul Smadbeck Senior Managing Director (212) 696 2500 x7760 [email protected]
Teddy Galligan Associate Director (212) 696 2500 x5137 [email protected]
Cushman & Wakefield Conrad Martin 275 Madison Avenue, 3rd Floor Associate Director New York, NY 10016 (212) 696 2500 x8175 nyinvestmentsales.com [email protected]
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.
342 West 71st Street Revenue Gross Monthly Revenue
$77,544
Gross Annual Residential Revenue
$930,528
Less Vacancy & Credit Loss
($27,916)
3%
Effective Gross Annual Revenue
$902,612
Expenses R. E. Taxes (16/17):
Actual
$218,283
Water & Sewer:
Projected @ $1.00 PSF
$34,312
Electric:
Projected @ $1.00 PSF
$34,312
Projected @ $1.50
$51,468
Projected @ $1.00 PSF
$34,312
$100 Per Unit
$12,400
Projected
$10,000
$5,000 Per Year
$5,000
Projected
$75,000
Projected @ 4% / EGR
$36,104
Fuel: Insurance: Repairs and Maintenance: Miscellaneous: Elevator Maintenance Contract: Payroll: Management: Total Annual Expenses:
$511,191
Effective Gross Annual Revenue:
$902,612
Less Expenses:
$511,191
Net Operating Income:
$391,221
Unit Breakdown
Average Rent By Unit Type $1,400.00 $1,200.00
9
$1,000.00
36
$800.00
79
$600.00 $400.00 $200.00 $0.00
SRO
Reno SRO
Vacant/Projected
SRO
Reno SRO
Vacant/Projected
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.
342 West 71st Street Rent Roll UNIT #
FLOOR
STATUS
RENT
A2
1
SRO
$650.00
A4
1
Reno SRO
$1,000.00
A5
1
Reno SRO
$1,000.00
A6
1
SRO
$368.33
A7
1
SRO
$279.93
A8
1
SRO
$346.66
B3
1
SRO
$541.66
B4
1
Reno SRO
$1,200.00
B5
1
Reno SRO
$1,000.00
B6
1
SRO
$411.66
B7
1
SRO
$281.66
B8
1
SRO
$186.59
A1
2
Reno SRO
$1,200.00
A2
2
SRO
$0.00
A2A
2
SRO
$0.00
A3
2
SRO
$541.66
A4
2
Reno SRO
$1,200.00
A5
2
Reno SRO
$1,000.00
A6
2
Reno SRO
$1,200.00
A7
2
Vacant/Projected
$1,400.00
A8
2
SRO
$209.90
B1
2
SRO
$411.66
B2
2
Reno SRO
$1,200.00
B2A
2
Vacant/Projected
$1,200.00
B3
2
SRO
$333.54
B4
2
SRO
$346.66
B5
2
Reno SRO
$1,000.00
B6
2
SRO
$411.66
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.
342 West 71st Street Rent Roll Cont’d UNIT #
FLOOR
STATUS
RENT
B7
2
Vacant/Projected
$1,400.00
B8
2
SRO
$390.00
B9
2
Vacant/Projected
$1,300.00
A1
3
SRO
$433.33
A2
3
Reno SRO
$1,200.00
A2A
3
SRO
$107.64
A3
3
SRO
$541.66
A4
3
Reno SRO
$1,200.00
A5
3
SRO
$143.91
A6
3
Reno SRO
$1,200.00
A7
3
SRO
$455.00
A8
3
SRO
$520.00
B1
3
Vacant/Projected
$1,200.00
B2
3
SRO
$204.00
B3
3
Reno SRO
$1,500.00
B4
3
Reno SRO
$1,200.00
B5
3
SRO
$0.00
B6
3
SRO
$209.90
B7
3
SRO
$360.53
B8
3
SRO
$390.00
B9
3
SRO
$226.05
A1
4
SRO
$433.33
A2
4
SRO
$0.00
A2A
4
SRO
$0.00
A3
4
SRO
$433.33
A4
4
Reno SRO
$1,200.00
A5
4
Reno SRO
$1,000.00
A6
4
SRO
$359.73
A7
4
SRO
$498.33
A8
4
SRO
$520.00
B1
4
Reno SRO
$1,200.00
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.
342 West 71st Street Rent Roll Cont’d UNIT #
FLOOR
STATUS
RENT
B2
4
SRO
$349.83
B3
4
SRO
$541.66
B4
4
SRO
$433.33
B5
4
Reno SRO
$1,000.00
B6
4
SRO
$216.67
B7
4
SRO
$325.00
B8
4
Reno SRO
$1,200.00
B9
4
Reno SRO
$1,500.00
A1
5
SRO
$390.00
A2
5
SRO
$256.57
A2A
5
Reno SRO
$1,100.00
A3
5
Reno SRO
$1,200.00
A3A
5
Vacant/Projected
$1,200.00
A4
5
Vacant/Projected
$1,200.00
A5
5
SRO
$368.66
A6
5
SRO
$216.67
A7
5
SRO
$325.00
A8
5
SRO
$86.66
B1
5
SRO
$411.66
B2
5
SRO
$378.51
B3
5
SRO
$346.66
B4
5
Reno SRO
$1,200.00
B5
5
Reno SRO
$1,000.00
B6
5
SRO
$128.26
B7
5
SRO
$411.66
B8
5
Reno SRO
$1,200.00
B9
5
SRO
$390.00
A1
6
SRO
$116.61
A2
6
SRO
$1.00
A2A
6
SRO
$0.00
A3
6
SRO
$390.00
A3A
6
Reno SRO
$1,300.00
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.
342 West 71st Street Rent Roll Cont’d UNIT #
FLOOR
STATUS
RENT
A4
6
SRO
$411.66
A5
6
Reno SRO
$1,050.00
A6
6
SRO
$358.80
A7
6
SRO
$50.00
A8
6
SRO
$346.67
B1
6
SRO
$476.66
B2
6
SRO
$541.66
B3
6
SRO
$346.66
B4
6
Reno SRO
$1,050.00
B5
6
Reno SRO
$1,000.00
B6
6
Reno SRO
$1,200.00
B7
6
SRO
$520.00
B8
6
SRO
$173.33
B9
6
SRO
$346.66
A1
7
SRO
$182.82
A2
7
Vacant/ Projected
$1,200.00
A2A
7
Reno SRO
$1,200.00
A3
7
Reno SRO
$1,200.00
A3A
7
SRO
$515.66
A4
7
Reno SRO
$1,200.00
A5
7
Reno SRO
$1,000.00
A6
7
SRO
$216.67
A7
7
SRO
$325.00
A8
7
SRO
$207.13
B1
7
SRO
$411.66
B2
7
SRO
$585.00
B3
7
SRO
$585.00
B4
7
Vacant/Projected
$1,200.00
B5
7
Reno SRO
$1,000.00
B6
7
SRO
$0.00
B7
7
SRO
$175.00
B8
7
SRO
$188.45
B9
7
SRO
$346.67
MONTHLY
$77,544
ANNUAL
$930,528
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.
342 West 71st Street
Broker Contact information Hall Oster Senior Managing Director (212) 696 2500 x7723 [email protected] Paul Smadbeck Senior Managing Director (212) 696 2500 x7760 [email protected] Teddy Galligan Associate Director (212) 696 2500 x5137 [email protected] Conrad Martin Associate Director (212) 696 2500 x8175 [email protected] Bryan Smadbeck Senior Associate (212) 696 2500 x5169 [email protected]
For Information Regarding Possible Financing Please Contact Justin Boruchov Director – Capital Services (212) 696 2500 x7728 [email protected]
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.
342 West 71st Street 34,312 SF SRO Building 7 Stories Plus Basement, 125 Units FOR SALE Building Features Block / Lot
1182 / 49
Lot Dimensions
52’ x 125.83’
Lot SF
6,543 (Approx.)
Building Dimensions
52’ x 109’ (Approx.)
Gross Sq. Ft.
34,312 (Per DOF)
Zoning / FAR
R8B / 4.0
Historic District
West End Collegiate Historic District Extension
Air Rights
None, Overbuilt
Bill. Assessment (16/17)
$2,064,340
Taxes (16/17)
$218,283 (Tax Class 4)
Property Description & Highlights Cushman & Wakefield has been hired on an exclusive basis to arrange for the sale of 342 West 71st Street, a 52' wide, 7 story elevator building containing 124 Single Room Occupancy units (plus a super's unit) in the heart of the Upper West Side. The property lies on a quaint cul-de-sac, just east of the new community of luxury residences that have been constructed along Riverside Boulevard in recent years, and only a half block from Riverside Park. The building is built approximately 109' deep on the lot and features large floor plates, tall ceilings throughout, a full basement and windows facing every direction. The units consist of 79 SRO’s that are in legacy condition, 36 renovated SRO’s of which 9 are vacant, and a Super’s apartment (the 125th unit). The average monthly rent per unit is presently $615. The renovated units are renting for an average of $1,147 per month while the legacy units are averaging $316 per month, which equates to a discount of approximately 72%. The recent market-wide trend towards condominium conversions and the development of larger family style apartments has resulted in a significant lack of efficient, smaller, and furnished rental units in the marketplace. This supply imbalance creates a value-add opportunity for buildings that have the ability to fill the void. 342 West 71st Street represents an exciting opportunity for an investor to acquire and manage a property that possesses substantial long term upside potential at a discount to prevailing market pricing.
Tax Map
Asking Price: $13,000,000 ($378 Per Sq. Ft.)
For More Information, Please Contact: Hall Oster Senior Managing Director (212) 696 2500 x7723 [email protected]
Paul Smadbeck Senior Managing Director (212) 696 2500 x7760 [email protected]
Teddy Galligan Associate Director (212) 696 2500 x5137 [email protected]
Cushman & Wakefield Conrad Martin 275 Madison Avenue, 3rd Floor Associate Director New York, NY 10016 (212) 696 2500 x8175 nyinvestmentsales.com [email protected]
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.
342 West 71st Street Revenue Gross Monthly Revenue
$77,544
Gross Annual Residential Revenue
$930,528
Less Vacancy & Credit Loss
($27,916)
3%
Effective Gross Annual Revenue
$902,612
Expenses R. E. Taxes (16/17):
Actual
$218,283
Water & Sewer:
Projected @ $1.00 PSF
$34,312
Electric:
Projected @ $1.00 PSF
$34,312
Projected @ $1.50
$51,468
Projected @ $1.00 PSF
$34,312
$100 Per Unit
$12,400
Projected
$10,000
$5,000 Per Year
$5,000
Projected
$75,000
Projected @ 4% / EGR
$36,104
Fuel: Insurance: Repairs and Maintenance: Miscellaneous: Elevator Maintenance Contract: Payroll: Management: Total Annual Expenses:
$511,191
Effective Gross Annual Revenue:
$902,612
Less Expenses:
$511,191
Net Operating Income:
$391,221
Unit Breakdown
Average Rent By Unit Type $1,400.00 $1,200.00
9
$1,000.00
36
$800.00
79
$600.00 $400.00 $200.00 $0.00
SRO
Reno SRO
Vacant/Projected
SRO
Reno SRO
Vacant/Projected
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.
342 West 71st Street Rent Roll UNIT #
FLOOR
STATUS
RENT
A2
1
SRO
$650.00
A4
1
Reno SRO
$1,000.00
A5
1
Reno SRO
$1,000.00
A6
1
SRO
$368.33
A7
1
SRO
$279.93
A8
1
SRO
$346.66
B3
1
SRO
$541.66
B4
1
Reno SRO
$1,200.00
B5
1
Reno SRO
$1,000.00
B6
1
SRO
$411.66
B7
1
SRO
$281.66
B8
1
SRO
$186.59
A1
2
Reno SRO
$1,200.00
A2
2
SRO
$0.00
A2A
2
SRO
$0.00
A3
2
SRO
$541.66
A4
2
Reno SRO
$1,200.00
A5
2
Reno SRO
$1,000.00
A6
2
Reno SRO
$1,200.00
A7
2
Vacant/Projected
$1,400.00
A8
2
SRO
$209.90
B1
2
SRO
$411.66
B2
2
Reno SRO
$1,200.00
B2A
2
Vacant/Projected
$1,200.00
B3
2
SRO
$333.54
B4
2
SRO
$346.66
B5
2
Reno SRO
$1,000.00
B6
2
SRO
$411.66
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.
342 West 71st Street Rent Roll Cont’d UNIT #
FLOOR
STATUS
RENT
B7
2
Vacant/Projected
$1,400.00
B8
2
SRO
$390.00
B9
2
Vacant/Projected
$1,300.00
A1
3
SRO
$433.33
A2
3
Reno SRO
$1,200.00
A2A
3
SRO
$107.64
A3
3
SRO
$541.66
A4
3
Reno SRO
$1,200.00
A5
3
SRO
$143.91
A6
3
Reno SRO
$1,200.00
A7
3
SRO
$455.00
A8
3
SRO
$520.00
B1
3
Vacant/Projected
$1,200.00
B2
3
SRO
$204.00
B3
3
Reno SRO
$1,500.00
B4
3
Reno SRO
$1,200.00
B5
3
SRO
$0.00
B6
3
SRO
$209.90
B7
3
SRO
$360.53
B8
3
SRO
$390.00
B9
3
SRO
$226.05
A1
4
SRO
$433.33
A2
4
SRO
$0.00
A2A
4
SRO
$0.00
A3
4
SRO
$433.33
A4
4
Reno SRO
$1,200.00
A5
4
Reno SRO
$1,000.00
A6
4
SRO
$359.73
A7
4
SRO
$498.33
A8
4
SRO
$520.00
B1
4
Reno SRO
$1,200.00
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.
342 West 71st Street Rent Roll Cont’d UNIT #
FLOOR
STATUS
RENT
B2
4
SRO
$349.83
B3
4
SRO
$541.66
B4
4
SRO
$433.33
B5
4
Reno SRO
$1,000.00
B6
4
SRO
$216.67
B7
4
SRO
$325.00
B8
4
Reno SRO
$1,200.00
B9
4
Reno SRO
$1,500.00
A1
5
SRO
$390.00
A2
5
SRO
$256.57
A2A
5
Reno SRO
$1,100.00
A3
5
Reno SRO
$1,200.00
A3A
5
Vacant/Projected
$1,200.00
A4
5
Vacant/Projected
$1,200.00
A5
5
SRO
$368.66
A6
5
SRO
$216.67
A7
5
SRO
$325.00
A8
5
SRO
$86.66
B1
5
SRO
$411.66
B2
5
SRO
$378.51
B3
5
SRO
$346.66
B4
5
Reno SRO
$1,200.00
B5
5
Reno SRO
$1,000.00
B6
5
SRO
$128.26
B7
5
SRO
$411.66
B8
5
Reno SRO
$1,200.00
B9
5
SRO
$390.00
A1
6
SRO
$116.61
A2
6
SRO
$1.00
A2A
6
SRO
$0.00
A3
6
SRO
$390.00
A3A
6
Reno SRO
$1,300.00
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.
342 West 71st Street Rent Roll Cont’d UNIT #
FLOOR
STATUS
RENT
A4
6
SRO
$411.66
A5
6
Reno SRO
$1,050.00
A6
6
SRO
$358.80
A7
6
SRO
$50.00
A8
6
SRO
$346.67
B1
6
SRO
$476.66
B2
6
SRO
$541.66
B3
6
SRO
$346.66
B4
6
Reno SRO
$1,050.00
B5
6
Reno SRO
$1,000.00
B6
6
Reno SRO
$1,200.00
B7
6
SRO
$520.00
B8
6
SRO
$173.33
B9
6
SRO
$346.66
A1
7
SRO
$182.82
A2
7
Vacant/ Projected
$1,200.00
A2A
7
Reno SRO
$1,200.00
A3
7
Reno SRO
$1,200.00
A3A
7
SRO
$515.66
A4
7
Reno SRO
$1,200.00
A5
7
Reno SRO
$1,000.00
A6
7
SRO
$216.67
A7
7
SRO
$325.00
A8
7
SRO
$207.13
B1
7
SRO
$411.66
B2
7
SRO
$585.00
B3
7
SRO
$585.00
B4
7
Vacant/Projected
$1,200.00
B5
7
Reno SRO
$1,000.00
B6
7
SRO
$0.00
B7
7
SRO
$175.00
B8
7
SRO
$188.45
B9
7
SRO
$346.67
MONTHLY
$77,544
ANNUAL
$930,528
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.
342 West 71st Street
Broker Contact information Hall Oster Senior Managing Director (212) 696 2500 x7723 [email protected] Paul Smadbeck Senior Managing Director (212) 696 2500 x7760 [email protected] Teddy Galligan Associate Director (212) 696 2500 x5137 [email protected] Conrad Martin Associate Director (212) 696 2500 x8175 [email protected] Bryan Smadbeck Senior Associate (212) 696 2500 x5169 [email protected]
For Information Regarding Possible Financing Please Contact Justin Boruchov Director – Capital Services (212) 696 2500 x7728 [email protected]
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.
