349 east 52nd street new york, ny - Agorafy
349 EAST 52ND STREET NEW YORK, NY Mixed-Use Building for Sale Investment/User Property in Midtown East BUILDING FEATURES LOCATION
East 52nd Street between First and Second Avenues
BLOCK / LOT
1345 / 122
LOT DIMENSIONS
20’ x 100.42’
LOT AREA
2,008 (approx.)
BUILDING DIMENSIONS
20’ x 64’
STORIES
5
GROSS SQUARE FEET
6,400 (approx.)
ZONING
C1-5 (R10) / R8B (split-zoned)
FAR
10.0 / 4.0
AIR RIGHTS
7,318
BSF
13,718
ASSESSMENT (15/16)
$517,140
TAXES (15/16)
$66,478
ASKING PRICE
$6,500,000 PROPERTY INFORMATION 349 East 52nd Street is a five-story mixed-use property comprised of nine free-market apartments and one office space. The building is approximately 6,400 gross square feet and is currently configured with a dental office and studio apartment on the ground floor and two one-bedroom apartments on each remaining floor. Large residential units and a flexible layout would allow for an easy conversion from one to two-bedroom layouts, unlocking potential value and substantially increasing revenue. Current residential rents are approximately 30% below market offering an immediate value add opportunity upon lease renewals. The fair-market status of the residential units also gives potential users the ability to occupy the entire building for their own use in the near future making this a strong candidate for UN/Embassy/Consulate related uses. 349 East 52nd Street is split zoned between R8B and R10 / C1-5, giving it an FAR of 10.0 and approximately 13,718 buildable square feet. Buyers could use some of the 7,418 square feet of remaining air rights to enlarge the property given it adheres to zoning standards. The property is a short walking distance from Manhattan’s office core, the United Nations just one block west of Second Avenue and the neighborhood’s most popular restaurants. Within 100’ of the Property there are three prominent condominium towers under construction. These developments are selling out at over $2,000 per square foot and continue to transform the neighborhood. FOR MORE INFORMATION, PLEASE CONTACT: Clint Olsen Director (212) 696-2500 x7747 [email protected]
Ax Hayssen Senior Associate (212) 696-2500 x7713 [email protected]
Madeline Burbank Associate (212) 696-2500 x5172 [email protected]
CUSHMAN & WAKEFIELD 275 Madison Avenue New York, NY 10016 nyinvestmentsales.com
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.
349 EAST 52ND STREET NEW YORK, NY Mixed-Use Building for Sale Investment Property in Midtown East *Includes a 15% loss factor **Assumes conversion to 2-BR units
RENT ROLL ACTUAL PROJECTED 349 EastLXP 52nd Street is aSQUARE five-storyFEET* mixed-use property made up of eightMONTHLY decontrolled MONTHLY RENT RENT** apartments and one office space. The property sits between 7/31/2016 1,071 $6,500 $6,500
UNIT
LAYOUT
STATUS
Office
Dental
-
1
Studio
FM
4/30/2015
450
$1,600
$1,850
2F
1 BR
FM
3/31/2016
536
$2,100
$2,750
2R
1 BR
FM
9/30/2015
536
$1,900
$2,750
3F
1 BR
FM
7/31/2015
536
$1,750
$2,750
3R
1 BR
FM
3/31/2015
536
$2,000
$2,750
4F
1 BR
FM
10/31/2015
536
$1,850
$2,750
4R
1 BR
FM
5/31/2015
536
$1,750
$2,750
5F
1 BR
FM
6/30/2015
536
$2,000
$2,750
5R
1 BR
FM
3/31/2016
536
$1,900
$2,750
$1,416
$1,416
Total Monthly Income
$24,766
$31,766
Total Annual Income
$297,195
$381,195
ADDITIONAL INCOME TYPE
TENANT
Real Estate Tax Pass-Through
Office
OPERATING EXPENSES (PROJECTED) Real Estate Taxes
NET OPERATING INCOME
(15/16)
$66,478
Potential Gross Income
$381,195
Insurance
($1.00/sf)
$6,300
Projected Expenses
$114,489
Water & Sewer
($1.00/sf)
$6,300
NOI
Electric
($0.25/sf)
$1,575
($0.75/sf, tenants pay own)
$4,725
($400/month)
$4,800
($550/unit)
$4,500
(3%)
$11,435
Fuel Super Repairs & Maintenance Management Total Annual Expenses
$266,706
ASKING PRICE
$6,500,000
$114,489
FOR MORE INFORMATION, PLEASE CONTACT: Clint Olsen Director (212) 696-2500 x7747 [email protected]
Ax Hayssen Senior Associate (212) 696-2500 x7713 [email protected]
Madeline Burbank Associate (212) 696-2500 x5172 [email protected]
CUSHMAN & WAKEFIELD 275 Madison Avenue New York, NY 10016 nyinvestmentsales.com
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.
East 52nd Street between First and Second Avenues
BLOCK / LOT
1345 / 122
LOT DIMENSIONS
20’ x 100.42’
LOT AREA
2,008 (approx.)
BUILDING DIMENSIONS
20’ x 64’
STORIES
5
GROSS SQUARE FEET
6,400 (approx.)
ZONING
C1-5 (R10) / R8B (split-zoned)
FAR
10.0 / 4.0
AIR RIGHTS
7,318
BSF
13,718
ASSESSMENT (15/16)
$517,140
TAXES (15/16)
$66,478
ASKING PRICE
$6,500,000 PROPERTY INFORMATION 349 East 52nd Street is a five-story mixed-use property comprised of nine free-market apartments and one office space. The building is approximately 6,400 gross square feet and is currently configured with a dental office and studio apartment on the ground floor and two one-bedroom apartments on each remaining floor. Large residential units and a flexible layout would allow for an easy conversion from one to two-bedroom layouts, unlocking potential value and substantially increasing revenue. Current residential rents are approximately 30% below market offering an immediate value add opportunity upon lease renewals. The fair-market status of the residential units also gives potential users the ability to occupy the entire building for their own use in the near future making this a strong candidate for UN/Embassy/Consulate related uses. 349 East 52nd Street is split zoned between R8B and R10 / C1-5, giving it an FAR of 10.0 and approximately 13,718 buildable square feet. Buyers could use some of the 7,418 square feet of remaining air rights to enlarge the property given it adheres to zoning standards. The property is a short walking distance from Manhattan’s office core, the United Nations just one block west of Second Avenue and the neighborhood’s most popular restaurants. Within 100’ of the Property there are three prominent condominium towers under construction. These developments are selling out at over $2,000 per square foot and continue to transform the neighborhood. FOR MORE INFORMATION, PLEASE CONTACT: Clint Olsen Director (212) 696-2500 x7747 [email protected]
Ax Hayssen Senior Associate (212) 696-2500 x7713 [email protected]
Madeline Burbank Associate (212) 696-2500 x5172 [email protected]
CUSHMAN & WAKEFIELD 275 Madison Avenue New York, NY 10016 nyinvestmentsales.com
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.
349 EAST 52ND STREET NEW YORK, NY Mixed-Use Building for Sale Investment Property in Midtown East *Includes a 15% loss factor **Assumes conversion to 2-BR units
RENT ROLL ACTUAL PROJECTED 349 EastLXP 52nd Street is aSQUARE five-storyFEET* mixed-use property made up of eightMONTHLY decontrolled MONTHLY RENT RENT** apartments and one office space. The property sits between 7/31/2016 1,071 $6,500 $6,500
UNIT
LAYOUT
STATUS
Office
Dental
-
1
Studio
FM
4/30/2015
450
$1,600
$1,850
2F
1 BR
FM
3/31/2016
536
$2,100
$2,750
2R
1 BR
FM
9/30/2015
536
$1,900
$2,750
3F
1 BR
FM
7/31/2015
536
$1,750
$2,750
3R
1 BR
FM
3/31/2015
536
$2,000
$2,750
4F
1 BR
FM
10/31/2015
536
$1,850
$2,750
4R
1 BR
FM
5/31/2015
536
$1,750
$2,750
5F
1 BR
FM
6/30/2015
536
$2,000
$2,750
5R
1 BR
FM
3/31/2016
536
$1,900
$2,750
$1,416
$1,416
Total Monthly Income
$24,766
$31,766
Total Annual Income
$297,195
$381,195
ADDITIONAL INCOME TYPE
TENANT
Real Estate Tax Pass-Through
Office
OPERATING EXPENSES (PROJECTED) Real Estate Taxes
NET OPERATING INCOME
(15/16)
$66,478
Potential Gross Income
$381,195
Insurance
($1.00/sf)
$6,300
Projected Expenses
$114,489
Water & Sewer
($1.00/sf)
$6,300
NOI
Electric
($0.25/sf)
$1,575
($0.75/sf, tenants pay own)
$4,725
($400/month)
$4,800
($550/unit)
$4,500
(3%)
$11,435
Fuel Super Repairs & Maintenance Management Total Annual Expenses
$266,706
ASKING PRICE
$6,500,000
$114,489
FOR MORE INFORMATION, PLEASE CONTACT: Clint Olsen Director (212) 696-2500 x7747 [email protected]
Ax Hayssen Senior Associate (212) 696-2500 x7713 [email protected]
Madeline Burbank Associate (212) 696-2500 x5172 [email protected]
CUSHMAN & WAKEFIELD 275 Madison Avenue New York, NY 10016 nyinvestmentsales.com
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.
