350-352 third avenue new york, ny - Massey Knakal
350-352 THIRD AVENUE NEW YORK, NY Prime Gramercy Mixed Use Building
Asking Price: $23,000,000
FOR SALE
PROPERTY HIGHLIGHTS Location:
West side of Third Avenue between East 25th and East 26th Streets
Block / Lot:
881 / 45
Lot Dimensions:
44.08’ x 84’
Lot SF:
3,703
Building Size:
44.08’ x 84’ Irr. (Approx.)
Stories:
5 Stories Including PH
(Approx.)
sq. ft. (Approx.)
Floor Sq. Ft. 5 (PH) 1,100
Dimensions
Ceiling Height
22 x 50
8’
4 3,218
44.08 x 84 Irr. 8’
3 3,218
44.08 x 84 Irr. 10.6’
2 3,218
44.08 x 84 Irr. 11’
GF 3,368 Basement 3,368
44.08 x 84 Irr. 12.5’ 44.08 x 84 Irr. 8’
Building Gross SF:
14,122 Above Grade (Approx.)
Building Gross SF:
17,490 w/ Basement (Approx.)
Commercial Units:
2
Residential Units:
14
Zoning/FAR:
C2-8 (R10) / 10.0
Air Rights:
None
Assesment (16/17):
$1,244,070 (Tax Class 2)
Taxes (16/17):
$160,274
(Tax Class 2)
PROPERTY DESCRIPTION C u s h m a n & Wa ke f i e l d h a s b e e n re t a i n e d o n a n exc l u s i ve b a s i s to a r ra n g e fo r t h e s a l e o f 35 0 -352 Th i rd Ave n u e, a t u r n - key, 4 4 ’ w i d e, 5 - sto r y m i xe d - u s e b u i l d i n g l o c ate d i n t h e co re o f M a n h a t t a n ’s e a st s i d e b e t we e n 2 5 t h a n d 2 6 t h St re e t s . N e st l e d at t h e i n te r s e c t i o n w h e re G ra m e rc y m e e t s N o M a d , t h e b u i l d i n g i s j u st a few b l o c ks away f ro m G ra m e rcy Pa r k , M a d i s o n S q u a re Pa r k a n d t h e F l a t i ro n D i st r i c t . Th e b u i l d i n g co n t a i n s 2 re t a i l sto re s a n d 1 4 a p a r t m e n t s , o f w h i c h 1 0 a re F re e M a r ke t a n d 4 a re Re n t St a b i l i ze d . A l l o f t h e F re e M a r ke t a p a r t m e n t s h ave b e e n p r i st i n e l y re n ova te d to i n c l u d e e b o ny h a rd wo o d f l o o r s , re ce ss e d l i g h t i n g , C a r ra ra m a r b l e co u n te r - to p s , c h e r r y wo o d c a b i n e t s , st a i n l e ss ste e l a p p l i a n ce s , v i d e o i n te rco m s , ex p o s e d b r i c k , a n d i n - u n i t p re m i u m B o s c h wa s h e r s & d r ye r s . F u r t h e r m o re, t h e b u i l d i n g fe at u re s h i g h ce i l i n g s o n m o st f l o o r s , s e c u r i t y c a m e ra s t h ro u g h o u t a n d a ro o f l a rg e e n o u g h to a cco m m o d ate a f i n i s h e d ro o fd e c k . Th e 4 re n t st a b i l i ze d u n i t s re n t fo r a n ave ra g e o f $ 3 1 p e r n e t re n t a b l e s q u a re fo o t , a p p rox i m ate l y 72 % b e l ow m a r ke t . Th e 2 re t a i l sto re s a re c u r re n t l y va c a n t a n d b e i n g o f fe re d fo r l e a s e fo r $ 1 8 ,0 0 0 ( $ 1 7 1 /S F ) a n d $ 2 2 ,0 0 0 ( $ 1 6 5/S F ) p e r m o n t h , re s p e c t i ve l y. Th e p ro p e r t y ’s a i r r i g h t s h a d b e e n s o l d i n 1 9 9 6 to t h e a d j a ce n t l u xu r y re n t a l b u i l d i n g , M a n h a t t a n P ro m e n a d e. 35 0 -352 Th i rd Ave n u e p re s e n t s a n exce l l e n t o p p o r t u n i t y fo r a n i nve sto r to a cq u i re a we l l l o c ate d , l ow m a i n te n a n ce, m i xe d - u s e b u i l d i n g w i t h s i g n i f i c a n t i n - p l a ce c a s h f l ow a n d re m a i n i n g u p s i d e. Th e b u i l d i n g w i l l b e s o l d o n a n a s - i s , w h e re - i s b a s i s . FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Michael DeCheser Senior Managing Director 212 660 7772 [email protected]
Craig M. Waggner Director 212 660 7744 [email protected]
Mei Ling Wong Director 212 660 7716 [email protected]
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 (212) 696 2500
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.
350-352 THIRD AVENUE NEW YORK, NY Unit
Status
Lease Exp.
NSF
Monthly Rent
Rent/SF
Annual Rent
ST 1
RETAIL
VACANT
1,260
$
18,000
$
171
$
216,000
ST 2
RETAIL
VACANT
1,600
$
22,000
$
165
$
264,000
1A*
FM
7/31/2017
982
$
9,000
$
110
$
108,000
1B**
RS
3/31/2017
421
$
796
$
23
$
9,552
1C
RS
9/30/2017
421
$
817
$
23
$
9,804
1D
FM
5/31/2017
616
$
5,650
$
110
$
67,800
2A
FM
5/31/2017
818
$
7,500
$
110
$
90,000
2B
FM
6/30/2017
840
$
7,700
$
110
$
92,400
2C
FM
VACANT
807
$
7,300
$
109
$
87,600
2D
FM
5/31/2017
616
$
5,650
$
110
$
67,800
3A
FM
5/31/2017
840
$
7,700
$
110
$
92,400
3B
RS
12/31/2016
421
$
1,780
$
51
$
21,360
3C
RS
12/31/2017
421
$
934
$
27
$
11,208
3D
FM
5/31/2017
655
$
6,000
$
110
$
72,000
PH 1
FM
5/31/2017
507
$
4,650
$
110
$
55,800
PH 2
FM
7/31/2017
393
$
3,400
$
104
$
40,800
11,619
$
108,877
$
1,306,524
Projected Retail Income:
$
480,000
Residential Income:
$
826,524
Potential Gross Annual Revenue:
$
1,306,524
Vacancy & Collection Loss @ 3.0%
$
(39,196)
Gross Annual Income:
$
$1,267,328
TOTALS:
Vacant Projected * Unit has a private roofdeck ** SCRIE Tenant (Senior Citizen Rent Increase Exemption)
REVENUE
ESTIMATED EXPENSES
$/SF
$/Unit
RE Taxes (16/17)
Actual
$
11.35
$
10,017
$
160,274
SCRIE Tax Abatement
Actual
$
(0.05)
$
(47)
$
(747)
Common Electric
Actual
$
0.26
$
233
$
3,723
Water & Sewer
Actual
$
0.99
$
877
$
14,029
Insurance
Actual
$
1.00
$
883
$
14,122
Fuel/Gas
Actual
$
1.30
$
1,150
$
18,400
Repairs & Maintenance
Projected @ $600/Unit
$
0.68
$
600
$
9,600
Super
Projected @ $600/Unit
$
0.68
$
600
$
9,600
Management
Projected @ 3% of EGI
$
2.69
$
2,376
$
38,020
$
18.91
$
16,689
$
267,021
Effective Gross Annual Income
$
1,267,328
Less: Expenses
$
267,021
Net Operating Income
$
1,000,307
TOTALS:
FINANCIAL OVERVIEW
FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Michael DeCheser Senior Managing Director 212 660 7772 [email protected]
Craig M. Waggner Director 212 660 7744 [email protected]
Mei Ling Wong Director 212 660 7716 [email protected]
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 (212) 696 2500
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.
350-352 THIRD AVENUE NEW YORK, NY
TAX MAP
881/45
East 26 Street
84
Third Avenue
45
44.12
84
44.12
Lexington Avenue
th
East 25th Street
FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Michael DeCheser Senior Managing Director 212 660 7772 [email protected]
Craig M. Waggner Director 212 660 7744 [email protected]
Mei Ling Wong Director 212 660 7716 [email protected]
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 (212) 696 2500
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.
Asking Price: $23,000,000
FOR SALE
PROPERTY HIGHLIGHTS Location:
West side of Third Avenue between East 25th and East 26th Streets
Block / Lot:
881 / 45
Lot Dimensions:
44.08’ x 84’
Lot SF:
3,703
Building Size:
44.08’ x 84’ Irr. (Approx.)
Stories:
5 Stories Including PH
(Approx.)
sq. ft. (Approx.)
Floor Sq. Ft. 5 (PH) 1,100
Dimensions
Ceiling Height
22 x 50
8’
4 3,218
44.08 x 84 Irr. 8’
3 3,218
44.08 x 84 Irr. 10.6’
2 3,218
44.08 x 84 Irr. 11’
GF 3,368 Basement 3,368
44.08 x 84 Irr. 12.5’ 44.08 x 84 Irr. 8’
Building Gross SF:
14,122 Above Grade (Approx.)
Building Gross SF:
17,490 w/ Basement (Approx.)
Commercial Units:
2
Residential Units:
14
Zoning/FAR:
C2-8 (R10) / 10.0
Air Rights:
None
Assesment (16/17):
$1,244,070 (Tax Class 2)
Taxes (16/17):
$160,274
(Tax Class 2)
PROPERTY DESCRIPTION C u s h m a n & Wa ke f i e l d h a s b e e n re t a i n e d o n a n exc l u s i ve b a s i s to a r ra n g e fo r t h e s a l e o f 35 0 -352 Th i rd Ave n u e, a t u r n - key, 4 4 ’ w i d e, 5 - sto r y m i xe d - u s e b u i l d i n g l o c ate d i n t h e co re o f M a n h a t t a n ’s e a st s i d e b e t we e n 2 5 t h a n d 2 6 t h St re e t s . N e st l e d at t h e i n te r s e c t i o n w h e re G ra m e rc y m e e t s N o M a d , t h e b u i l d i n g i s j u st a few b l o c ks away f ro m G ra m e rcy Pa r k , M a d i s o n S q u a re Pa r k a n d t h e F l a t i ro n D i st r i c t . Th e b u i l d i n g co n t a i n s 2 re t a i l sto re s a n d 1 4 a p a r t m e n t s , o f w h i c h 1 0 a re F re e M a r ke t a n d 4 a re Re n t St a b i l i ze d . A l l o f t h e F re e M a r ke t a p a r t m e n t s h ave b e e n p r i st i n e l y re n ova te d to i n c l u d e e b o ny h a rd wo o d f l o o r s , re ce ss e d l i g h t i n g , C a r ra ra m a r b l e co u n te r - to p s , c h e r r y wo o d c a b i n e t s , st a i n l e ss ste e l a p p l i a n ce s , v i d e o i n te rco m s , ex p o s e d b r i c k , a n d i n - u n i t p re m i u m B o s c h wa s h e r s & d r ye r s . F u r t h e r m o re, t h e b u i l d i n g fe at u re s h i g h ce i l i n g s o n m o st f l o o r s , s e c u r i t y c a m e ra s t h ro u g h o u t a n d a ro o f l a rg e e n o u g h to a cco m m o d ate a f i n i s h e d ro o fd e c k . Th e 4 re n t st a b i l i ze d u n i t s re n t fo r a n ave ra g e o f $ 3 1 p e r n e t re n t a b l e s q u a re fo o t , a p p rox i m ate l y 72 % b e l ow m a r ke t . Th e 2 re t a i l sto re s a re c u r re n t l y va c a n t a n d b e i n g o f fe re d fo r l e a s e fo r $ 1 8 ,0 0 0 ( $ 1 7 1 /S F ) a n d $ 2 2 ,0 0 0 ( $ 1 6 5/S F ) p e r m o n t h , re s p e c t i ve l y. Th e p ro p e r t y ’s a i r r i g h t s h a d b e e n s o l d i n 1 9 9 6 to t h e a d j a ce n t l u xu r y re n t a l b u i l d i n g , M a n h a t t a n P ro m e n a d e. 35 0 -352 Th i rd Ave n u e p re s e n t s a n exce l l e n t o p p o r t u n i t y fo r a n i nve sto r to a cq u i re a we l l l o c ate d , l ow m a i n te n a n ce, m i xe d - u s e b u i l d i n g w i t h s i g n i f i c a n t i n - p l a ce c a s h f l ow a n d re m a i n i n g u p s i d e. Th e b u i l d i n g w i l l b e s o l d o n a n a s - i s , w h e re - i s b a s i s . FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Michael DeCheser Senior Managing Director 212 660 7772 [email protected]
Craig M. Waggner Director 212 660 7744 [email protected]
Mei Ling Wong Director 212 660 7716 [email protected]
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 (212) 696 2500
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.
350-352 THIRD AVENUE NEW YORK, NY Unit
Status
Lease Exp.
NSF
Monthly Rent
Rent/SF
Annual Rent
ST 1
RETAIL
VACANT
1,260
$
18,000
$
171
$
216,000
ST 2
RETAIL
VACANT
1,600
$
22,000
$
165
$
264,000
1A*
FM
7/31/2017
982
$
9,000
$
110
$
108,000
1B**
RS
3/31/2017
421
$
796
$
23
$
9,552
1C
RS
9/30/2017
421
$
817
$
23
$
9,804
1D
FM
5/31/2017
616
$
5,650
$
110
$
67,800
2A
FM
5/31/2017
818
$
7,500
$
110
$
90,000
2B
FM
6/30/2017
840
$
7,700
$
110
$
92,400
2C
FM
VACANT
807
$
7,300
$
109
$
87,600
2D
FM
5/31/2017
616
$
5,650
$
110
$
67,800
3A
FM
5/31/2017
840
$
7,700
$
110
$
92,400
3B
RS
12/31/2016
421
$
1,780
$
51
$
21,360
3C
RS
12/31/2017
421
$
934
$
27
$
11,208
3D
FM
5/31/2017
655
$
6,000
$
110
$
72,000
PH 1
FM
5/31/2017
507
$
4,650
$
110
$
55,800
PH 2
FM
7/31/2017
393
$
3,400
$
104
$
40,800
11,619
$
108,877
$
1,306,524
Projected Retail Income:
$
480,000
Residential Income:
$
826,524
Potential Gross Annual Revenue:
$
1,306,524
Vacancy & Collection Loss @ 3.0%
$
(39,196)
Gross Annual Income:
$
$1,267,328
TOTALS:
Vacant Projected * Unit has a private roofdeck ** SCRIE Tenant (Senior Citizen Rent Increase Exemption)
REVENUE
ESTIMATED EXPENSES
$/SF
$/Unit
RE Taxes (16/17)
Actual
$
11.35
$
10,017
$
160,274
SCRIE Tax Abatement
Actual
$
(0.05)
$
(47)
$
(747)
Common Electric
Actual
$
0.26
$
233
$
3,723
Water & Sewer
Actual
$
0.99
$
877
$
14,029
Insurance
Actual
$
1.00
$
883
$
14,122
Fuel/Gas
Actual
$
1.30
$
1,150
$
18,400
Repairs & Maintenance
Projected @ $600/Unit
$
0.68
$
600
$
9,600
Super
Projected @ $600/Unit
$
0.68
$
600
$
9,600
Management
Projected @ 3% of EGI
$
2.69
$
2,376
$
38,020
$
18.91
$
16,689
$
267,021
Effective Gross Annual Income
$
1,267,328
Less: Expenses
$
267,021
Net Operating Income
$
1,000,307
TOTALS:
FINANCIAL OVERVIEW
FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Michael DeCheser Senior Managing Director 212 660 7772 [email protected]
Craig M. Waggner Director 212 660 7744 [email protected]
Mei Ling Wong Director 212 660 7716 [email protected]
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 (212) 696 2500
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.
350-352 THIRD AVENUE NEW YORK, NY
TAX MAP
881/45
East 26 Street
84
Third Avenue
45
44.12
84
44.12
Lexington Avenue
th
East 25th Street
FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Michael DeCheser Senior Managing Director 212 660 7772 [email protected]
Craig M. Waggner Director 212 660 7744 [email protected]
Mei Ling Wong Director 212 660 7716 [email protected]
Cushman & Wakefield 275 Madison Avenue 3rd Floor New York, NY 10016 (212) 696 2500
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.
