4 3 6874 12987 central harlem
261 WEST 126TH STREET, NEW YORK, NY 10027 TURN-KEY, 4 UNIT MIXED-USE BUILDING WITH AIR RIGHTS | FOR SALE
4
Units
3
Stories
6,874
12,987
BSF as-of-right
CENTRAL HARLEM
BSF w/ Community Facility Bonus
Location
Ariel Property Advisors presents 261 West 126th Street, a mixed-use walk-up building located on the north side of West 126th Street between Frederick Douglas and Adam Clayton Powell Junior Boulevard. The asset is a 20’ wide, three (3) story building spanning approximately 3,829 gross SF and contains three (3) residential apartments, as well as one (1) ground floor commercial unit. The residential units enjoy free market status and are comprised of two (2) two-bed apartments and one (1) one-bedroom apartment. With R7-2 (3.44 FAR) zoning, the code allows for 6,874 BSF (as-of-right) and 12,987 BSF with the community facility bonus (6.50 FAR). The turn-key condition of the building, along with the added benefit of additional air rights and the potential to include the property as part of a larger assemblage, enhances this offering as a significant opportunity for investors and developers to reposition the asset to achieve its maximum potential. The property is located in the rapidly expanding neighborhood of Central Harlem one block away from the bustling 125th Street commercial corridor. Notable developments in the immediate vicinity include Columbia University’s Manhattanville Campus expansion, a new shopping center anchored by Whole Foods on 125th Street and Lenox Avenue, the Victoria Theater, and the Taystee Building, which is an 11-story, 350,000 square foot commercial project that is expected to increase and enhance the local job market and commerce. Transportation in the area is abundant as residents enjoy easy access to lower Manhattan and outer borough locations via the A, B, C and D subway lines one block away at 125th and Saint Nicholas Avenue and via the 2 and 3 subway lines two blocks away at 125th and Lenox Avenue. 261 West 126th Street offers investors, developers, and owner-users an opportunity to acquire a cash-flowing mixed-use asset with considerable upside and development potential in a continually evolving neighborhood in Northern Manhattan.
PROPERTY INFORMATION Block / Lot Lot Dimensions Lot Area Building Dimensions Stories Total Number of Units Residential Units Commercial Units Building Size Zoning (FAR) Buildable Area (as-of-right) Air Rights Assessment (17/18) Real Estate Taxes (17/18)
1932 / 08 20' x 99.92' 1,998 20' x 99.92' 3 4 3 1 3,829 R7-2 (3.44) 6,874 3,045 $315,442 $33,355
$2,500,000
5.46%
ASKING PRICE
CAP RATE
(6.5 FAR w/ Community Facility) (12,987 Community Facility)
13.91 GRM
FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Victor Sozio x12
Paul McCormick x45
[email protected]
Michael A. Tortorici x13
[email protected]
Matthew L. Gillis x42
[email protected]
Orry Michael x4002
[email protected]
[email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. August 15, 2017 11:15 PM
1
HARLEM RI
F
W 191 ST
A W 190 ST OVERLOOK
3
101
W 186 ST
WADSWORTH AV
Bx
1
Bx
36
Bx
GRORGE WASHINGTON $179,760BRIDGE BUS STATION
N AV INGTO WASH FORT
Electric
2
Tenants Pay
3 100
101
SIDE
Bx
RIVE ER D
5
B D
JACKIE EXPENSES ROBINSON PARK
7 102 1
W 147 ST Bx
19
W 145 ST
W 145 ST
3
Garden via Southern Blvd
145 ST
W 143 ST
137 ST CITY COLLEGE
135 ST B C
CITY COLLEGE
WESLEY WILLIAMS PL
Bx
33
125 ST
1 DR
D
6
35
Q
Т
R DE D
101 103
7
2 3
INGSI
Cathedral GRM Pkwy (110 St)
B C
4
PARK
W 105 ST
[email protected] DUKE ELINGTON BLVD W 106 ST
118 ST
6 116 102
W 116 ST
1
1
2
W 112 ST
Central Park North (110 St)
2 3 2
E 110 ST
CENTRAL PARK CENTRAL NORTH Paul McCormick Orry Michael x4002 HARLEM x45
116
PARK AV
MADISON AV 116 St
116
7 116
60
E 120 ST
LEXINGTON AV
MT MORRIS PARK W
MARCUS GARVEY PARK
5 AV
AMSTERDAM AV
N MOR
W 116 ST
13.91
E 103
AV
BROADWAY
B C
AS
CATHEDRAL OF ST JOHN THE DIVINE
3
117 St
OL
1
MORNINGSIDE PARK
CH NI
Matthew L. Gillis x42
[email protected] RIVERSIDE
4 5 125 St
OLAS AV
Michael A. Tortorici x13
STUDIO MUSEUM IN HARLEM ST NICH
Cathedral Pkwy (110 St)
ST
W 113 ST
3
FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc [email protected]
METRO NORTH
Bx
100 101
11 60
1
5
Bx
15
98
DR MARTIN LUTHER KING BLVD
W 122 ST
116 St Columbia University
CAP RATE
1
60 15
2 3
10
COLUMBIA UNIVERSITY
ASKING PRICE
125 ST
1
W 130 ST
60 15
W 120 ST
5.46%
33
100 101
60
$2,500,000
6
Bx
135 ST
APOLLO THEATRE
B D 125 ST
BLV
TH
NOR 4
2 3
Bx
4 104
W 116 ST
A C
104
ING
FREDERICK DOUGLASS BLVD
5
SUBJECT PROPERTY
104 Bx
15 MAR 15 TIN LUT H
ER K
GRANT’S TOMB
West 126th Street
W 129 ST
MANHATTAN AV
5
W 131 ST
RO
MET
33
5 W 135 ST
HARLEM
MORNINGSIDE AV
8
11
BROADWAY
1932
ST NICHOLAS PARK
100 101
5
CLARENONT AV
West 127th Street
Adam Clayton Powell Jr Boulevard
RIVERSIDE DR
W 135 ST
SCHOMBURG CENTRE
Bx
1
W 137 ST
GE
RID
AV B
MA
LENOX AV
ILTO N HAM
1
N DISO
W 139 ST
W 139 ST
OLAS AV
CONVENT AV
PL
ST NICH
W 137 ST
102 7
2
10
100 101
ADAM CLAYTON POWELL JR BLVD (7 AVENUE)
5
4
North side of West 126th Street between Frederick Douglass Boulevard and Adam Clayton Powell Boulevard
FrederickDouglass Boulevard
GE RID 2 ST B 145 Bx19 to Botanical
W 146 ST
LOCATION MAP
Bx
11
[email protected]
DR
EDGECOMBE AV
3
ER
B D
Harlem 148 St
W 150 ST
RIV
1
$37,954
EM
S AV
A C
11 19
$5,231
Bx6 to Hunts Pt Food Ctr via Yankee Stadium
RL
HOLA
AMSTERDAM AV
Management
$1,744
GROSS OPERATING
145 ST
RIVERBANK STATE PARK
Victor Sozio x12
D
98
ST NIC
BROADWAY
$1,800 B
6
W 147 ST Bx
Payroll
Bx
3
19
$3,000
S MB GE Legal/Miscellaneous CO ID MA M BR DA
2
DR
W 150 ST
Repairs, Cleaning & Maintenance
10
6
($1,500)
HA
C MONTHLY LEASE 168 ST Amsterdam Av RENT EXPIRATION RIV ERS $2,150 7/31/2018 IDE DR $1,940 8/31/2018 1 W 157 ST $2,690157 ST 8/31/2018 $8,200 W 155 ST 7/31/2018 AUDUBON C TERRACE 155 ST $14,980 $179,760 4
Utility Reimbursement
MORRIS-JUMEL MANSION
W 163 ST
*Commercial tenant is responsible for 33% of the annual real estate taxes and their pro-rata share utilities
3D MAP / TAX MAP
N/A
W 165 ST 3
RIVER
FM FM FM Commercial
SQ. FT. (APPROX.) 528 528 1,000 1,700
$4,431
Fuel
W 166 ST
7
$900
Insurance
M RIV
STATUS
W 168 ST
HARLE
DR IDE
ACTUAL/ PROJECTED Actual Actual Actual Actual
AUDUBON AV
101
1
Bx
($11,007)
Water & Sewer
21% of SGI
A C Washington hts 168 St
$33,355
Tax Reimbursement
HARLEM RIVER DR
7
HIGHBRIDGE PARK
AMSTERDAM AV
Bx
100
AV
Apt - 1 1 Apt - 2 2 Apt - 3 2 (Flex 3) *Office Commercial TOTAL MONTHLY INCOME TOTAL ANNUAL INCOME
5
ST NICHOLAS AV
4
ERS RIV
BEDROOMS
Real Estate Taxes (17/18)
3
W 175 ST
A ($5,393) WASHINGTON $174,367 HEIGHTS ($37,954) $136,414
SCHEDULED INCOME UNIT
EXPENSES: (ESTIMATED)
Bx3 Riverdale 238 St - Bway Bx11 to West Farm Rd via 170 St Bx13 to Yankee Stadium via Odgen Av Bx35 to West Farms Rd via 167 St Bx36 to Olmstead Av/Randall Av via 180 St
98
W 178 ST W 177 ST
HAVEN
Scheduled Gross Income: Less Vacancy Rate Reserve (3.00%): IDGE N BR GTO SHIN E WA G R LITTLE RED O Gross Operating Income: GE LIGHTHOUSE Less Expenses: Net Operating Income:
Bx
3
W 179 ST
Bx
98
AY ADW BRO
FORT WASHINGTON PARK
Bx
Bx
36
35 3
W 179 ST W 178 ST
Bx
Bx
11 13 35
W 180 ST
Bx
11 13
CURRENT ROLL
WASHINGTON BRIDGE
181 ST
EDGECOMBE AV
V ON A INGT WASH VD I BL RIN CAB
181 ST A W
FREDERICK DOUGLASS BLVD
BROADWAY
BENNETT AV
TERRACE
FORT
STREET, NEW YORK, NY 10027
YESHIVA TURN-KEY, 4 UNIT MIXED-USE BUILDING WITH AIR RIGHTS | FOR SALE UNIVERSITY
BRADHURST AV
HENRY HUDSON PARKWAY
261 WEST 126
TH
W 190 ST 4
6
FOR FINANCING INFO DANA DISCOVERY 2
1
4
3
110 ST
2
1
4
3
[email protected] MEER LASKER RINK
E 106 ST
EL MUSEO DEL The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, BARRIO W 104 ST all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective MUSEUM OF THE B C The prospective buyer should carefully 103 ST evaluate. W 103 ST which1 your tax advisor and/or legal counselW should investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors verify each item of CITY OF NEW YORK 103 ST 103 ST 1 3
6 103 ST
income, and all other information contained herein. August 15, 2017 11:15 PM
4 106
1
3
101 102
4
Units
3
Stories
6,874
12,987
BSF as-of-right
CENTRAL HARLEM
BSF w/ Community Facility Bonus
Location
Ariel Property Advisors presents 261 West 126th Street, a mixed-use walk-up building located on the north side of West 126th Street between Frederick Douglas and Adam Clayton Powell Junior Boulevard. The asset is a 20’ wide, three (3) story building spanning approximately 3,829 gross SF and contains three (3) residential apartments, as well as one (1) ground floor commercial unit. The residential units enjoy free market status and are comprised of two (2) two-bed apartments and one (1) one-bedroom apartment. With R7-2 (3.44 FAR) zoning, the code allows for 6,874 BSF (as-of-right) and 12,987 BSF with the community facility bonus (6.50 FAR). The turn-key condition of the building, along with the added benefit of additional air rights and the potential to include the property as part of a larger assemblage, enhances this offering as a significant opportunity for investors and developers to reposition the asset to achieve its maximum potential. The property is located in the rapidly expanding neighborhood of Central Harlem one block away from the bustling 125th Street commercial corridor. Notable developments in the immediate vicinity include Columbia University’s Manhattanville Campus expansion, a new shopping center anchored by Whole Foods on 125th Street and Lenox Avenue, the Victoria Theater, and the Taystee Building, which is an 11-story, 350,000 square foot commercial project that is expected to increase and enhance the local job market and commerce. Transportation in the area is abundant as residents enjoy easy access to lower Manhattan and outer borough locations via the A, B, C and D subway lines one block away at 125th and Saint Nicholas Avenue and via the 2 and 3 subway lines two blocks away at 125th and Lenox Avenue. 261 West 126th Street offers investors, developers, and owner-users an opportunity to acquire a cash-flowing mixed-use asset with considerable upside and development potential in a continually evolving neighborhood in Northern Manhattan.
PROPERTY INFORMATION Block / Lot Lot Dimensions Lot Area Building Dimensions Stories Total Number of Units Residential Units Commercial Units Building Size Zoning (FAR) Buildable Area (as-of-right) Air Rights Assessment (17/18) Real Estate Taxes (17/18)
1932 / 08 20' x 99.92' 1,998 20' x 99.92' 3 4 3 1 3,829 R7-2 (3.44) 6,874 3,045 $315,442 $33,355
$2,500,000
5.46%
ASKING PRICE
CAP RATE
(6.5 FAR w/ Community Facility) (12,987 Community Facility)
13.91 GRM
FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Victor Sozio x12
Paul McCormick x45
[email protected]
Michael A. Tortorici x13
[email protected]
Matthew L. Gillis x42
[email protected]
Orry Michael x4002
[email protected]
[email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. August 15, 2017 11:15 PM
1
HARLEM RI
F
W 191 ST
A W 190 ST OVERLOOK
3
101
W 186 ST
WADSWORTH AV
Bx
1
Bx
36
Bx
GRORGE WASHINGTON $179,760BRIDGE BUS STATION
N AV INGTO WASH FORT
Electric
2
Tenants Pay
3 100
101
SIDE
Bx
RIVE ER D
5
B D
JACKIE EXPENSES ROBINSON PARK
7 102 1
W 147 ST Bx
19
W 145 ST
W 145 ST
3
Garden via Southern Blvd
145 ST
W 143 ST
137 ST CITY COLLEGE
135 ST B C
CITY COLLEGE
WESLEY WILLIAMS PL
Bx
33
125 ST
1 DR
D
6
35
Q
Т
R DE D
101 103
7
2 3
INGSI
Cathedral GRM Pkwy (110 St)
B C
4
PARK
W 105 ST
[email protected] DUKE ELINGTON BLVD W 106 ST
118 ST
6 116 102
W 116 ST
1
1
2
W 112 ST
Central Park North (110 St)
2 3 2
E 110 ST
CENTRAL PARK CENTRAL NORTH Paul McCormick Orry Michael x4002 HARLEM x45
116
PARK AV
MADISON AV 116 St
116
7 116
60
E 120 ST
LEXINGTON AV
MT MORRIS PARK W
MARCUS GARVEY PARK
5 AV
AMSTERDAM AV
N MOR
W 116 ST
13.91
E 103
AV
BROADWAY
B C
AS
CATHEDRAL OF ST JOHN THE DIVINE
3
117 St
OL
1
MORNINGSIDE PARK
CH NI
Matthew L. Gillis x42
[email protected] RIVERSIDE
4 5 125 St
OLAS AV
Michael A. Tortorici x13
STUDIO MUSEUM IN HARLEM ST NICH
Cathedral Pkwy (110 St)
ST
W 113 ST
3
FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc [email protected]
METRO NORTH
Bx
100 101
11 60
1
5
Bx
15
98
DR MARTIN LUTHER KING BLVD
W 122 ST
116 St Columbia University
CAP RATE
1
60 15
2 3
10
COLUMBIA UNIVERSITY
ASKING PRICE
125 ST
1
W 130 ST
60 15
W 120 ST
5.46%
33
100 101
60
$2,500,000
6
Bx
135 ST
APOLLO THEATRE
B D 125 ST
BLV
TH
NOR 4
2 3
Bx
4 104
W 116 ST
A C
104
ING
FREDERICK DOUGLASS BLVD
5
SUBJECT PROPERTY
104 Bx
15 MAR 15 TIN LUT H
ER K
GRANT’S TOMB
West 126th Street
W 129 ST
MANHATTAN AV
5
W 131 ST
RO
MET
33
5 W 135 ST
HARLEM
MORNINGSIDE AV
8
11
BROADWAY
1932
ST NICHOLAS PARK
100 101
5
CLARENONT AV
West 127th Street
Adam Clayton Powell Jr Boulevard
RIVERSIDE DR
W 135 ST
SCHOMBURG CENTRE
Bx
1
W 137 ST
GE
RID
AV B
MA
LENOX AV
ILTO N HAM
1
N DISO
W 139 ST
W 139 ST
OLAS AV
CONVENT AV
PL
ST NICH
W 137 ST
102 7
2
10
100 101
ADAM CLAYTON POWELL JR BLVD (7 AVENUE)
5
4
North side of West 126th Street between Frederick Douglass Boulevard and Adam Clayton Powell Boulevard
FrederickDouglass Boulevard
GE RID 2 ST B 145 Bx19 to Botanical
W 146 ST
LOCATION MAP
Bx
11
[email protected]
DR
EDGECOMBE AV
3
ER
B D
Harlem 148 St
W 150 ST
RIV
1
$37,954
EM
S AV
A C
11 19
$5,231
Bx6 to Hunts Pt Food Ctr via Yankee Stadium
RL
HOLA
AMSTERDAM AV
Management
$1,744
GROSS OPERATING
145 ST
RIVERBANK STATE PARK
Victor Sozio x12
D
98
ST NIC
BROADWAY
$1,800 B
6
W 147 ST Bx
Payroll
Bx
3
19
$3,000
S MB GE Legal/Miscellaneous CO ID MA M BR DA
2
DR
W 150 ST
Repairs, Cleaning & Maintenance
10
6
($1,500)
HA
C MONTHLY LEASE 168 ST Amsterdam Av RENT EXPIRATION RIV ERS $2,150 7/31/2018 IDE DR $1,940 8/31/2018 1 W 157 ST $2,690157 ST 8/31/2018 $8,200 W 155 ST 7/31/2018 AUDUBON C TERRACE 155 ST $14,980 $179,760 4
Utility Reimbursement
MORRIS-JUMEL MANSION
W 163 ST
*Commercial tenant is responsible for 33% of the annual real estate taxes and their pro-rata share utilities
3D MAP / TAX MAP
N/A
W 165 ST 3
RIVER
FM FM FM Commercial
SQ. FT. (APPROX.) 528 528 1,000 1,700
$4,431
Fuel
W 166 ST
7
$900
Insurance
M RIV
STATUS
W 168 ST
HARLE
DR IDE
ACTUAL/ PROJECTED Actual Actual Actual Actual
AUDUBON AV
101
1
Bx
($11,007)
Water & Sewer
21% of SGI
A C Washington hts 168 St
$33,355
Tax Reimbursement
HARLEM RIVER DR
7
HIGHBRIDGE PARK
AMSTERDAM AV
Bx
100
AV
Apt - 1 1 Apt - 2 2 Apt - 3 2 (Flex 3) *Office Commercial TOTAL MONTHLY INCOME TOTAL ANNUAL INCOME
5
ST NICHOLAS AV
4
ERS RIV
BEDROOMS
Real Estate Taxes (17/18)
3
W 175 ST
A ($5,393) WASHINGTON $174,367 HEIGHTS ($37,954) $136,414
SCHEDULED INCOME UNIT
EXPENSES: (ESTIMATED)
Bx3 Riverdale 238 St - Bway Bx11 to West Farm Rd via 170 St Bx13 to Yankee Stadium via Odgen Av Bx35 to West Farms Rd via 167 St Bx36 to Olmstead Av/Randall Av via 180 St
98
W 178 ST W 177 ST
HAVEN
Scheduled Gross Income: Less Vacancy Rate Reserve (3.00%): IDGE N BR GTO SHIN E WA G R LITTLE RED O Gross Operating Income: GE LIGHTHOUSE Less Expenses: Net Operating Income:
Bx
3
W 179 ST
Bx
98
AY ADW BRO
FORT WASHINGTON PARK
Bx
Bx
36
35 3
W 179 ST W 178 ST
Bx
Bx
11 13 35
W 180 ST
Bx
11 13
CURRENT ROLL
WASHINGTON BRIDGE
181 ST
EDGECOMBE AV
V ON A INGT WASH VD I BL RIN CAB
181 ST A W
FREDERICK DOUGLASS BLVD
BROADWAY
BENNETT AV
TERRACE
FORT
STREET, NEW YORK, NY 10027
YESHIVA TURN-KEY, 4 UNIT MIXED-USE BUILDING WITH AIR RIGHTS | FOR SALE UNIVERSITY
BRADHURST AV
HENRY HUDSON PARKWAY
261 WEST 126
TH
W 190 ST 4
6
FOR FINANCING INFO DANA DISCOVERY 2
1
4
3
110 ST
2
1
4
3
[email protected] MEER LASKER RINK
E 106 ST
EL MUSEO DEL The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, BARRIO W 104 ST all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective MUSEUM OF THE B C The prospective buyer should carefully 103 ST evaluate. W 103 ST which1 your tax advisor and/or legal counselW should investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors verify each item of CITY OF NEW YORK 103 ST 103 ST 1 3
6 103 ST
income, and all other information contained herein. August 15, 2017 11:15 PM
4 106
1
3
101 102
