41 west 24th street new york, ny
41 WEST 24TH STREET NEW YORK, NY Prime Flatiron Elevator Apartment Building w/ Retail FOR SALE
Asking Price: $23,000,000 PROPERTY HIGHLIGHTS Location:
North side of West 24th Street between Fifth Avenue and Avenue of the Americas
Block/Lot:
826 / 16
Lot Size:
20.83' x 98.75'
(Approx.)
Building Size:
20.83' x 94'
(Approx.)
Total Gross Sq. Ft:
15,686
(Approx.)
Stories:
8 plus basement
Commercial Units:
1
Residential Units:
12
Zoning/FAR:
M1-6 / 10.00
Lot Size:
2,057
(Approx.)
Total Buildable Sq. Ft.:
20,570
(Approx.)
Unused Air Rights:
4,884
(Approx.)
Tax Class:
2
Assessment (16/17):
$1,103,470
Taxes (16/17):
$142,259
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 41 We st 24 t h S t re e t , a t u r n - key e l eva to r a p a r t m e n t b u i l d i n g w i t h re t a i l l o c ate d at t h e e p i ce n te r w h e re t h e F l at i ro n D i st r i c t m e e t s C h e l s e a . Th e p ro p e r t y i s o n o n e o f t h e m o st ra p i d l y c h a n g i n g b l o c ks i n t h e F l at i ro n D i st r i c t a n d j u st ste p s away f ro m M a d i s o n S q u a re Pa r k a n d “ E a t a l y ” . Th e b u i l d i n g co n t a i n s a re st a u ra n t o n t h e g ro u n d f l o o r p l u s 1 2 a p a r t m e n t s a b ove, o f w h i c h 1 0 a re F re e M a r ke t a n d 2 a re Re n t St a b i l i ze d . Fo u r o f t h e u n i t s a re 3 - b e d ro o m a n d 2 - b at h ro o m s , s i x a re 3 - b e d ro o m a n d 1 - b a t h ro o m , o n e i s a 2 - b e d ro o m a n d 1 - b at h ro o m , a n d o n e i s a l u xu r y p e n t h o u s e w h i c h h a s 4 b e d ro o m s , 2 . 5 b a t h ro o m s , 3 b a l co n i e s a n d a p r i vate ro o f d e c k . Fo u r u n i t s h ave p r i vate b a l co n i e s . 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 ex te n s i ve l y a n d m e t i c u l o u s l y re n ovate d to i n c l u d e : f l o o r to ce i l i n g w i n d ows , ce n t ra l a i r, wa l k- i n c l o s e t s , h a rd wo o d o a k f l o o r s , h i g h h at l i g h t i n g , ex p o s e d b r i c k , p o rce l a i n b at h ro o m s , g l a ss s h owe r s , ra d i a n t h e a t , wa s h e r s & d r ye r s , a b u i l t - i n w i n e co o l e r, ex t ra - l a rg e st a i n l e ss ste e l re f r i g e rato r s , d i s hwa s h e r, q u a r t z co u n te r to p s , a m a r b l e b a c ks p l a s h , a n d h i g h g l o ss s o f t c l o s e c a b i n e t s . Th e b u i l d i n g fe at u re s b e a u t i f u l l y re n ova te d h a l l ways , h i g h ce i l i n g s o n eve r y f l o o r, v i d e o i n te rco m , 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 ove r 4 ,0 0 0 S F o f u n u s e d a i r r i g h t s fo r f u t u re u s e. Ad d i t i o n a l l y, t h e re i s t re m e n d o u s u p s i d e w h e n t h e t wo re n t st a b i l i ze d u n i t s b e co m e va c a n t a s o n e te n a n t o cc u p i e s a t wo - f l o o r d u p l ex a n d t h e o t h e r a n e n t i re f l o o r - t h ro u g h a p a r t m e n t a t re n t s s i g n i f i c a n t l y b e l ow m a r ke t . Th e re t a i l te n a n t i s “ C h o p S h o p I I ” , a re st a u ra n t t h at m ove d i n to t h e s p a ce i n 2 01 4 , a n d h a s b e e n ex t re m e l y s u cce ss f u l i n t h i s l o c a t i o n . 41 We st 24 t h St re e t 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 i nve sto r s 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, e l evato r s e r v i ce d m i xe d - u s e b u i l d i n g w i t h st ro n g 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. FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Craig M. Waggner Director 212 660 7744 [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.
41 WEST 24TH STREET NEW YORK, NY
Prime Flatiron Elevator Apartment Building w/ Retail Commercial Revenue Unit
Tenant
Retail
Lease Exp.
Monthly Rent
Annual Rent $
219,606
Real Estate Tax Pass-Through
$
32,663
Water Reimbursement
$
8,857
$
261,126
Chop Shop II*
8/1/2029
$
18,300
Total Expected Commercial Revenue$ * Tenant has 3.0% annual escalations, pays 40% of the increases in taxes above BY 2014/2015 and pays all its own utilities. Water gets reimbursed.
Residential Revenue Unit
Status
Layout
2F
FM
3 BR / 1 BTH
2R
FM
3F
FM
Lease Exp.
Monthly Rent
Annual Rent
5/31/2017
$
5,200
$
62,400
3 BR / 1 BTH
5/31/2017
$
5,400
$
64,800
3 BR / 1 BTH + Balcony
6/14/2017
$
5,400
$
64,800
3R
FM
3 BR / 2 BTH
7/14/2018
$
6,700
$
80,400
4F/4R
RS
2 BR / 1 BTH Floor-Through
11/30/2017
$
660
$
7,921
5F
FM
3 BR / 1 BTH + Balcony
5/31/2017
$
5,600
$
67,200
5R
FM
3 BR / 2 BTH
7/31/2017
$
7,000
$
84,000
6F
FM
3 BR / 1 BTH + Balcony
6/14/2018
$
5,800
$
69,600
6R
FM
3 BR / 2 BTH
6/30/2017
$
7,100
$
85,200
7F
FM
3 BR / 1 BTH + Balcony
6/14/2017
$
5,600
$
67,200
7R/8R
RS
3 BR / 2 BTH Duplex
5/31/2018
$
951
$
11,412
8F (PH)
FM
4 BR / 2.5 BTH + 3 Balconies & Roof Deck
5/14/2018
$
11,000
$
132,000
$
66,411
$
796,933
Total Expected Residential Revenue ESTIMATED EXPENSES
Metrics
$/SF
$/Unit
% of EGI
RE Taxes (16/17)
Actual
$
9.07
$
10,943
14.02%
$
142,259
Water & Sewer
Actual
$
1.35
$
1,631
2.09%
$
21,200
Common Electric
Actual
$
0.28
$
334
0.43%
$
4,342
Insurance
Projected
$
0.75
$
905
1.16%
$
11,765
Fuel/Gas
Actual
$
0.52
$
623
0.80%
$
8,102
Repairs & Maintenance
Projected @ $600/Unit
$
0.46
$
600
0.71%
$
7,200
Elevator Maintenance
Projected @ $5,000/yr
$
0.32
$
600
0.49%
$
5,000
Actual
$
0.46
$
600
0.71%
$
7,200
Super
$
1.94
$
2,368
3.00%
$
30,790
$
15.16
$
18,604
23.05%
$
237,857
Potential Gross Annual Revenue:
$
1,058,059
Vacancy & Collection Loss @ 3.0%
$
(31,742)
Effective Gross Annual Income
$
1,026,317
Less: Expenses
$
237,857
Net Operating Income
$
788,460
Management
3% of EGI
Totals FINANCIAL OVERVIEW
Asking Price: $23,000,000 FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Craig M. Waggner Director 212 660 7744 [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.
41 WEST 24TH STREET NEW YORK, NY
BLOCK 826
Fifth Avenue
West 25th Street
ay adw Bro
Avenue of the Americas
Prime Flatiron Elevator Apartment Building w/ Retail
West 24th Street
FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Craig M. Waggner Director 212 660 7744 [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 PROPERTY HIGHLIGHTS Location:
North side of West 24th Street between Fifth Avenue and Avenue of the Americas
Block/Lot:
826 / 16
Lot Size:
20.83' x 98.75'
(Approx.)
Building Size:
20.83' x 94'
(Approx.)
Total Gross Sq. Ft:
15,686
(Approx.)
Stories:
8 plus basement
Commercial Units:
1
Residential Units:
12
Zoning/FAR:
M1-6 / 10.00
Lot Size:
2,057
(Approx.)
Total Buildable Sq. Ft.:
20,570
(Approx.)
Unused Air Rights:
4,884
(Approx.)
Tax Class:
2
Assessment (16/17):
$1,103,470
Taxes (16/17):
$142,259
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 41 We st 24 t h S t re e t , a t u r n - key e l eva to r a p a r t m e n t b u i l d i n g w i t h re t a i l l o c ate d at t h e e p i ce n te r w h e re t h e F l at i ro n D i st r i c t m e e t s C h e l s e a . Th e p ro p e r t y i s o n o n e o f t h e m o st ra p i d l y c h a n g i n g b l o c ks i n t h e F l at i ro n D i st r i c t a n d j u st ste p s away f ro m M a d i s o n S q u a re Pa r k a n d “ E a t a l y ” . Th e b u i l d i n g co n t a i n s a re st a u ra n t o n t h e g ro u n d f l o o r p l u s 1 2 a p a r t m e n t s a b ove, o f w h i c h 1 0 a re F re e M a r ke t a n d 2 a re Re n t St a b i l i ze d . Fo u r o f t h e u n i t s a re 3 - b e d ro o m a n d 2 - b at h ro o m s , s i x a re 3 - b e d ro o m a n d 1 - b a t h ro o m , o n e i s a 2 - b e d ro o m a n d 1 - b at h ro o m , a n d o n e i s a l u xu r y p e n t h o u s e w h i c h h a s 4 b e d ro o m s , 2 . 5 b a t h ro o m s , 3 b a l co n i e s a n d a p r i vate ro o f d e c k . Fo u r u n i t s h ave p r i vate b a l co n i e s . 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 ex te n s i ve l y a n d m e t i c u l o u s l y re n ovate d to i n c l u d e : f l o o r to ce i l i n g w i n d ows , ce n t ra l a i r, wa l k- i n c l o s e t s , h a rd wo o d o a k f l o o r s , h i g h h at l i g h t i n g , ex p o s e d b r i c k , p o rce l a i n b at h ro o m s , g l a ss s h owe r s , ra d i a n t h e a t , wa s h e r s & d r ye r s , a b u i l t - i n w i n e co o l e r, ex t ra - l a rg e st a i n l e ss ste e l re f r i g e rato r s , d i s hwa s h e r, q u a r t z co u n te r to p s , a m a r b l e b a c ks p l a s h , a n d h i g h g l o ss s o f t c l o s e c a b i n e t s . Th e b u i l d i n g fe at u re s b e a u t i f u l l y re n ova te d h a l l ways , h i g h ce i l i n g s o n eve r y f l o o r, v i d e o i n te rco m , 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 ove r 4 ,0 0 0 S F o f u n u s e d a i r r i g h t s fo r f u t u re u s e. Ad d i t i o n a l l y, t h e re i s t re m e n d o u s u p s i d e w h e n t h e t wo re n t st a b i l i ze d u n i t s b e co m e va c a n t a s o n e te n a n t o cc u p i e s a t wo - f l o o r d u p l ex a n d t h e o t h e r a n e n t i re f l o o r - t h ro u g h a p a r t m e n t a t re n t s s i g n i f i c a n t l y b e l ow m a r ke t . Th e re t a i l te n a n t i s “ C h o p S h o p I I ” , a re st a u ra n t t h at m ove d i n to t h e s p a ce i n 2 01 4 , a n d h a s b e e n ex t re m e l y s u cce ss f u l i n t h i s l o c a t i o n . 41 We st 24 t h St re e t 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 i nve sto r s 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, e l evato r s e r v i ce d m i xe d - u s e b u i l d i n g w i t h st ro n g 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. FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Craig M. Waggner Director 212 660 7744 [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.
41 WEST 24TH STREET NEW YORK, NY
Prime Flatiron Elevator Apartment Building w/ Retail Commercial Revenue Unit
Tenant
Retail
Lease Exp.
Monthly Rent
Annual Rent $
219,606
Real Estate Tax Pass-Through
$
32,663
Water Reimbursement
$
8,857
$
261,126
Chop Shop II*
8/1/2029
$
18,300
Total Expected Commercial Revenue$ * Tenant has 3.0% annual escalations, pays 40% of the increases in taxes above BY 2014/2015 and pays all its own utilities. Water gets reimbursed.
Residential Revenue Unit
Status
Layout
2F
FM
3 BR / 1 BTH
2R
FM
3F
FM
Lease Exp.
Monthly Rent
Annual Rent
5/31/2017
$
5,200
$
62,400
3 BR / 1 BTH
5/31/2017
$
5,400
$
64,800
3 BR / 1 BTH + Balcony
6/14/2017
$
5,400
$
64,800
3R
FM
3 BR / 2 BTH
7/14/2018
$
6,700
$
80,400
4F/4R
RS
2 BR / 1 BTH Floor-Through
11/30/2017
$
660
$
7,921
5F
FM
3 BR / 1 BTH + Balcony
5/31/2017
$
5,600
$
67,200
5R
FM
3 BR / 2 BTH
7/31/2017
$
7,000
$
84,000
6F
FM
3 BR / 1 BTH + Balcony
6/14/2018
$
5,800
$
69,600
6R
FM
3 BR / 2 BTH
6/30/2017
$
7,100
$
85,200
7F
FM
3 BR / 1 BTH + Balcony
6/14/2017
$
5,600
$
67,200
7R/8R
RS
3 BR / 2 BTH Duplex
5/31/2018
$
951
$
11,412
8F (PH)
FM
4 BR / 2.5 BTH + 3 Balconies & Roof Deck
5/14/2018
$
11,000
$
132,000
$
66,411
$
796,933
Total Expected Residential Revenue ESTIMATED EXPENSES
Metrics
$/SF
$/Unit
% of EGI
RE Taxes (16/17)
Actual
$
9.07
$
10,943
14.02%
$
142,259
Water & Sewer
Actual
$
1.35
$
1,631
2.09%
$
21,200
Common Electric
Actual
$
0.28
$
334
0.43%
$
4,342
Insurance
Projected
$
0.75
$
905
1.16%
$
11,765
Fuel/Gas
Actual
$
0.52
$
623
0.80%
$
8,102
Repairs & Maintenance
Projected @ $600/Unit
$
0.46
$
600
0.71%
$
7,200
Elevator Maintenance
Projected @ $5,000/yr
$
0.32
$
600
0.49%
$
5,000
Actual
$
0.46
$
600
0.71%
$
7,200
Super
$
1.94
$
2,368
3.00%
$
30,790
$
15.16
$
18,604
23.05%
$
237,857
Potential Gross Annual Revenue:
$
1,058,059
Vacancy & Collection Loss @ 3.0%
$
(31,742)
Effective Gross Annual Income
$
1,026,317
Less: Expenses
$
237,857
Net Operating Income
$
788,460
Management
3% of EGI
Totals FINANCIAL OVERVIEW
Asking Price: $23,000,000 FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Craig M. Waggner Director 212 660 7744 [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.
41 WEST 24TH STREET NEW YORK, NY
BLOCK 826
Fifth Avenue
West 25th Street
ay adw Bro
Avenue of the Americas
Prime Flatiron Elevator Apartment Building w/ Retail
West 24th Street
FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman 212 660 7700 [email protected]
Craig M. Waggner Director 212 660 7744 [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.
