439 West 21 Street
439WEST 21ST STREET
CHELSEA NY
MARKETING TEAM
Peter Von Der Ahe
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5114 Fax: (646) 349-3308 [email protected]
Joe Koicim
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5147 Fax: (212) 500-7565 [email protected]
David Lloyd
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5185 Fax: (212) 500-7565 [email protected]
Logan Markley
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5194 Fax: (212) 500-7565 [email protected]
Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]
439 West 21 Street TABLE OF CONTENTS
Section I
INVESTMENT OVERVIEW
Section II
PRICING & FINANCIAL ANALYSIS
Section III
PROPERTY DESCRIPTION
Section IV
MARKET OVERVIEW
INVESTMENT OVERVIEW
439 West 21 Street INVESTMENT OVERVIEW
439 West 21 Street is being offered for
$5,375,000
INVESTMENT OVERVIEW
INVESTMENT HIGHLIGHTS
Marcus & Millichap is pleased to offer for sale 439 West 21st Street (Block: 00719-0019) between Ninth and Tenth Avenue. This four story townhouse sits on a 19 by 83 foot lot, and is built 19 by 44 feet deep. The approximate gross square footage is 3,600 and it is zoned R7B.
•
19 Foot Wide Renovated Brownstone Located on Tree-Lined West Chelsea Townhouse Block
•
Price Point: Under $5,500,000 on Prime West Chelsea Block
•
Future Single Family Conversion Opportunity
•
Excellent Live/User + Income Opportunity: High End Renovations in Ground Level Triplex
•
Tax Class 2B: Increases Capped at 8% Per Year and No More than 30% Over Any Given 5-year Period
•
Additional Refinished Basement
•
Available Air Rights: 1,131 Square Foot (Approved to Build 1.5 Additional Stories)
Situated on the most coveted block in West Chelsea, this opportunity is ideal today for liveplus income and a future single family home. This 19-foot wide property is located on a quiet tree-lined block across from the brand new “West” condominium development and the High Line Hotel. Additional neighborhood highlights include: Chelsea Highline, Chelsea Piers, Avenues: The World School and easy access to the 1, C and E-Line Subways on 23rd street. The layout currently consists of five studio apartments and a state of the art one-bedroom triplex with a private terrace + a private finished basement. The ground floor studio has a 35 foot deep private garden. All the free market apartments have been gut renovated and are in turn-key condition. Of the six units, three are stabilized and three are free market.
PRICING & FINANCIAL ANALYSIS
439 West 21 Street PRICING & FINANCIAL ANALYSIS
FINANCIAL OVERVIEW
CONFIDENTIAL OFFERING MEMORANDUM This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
439 West 21 Street PRICING & FINANCIAL ANALYSIS
RENT ROLL
CONFIDENTIAL OFFERING MEMORANDUM This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
439 West 21 Street PRICING & FINANCIAL ANALYSIS
CASH FLOW
CONFIDENTIAL OFFERING MEMORANDUM This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
439 West 21 Street PRICING & FINANCIAL ANALYSIS
RENT ROLL ANALYSIS
CONFIDENTIAL OFFERING MEMORANDUM This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
PROPERTY DESCRIPTION
439 West 21 Street PROPERTY DESCRIPTION 439 West 21st Streeti City: State: Block & Lot: Lot Dimensions: Lot SF: Building Dimensions: Building SF: Zoning: Max FAR:
New Yorki NYi 719 / 19.0i 19 x 83i 1,494i 19 x 44i 3,600i R7B, New York, (C1)i 3.00i
Available Air Rights:
1,135i
Landmark District:
Nonei
Historic District:
Chelseai
Annual Tax Bill:
__$48,655
Tax Class:
TAX MAP | BOROUGH MAP
2Bi
439 West 21 Street SUBJECT PROPERTY
439 West 21 Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
439 West 21 Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
439 West 21 Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
439 West 21 Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
439 West 21 Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
439 West 21 Street PROPERTY DESCRIPTION | FLOOR PLANS
Basement
Garden Level
Parlor Level
439 West 21 Street PROPERTY DESCRIPTION | FLOOR PLANS
2nd Floor
3rd Floor
MARKET OVERVIEW
439 West 21 Street MARKET OVERVIEW | MANHATTAN
MANHATTAN
439 West 21 Street MARKET OVERVIEW | MANHATTAN
439 West 21 Street MARKET OVERVIEW | MANHATTAN
439 West 21 Street MARKET OVERVIEW | MANHATTAN
439 West 21 Street MARKET OVERVIEW | CHELSEA
439 West 21 Street MARKET OVERVIEW | CHELSEA
Art Galleries:
The Highline:
The Chelsea Piers:
The Chelsea Market:
439 West 21 Street MARKET OVERVIEW | MIDTOWN WEST
• • • • • •
MARKETING TEAM
Peter Von Der Ahe
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5114 Fax: (646) 349-3308 [email protected]
Joe Koicim
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5147 Fax: (212) 500-7565 [email protected]
David Lloyd
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5185 Fax: (212) 500-7565 [email protected]
Logan Markley
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5194 Fax: (212) 500-7565 [email protected]
Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]
CHELSEA NY
MARKETING TEAM
Peter Von Der Ahe
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5114 Fax: (646) 349-3308 [email protected]
Joe Koicim
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5147 Fax: (212) 500-7565 [email protected]
David Lloyd
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5185 Fax: (212) 500-7565 [email protected]
Logan Markley
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5194 Fax: (212) 500-7565 [email protected]
Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]
439 West 21 Street TABLE OF CONTENTS
Section I
INVESTMENT OVERVIEW
Section II
PRICING & FINANCIAL ANALYSIS
Section III
PROPERTY DESCRIPTION
Section IV
MARKET OVERVIEW
INVESTMENT OVERVIEW
439 West 21 Street INVESTMENT OVERVIEW
439 West 21 Street is being offered for
$5,375,000
INVESTMENT OVERVIEW
INVESTMENT HIGHLIGHTS
Marcus & Millichap is pleased to offer for sale 439 West 21st Street (Block: 00719-0019) between Ninth and Tenth Avenue. This four story townhouse sits on a 19 by 83 foot lot, and is built 19 by 44 feet deep. The approximate gross square footage is 3,600 and it is zoned R7B.
•
19 Foot Wide Renovated Brownstone Located on Tree-Lined West Chelsea Townhouse Block
•
Price Point: Under $5,500,000 on Prime West Chelsea Block
•
Future Single Family Conversion Opportunity
•
Excellent Live/User + Income Opportunity: High End Renovations in Ground Level Triplex
•
Tax Class 2B: Increases Capped at 8% Per Year and No More than 30% Over Any Given 5-year Period
•
Additional Refinished Basement
•
Available Air Rights: 1,131 Square Foot (Approved to Build 1.5 Additional Stories)
Situated on the most coveted block in West Chelsea, this opportunity is ideal today for liveplus income and a future single family home. This 19-foot wide property is located on a quiet tree-lined block across from the brand new “West” condominium development and the High Line Hotel. Additional neighborhood highlights include: Chelsea Highline, Chelsea Piers, Avenues: The World School and easy access to the 1, C and E-Line Subways on 23rd street. The layout currently consists of five studio apartments and a state of the art one-bedroom triplex with a private terrace + a private finished basement. The ground floor studio has a 35 foot deep private garden. All the free market apartments have been gut renovated and are in turn-key condition. Of the six units, three are stabilized and three are free market.
PRICING & FINANCIAL ANALYSIS
439 West 21 Street PRICING & FINANCIAL ANALYSIS
FINANCIAL OVERVIEW
CONFIDENTIAL OFFERING MEMORANDUM This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
439 West 21 Street PRICING & FINANCIAL ANALYSIS
RENT ROLL
CONFIDENTIAL OFFERING MEMORANDUM This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
439 West 21 Street PRICING & FINANCIAL ANALYSIS
CASH FLOW
CONFIDENTIAL OFFERING MEMORANDUM This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
439 West 21 Street PRICING & FINANCIAL ANALYSIS
RENT ROLL ANALYSIS
CONFIDENTIAL OFFERING MEMORANDUM This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
PROPERTY DESCRIPTION
439 West 21 Street PROPERTY DESCRIPTION 439 West 21st Streeti City: State: Block & Lot: Lot Dimensions: Lot SF: Building Dimensions: Building SF: Zoning: Max FAR:
New Yorki NYi 719 / 19.0i 19 x 83i 1,494i 19 x 44i 3,600i R7B, New York, (C1)i 3.00i
Available Air Rights:
1,135i
Landmark District:
Nonei
Historic District:
Chelseai
Annual Tax Bill:
__$48,655
Tax Class:
TAX MAP | BOROUGH MAP
2Bi
439 West 21 Street SUBJECT PROPERTY
439 West 21 Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
439 West 21 Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
439 West 21 Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
439 West 21 Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
439 West 21 Street PROPERTY DESCRIPTION | PROPERTY PHOTOS
439 West 21 Street PROPERTY DESCRIPTION | FLOOR PLANS
Basement
Garden Level
Parlor Level
439 West 21 Street PROPERTY DESCRIPTION | FLOOR PLANS
2nd Floor
3rd Floor
MARKET OVERVIEW
439 West 21 Street MARKET OVERVIEW | MANHATTAN
MANHATTAN
439 West 21 Street MARKET OVERVIEW | MANHATTAN
439 West 21 Street MARKET OVERVIEW | MANHATTAN
439 West 21 Street MARKET OVERVIEW | MANHATTAN
439 West 21 Street MARKET OVERVIEW | CHELSEA
439 West 21 Street MARKET OVERVIEW | CHELSEA
Art Galleries:
The Highline:
The Chelsea Piers:
The Chelsea Market:
439 West 21 Street MARKET OVERVIEW | MIDTOWN WEST
• • • • • •
MARKETING TEAM
Peter Von Der Ahe
260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5114 Fax: (646) 349-3308 [email protected]
Joe Koicim
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5147 Fax: (212) 500-7565 [email protected]
David Lloyd
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5185 Fax: (212) 500-7565 [email protected]
Logan Markley
260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5194 Fax: (212) 500-7565 [email protected]
Andrew Dansker, Financing Inquiries 260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 [email protected]
