444 East 13th Street, New York, NY
444 East 13th Street, New York, NY East Village 17-Unit Mixed Use Building For Sale FOR SALE
Asking Price: $9,900,000 Property Information Block / Lot
440 / 30
Lot Size
24.25' x 103.25'
Lot SF (Approx.)
2,504
Building Size (Approx.)
24.25' x 73' Irr.
Building SF (Approx.)
10,710
Stories
6
Retail Units
1
Residential Units
16
Zoning
R8B
FAR
4.00
Air Rights (Approx.)
None
Historic District
None
RE Assessment (16/17)
$273,870 (Tax Class 2)
RE Taxes (16/17)
$35,283 (Tax Class 2)
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a six-story, mixed-use, walk-up apartment building located on the south side of East 13th Street between 1st Avenue and Avenue A. The building consists of a ground floor retail space with 16 apartments above. Of the 16 residential units, five are fair market and 11 are subject to rent stabilization. Eight units are renovated with condolevel finishes that include wide plank wood floors, white marble bathrooms, re-finished exposed brick, gray washed stained wood cabinetry, and stainless steel appliances. The average in-place rent is approximately $70 per square foot which is below market. The newly renovated retail space is currently vacant. The building is located less than a block from the 1st Avenue L train stop and within close proximity to neighborhood hot spots such as Hearth and The Redhead. Additionally, the building is less than a block from 500 East 14th Street where Extell is developing a large mixed-use condo building with over 40,000 SF of retail that will drive long term foot traffic.
James Nelson Vice Chairman (212) 696 2500 x7710 [email protected]
Brandon Polakoff Senior Associate (212) 660 7755 [email protected]
Mitchell Levine Associate Director (212) 660 7761 [email protected]
Carly Weinreb Senior Associate (212) 589 5114 [email protected]
Cushman & Wakefield Copyright 2016. 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.
444 East 13th Street, New York, NY RETAIL REVENUE UNIT
TENANT
LXP
Retail
Vacant
TBD
SF
TOTAL
MONTHLY RENT
RENT/SF
ANNUAL RENT
1,000
$10,000
$120
$120,000
1,000
$10,000
$120
$120,000
RESIDENTIAL REVENUE UNIT
1 2 3 (1) 4 5 6 7 (1) 8 (1) (1) 9 10 (1) (1) 11 12 13 14 (1) 15 (1) 16
STATUS
TYPE
LXP
MONTHLY RENT
ANNUAL RENT
RS RS FM RS RS RS RS RS FM FM RS RS RS RS FM FM
2BR / 1 BA 2 BR / 1 BA 2 BR / 1 BA 2 BR / 1 BA 2 BR / 1 BA 2 BR / 1 BA 1 BR / 1 BA + Private Deck 2 BR / 1 BA 3 BR / 1 BA 1 BR / 1 BA 2 BR / 1 BA 3 BR / 1 BA 1 BR / 1 BA 2 BR / 1 BA 3 BR / 1 BA 1 BR / 1 BA
Dec-17 Nov-16 Jun-17 Feb-17 Feb-17 Mar-17 Oct-16 Oct-16 Aug-16 May-17 Jun-17 Apr-18 Feb-17 Nov-16 Jul-17 TBD
$970 $1,030 $4,200 $928 $1,020 $1,058 $4,000 $5,200 $5,400 $3,500 $4,400 $1,138 $1,226 $1,003 $5,500 $3,500
$11,640 $12,360 $50,400 $11,136 $12,240 $12,696 $48,000 $62,400 $64,800 $42,000 $52,800 $13,656 $14,712 $12,036 $66,000 $42,000
$44,073
$528,876
TOTAL *Yellow denotes projection at market rent Renovated unit
(1)
EXPENSES
METRIC
AMOUNT
RE Taxes (16/17)
Actual
$35,283
Common Electric
Projected @ $.25/SF
$2,678
Water & Sewer
Projected @ $1.00/SF
$10,710
Insurance
Projected @ $1.00/SF
$10,710
Heating
Projected @ $1.50/SF
$16,065
Repairs & Maintenance
Projected @ $400/Unit
$6,800
Projected @ $400/Month
$4,800
Projected @ 4% of EGI
$25,995
Super Management TOTAL:
$113,001
Retail Income
$120,000
Residential Income
$528,876
Total Gross Income
$648,876
Less Expenses Net Operating Income
($113,001) $535,875
Cushman & Wakefield Copyright 2016. 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: $9,900,000 Property Information Block / Lot
440 / 30
Lot Size
24.25' x 103.25'
Lot SF (Approx.)
2,504
Building Size (Approx.)
24.25' x 73' Irr.
Building SF (Approx.)
10,710
Stories
6
Retail Units
1
Residential Units
16
Zoning
R8B
FAR
4.00
Air Rights (Approx.)
None
Historic District
None
RE Assessment (16/17)
$273,870 (Tax Class 2)
RE Taxes (16/17)
$35,283 (Tax Class 2)
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a six-story, mixed-use, walk-up apartment building located on the south side of East 13th Street between 1st Avenue and Avenue A. The building consists of a ground floor retail space with 16 apartments above. Of the 16 residential units, five are fair market and 11 are subject to rent stabilization. Eight units are renovated with condolevel finishes that include wide plank wood floors, white marble bathrooms, re-finished exposed brick, gray washed stained wood cabinetry, and stainless steel appliances. The average in-place rent is approximately $70 per square foot which is below market. The newly renovated retail space is currently vacant. The building is located less than a block from the 1st Avenue L train stop and within close proximity to neighborhood hot spots such as Hearth and The Redhead. Additionally, the building is less than a block from 500 East 14th Street where Extell is developing a large mixed-use condo building with over 40,000 SF of retail that will drive long term foot traffic.
James Nelson Vice Chairman (212) 696 2500 x7710 [email protected]
Brandon Polakoff Senior Associate (212) 660 7755 [email protected]
Mitchell Levine Associate Director (212) 660 7761 [email protected]
Carly Weinreb Senior Associate (212) 589 5114 [email protected]
Cushman & Wakefield Copyright 2016. 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.
444 East 13th Street, New York, NY RETAIL REVENUE UNIT
TENANT
LXP
Retail
Vacant
TBD
SF
TOTAL
MONTHLY RENT
RENT/SF
ANNUAL RENT
1,000
$10,000
$120
$120,000
1,000
$10,000
$120
$120,000
RESIDENTIAL REVENUE UNIT
1 2 3 (1) 4 5 6 7 (1) 8 (1) (1) 9 10 (1) (1) 11 12 13 14 (1) 15 (1) 16
STATUS
TYPE
LXP
MONTHLY RENT
ANNUAL RENT
RS RS FM RS RS RS RS RS FM FM RS RS RS RS FM FM
2BR / 1 BA 2 BR / 1 BA 2 BR / 1 BA 2 BR / 1 BA 2 BR / 1 BA 2 BR / 1 BA 1 BR / 1 BA + Private Deck 2 BR / 1 BA 3 BR / 1 BA 1 BR / 1 BA 2 BR / 1 BA 3 BR / 1 BA 1 BR / 1 BA 2 BR / 1 BA 3 BR / 1 BA 1 BR / 1 BA
Dec-17 Nov-16 Jun-17 Feb-17 Feb-17 Mar-17 Oct-16 Oct-16 Aug-16 May-17 Jun-17 Apr-18 Feb-17 Nov-16 Jul-17 TBD
$970 $1,030 $4,200 $928 $1,020 $1,058 $4,000 $5,200 $5,400 $3,500 $4,400 $1,138 $1,226 $1,003 $5,500 $3,500
$11,640 $12,360 $50,400 $11,136 $12,240 $12,696 $48,000 $62,400 $64,800 $42,000 $52,800 $13,656 $14,712 $12,036 $66,000 $42,000
$44,073
$528,876
TOTAL *Yellow denotes projection at market rent Renovated unit
(1)
EXPENSES
METRIC
AMOUNT
RE Taxes (16/17)
Actual
$35,283
Common Electric
Projected @ $.25/SF
$2,678
Water & Sewer
Projected @ $1.00/SF
$10,710
Insurance
Projected @ $1.00/SF
$10,710
Heating
Projected @ $1.50/SF
$16,065
Repairs & Maintenance
Projected @ $400/Unit
$6,800
Projected @ $400/Month
$4,800
Projected @ 4% of EGI
$25,995
Super Management TOTAL:
$113,001
Retail Income
$120,000
Residential Income
$528,876
Total Gross Income
$648,876
Less Expenses Net Operating Income
($113,001) $535,875
Cushman & Wakefield Copyright 2016. 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.
