517 second avenue new york, ny 10016
517 SECOND AVENUE NEW YORK, NY 10016 Prime Murray Hill Mixed Use Building FOR SALE
Asking Price: $8,300,000 PROPERTY HIGHLIGHTS Location:
Located on the west side of Second Avenue between East 28th and East 29th Streets.
Block / Lot:
909 / 33
Lot Dimensions:
24.69’ x 95’ (Irr)
Building Size:
24.69’ x 95’, 55’ (2-4)
Stories:
4 plus basement
Gross SF:
6,259 (approx.)
Zoning/FAR:
C1-8A (R9A Residental) / 7.52
Lot Size:
2,186
Total Buildable Sq. Ft.:
16,439 sq. ft. (approx.)
Air Rights:
10,180 sq. ft. (approx.)
Assesment (16/17):
$219,801
Taxes (16/17):
$42,979
sq. ft. (approx.)
PROPERTY DESCRIPTION
TAX MAP 909/33
Third Avenue
Second Avenue
East 29th Street
East 28th Street
A 24.69’ wide, 4-story, mixed-use building, located on the west side of Second Avenue between 28th and 29th Streets. The property consists of a 2,186 sq. ft. retail store on the ground floor plus three (3) floorthrough, three-bedroom / two-bathroom apartments above. The retail tenant is an Italian restaurant with a lease expiring May 31, 2020 and is approximately 50% below market. Each apartment has undergone some form of renovation over the last few years, however current rents are approximately 15%-20% below market. The second floor unit benefits from having a private 1,000(+/-) square foot terrace. 517 Second Avenue provides a buyer the ability to purchase a fully occupied cash flowing asset with near-term upside. Additionally, the approximately 10,180 square feet of unused air rights and location just off the corner make it a desirable parcel to any future development or assemblage. Property Highlights
Retail achieving 50% (+/-) of market Near term upside in residential rents Future development potential Tax Class 1 All free market residential tenants
FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman (212) 660 7700 [email protected]
Hunter L. Moss Associate Director (212) 589 5136 [email protected]
Craig M. Waggner Director (212) 660 7744 [email protected]
For Information on Financing: Justin R. Boruchov Director (212) 660 7728 [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.
517 SECOND AVENUE NEW YORK, NY 10016 Prime Murray Hill Mixed Use Building REVENUE Unit
Status
Layout
Lease Expiration
In-Place Monthly Rent
In-Place Actual Rent
GF *
Retail
Restaurant
5/31/20
$10,434
$125,208
$
22,771
$
273,250
1
FM
3 Bed 2 Bath w/ Terrace
N/A
$5,950
$71,400
$
7,200
$
86,400
2
FM
3 Bed 2 Bath
N/A
$5,250
$63,000
$
6,300
$
75,600
3
FM
3 Bed 2 Bath
N/A
$5,800
$69,600
$
6,300
$
75,600
$27,434
$329,208
$
42,571
$
510,850
TOTALS
Projected Monthly Rent
Projected Annual Rent
* Current rent is $57 psf and includes 3% annual increases. Market retail rent is approximately $125 psf.
ADDITIONAL INCOME Water Reimbursment
IN-PLACE
(Water Reimbursment 75% of Total)
EFFECTIVE ANNUAL INCOME
PRO FORMA
$
8,510
$
8,510
$
337,718
$
519,360
ESTIMATED EXPENSES
IN-PLACE
PRO FORMA
Real Estate Taxes
(Based on 2016/2017 Assessment)
$
42,979
$
42,979
Water & Sewer
(Prior Year Actual)
$
11,346
$
11,346
Insurance
(Based on $0.75 per SF)
$
4,694
$
4,694
Fuel
(Based on $1.60 per Residential SF)
$
6,517
$
6,517
Electric
(Based on $0.25 per Residential SF)
$
1,018
$
1,018
Repairs & Maintenance
(Based on $550 per Unit)
$
1,650
$
1,650
Super
(Based on $200 per Month)
$
2,400
$
2,400
Management
(Based on 3.0% of the Gross Annual Income)
$
9,876
$
15,326
$
80,481
$
85,930
TOTALS
FINANCIAL OVERVIEW
IN-PLACE
PRO FORMA
Effective Annual Income
$
337,718
$
519,360
Less: Expenses
$
80,481
$
85,930
Net Operating Income
$
257,237
$
433,430
FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman (212) 660 7700 [email protected]
Hunter L. Moss Senior Associate (212) 589 5136 [email protected]
Craig M. Waggner Director (212) 660 7744 [email protected]
For Information on Financing: Justin R. Boruchov Director (212) 660 7728 [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: $8,300,000 PROPERTY HIGHLIGHTS Location:
Located on the west side of Second Avenue between East 28th and East 29th Streets.
Block / Lot:
909 / 33
Lot Dimensions:
24.69’ x 95’ (Irr)
Building Size:
24.69’ x 95’, 55’ (2-4)
Stories:
4 plus basement
Gross SF:
6,259 (approx.)
Zoning/FAR:
C1-8A (R9A Residental) / 7.52
Lot Size:
2,186
Total Buildable Sq. Ft.:
16,439 sq. ft. (approx.)
Air Rights:
10,180 sq. ft. (approx.)
Assesment (16/17):
$219,801
Taxes (16/17):
$42,979
sq. ft. (approx.)
PROPERTY DESCRIPTION
TAX MAP 909/33
Third Avenue
Second Avenue
East 29th Street
East 28th Street
A 24.69’ wide, 4-story, mixed-use building, located on the west side of Second Avenue between 28th and 29th Streets. The property consists of a 2,186 sq. ft. retail store on the ground floor plus three (3) floorthrough, three-bedroom / two-bathroom apartments above. The retail tenant is an Italian restaurant with a lease expiring May 31, 2020 and is approximately 50% below market. Each apartment has undergone some form of renovation over the last few years, however current rents are approximately 15%-20% below market. The second floor unit benefits from having a private 1,000(+/-) square foot terrace. 517 Second Avenue provides a buyer the ability to purchase a fully occupied cash flowing asset with near-term upside. Additionally, the approximately 10,180 square feet of unused air rights and location just off the corner make it a desirable parcel to any future development or assemblage. Property Highlights
Retail achieving 50% (+/-) of market Near term upside in residential rents Future development potential Tax Class 1 All free market residential tenants
FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman (212) 660 7700 [email protected]
Hunter L. Moss Associate Director (212) 589 5136 [email protected]
Craig M. Waggner Director (212) 660 7744 [email protected]
For Information on Financing: Justin R. Boruchov Director (212) 660 7728 [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.
517 SECOND AVENUE NEW YORK, NY 10016 Prime Murray Hill Mixed Use Building REVENUE Unit
Status
Layout
Lease Expiration
In-Place Monthly Rent
In-Place Actual Rent
GF *
Retail
Restaurant
5/31/20
$10,434
$125,208
$
22,771
$
273,250
1
FM
3 Bed 2 Bath w/ Terrace
N/A
$5,950
$71,400
$
7,200
$
86,400
2
FM
3 Bed 2 Bath
N/A
$5,250
$63,000
$
6,300
$
75,600
3
FM
3 Bed 2 Bath
N/A
$5,800
$69,600
$
6,300
$
75,600
$27,434
$329,208
$
42,571
$
510,850
TOTALS
Projected Monthly Rent
Projected Annual Rent
* Current rent is $57 psf and includes 3% annual increases. Market retail rent is approximately $125 psf.
ADDITIONAL INCOME Water Reimbursment
IN-PLACE
(Water Reimbursment 75% of Total)
EFFECTIVE ANNUAL INCOME
PRO FORMA
$
8,510
$
8,510
$
337,718
$
519,360
ESTIMATED EXPENSES
IN-PLACE
PRO FORMA
Real Estate Taxes
(Based on 2016/2017 Assessment)
$
42,979
$
42,979
Water & Sewer
(Prior Year Actual)
$
11,346
$
11,346
Insurance
(Based on $0.75 per SF)
$
4,694
$
4,694
Fuel
(Based on $1.60 per Residential SF)
$
6,517
$
6,517
Electric
(Based on $0.25 per Residential SF)
$
1,018
$
1,018
Repairs & Maintenance
(Based on $550 per Unit)
$
1,650
$
1,650
Super
(Based on $200 per Month)
$
2,400
$
2,400
Management
(Based on 3.0% of the Gross Annual Income)
$
9,876
$
15,326
$
80,481
$
85,930
TOTALS
FINANCIAL OVERVIEW
IN-PLACE
PRO FORMA
Effective Annual Income
$
337,718
$
519,360
Less: Expenses
$
80,481
$
85,930
Net Operating Income
$
257,237
$
433,430
FOR MORE INFORMATION, PLEASE CONTACT: John F. Ciraulo Vice Chairman (212) 660 7700 [email protected]
Hunter L. Moss Senior Associate (212) 589 5136 [email protected]
Craig M. Waggner Director (212) 660 7744 [email protected]
For Information on Financing: Justin R. Boruchov Director (212) 660 7728 [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.
