64 2nd avenue - Massey Knakal
FOR SALE
64 2ND AVENUE New York, NY 10003
5-STORY EAST VILLAGE MIXED-USE BUILDING FOR SALE
Property Information Block / Lot
445 / 6
Lot Size
20.17' x 84.17'
Lot SF (Approx.)
1,698
Building Dimensions (Approx.)
20.17' x 84.17' (Lower-2nd) 20.17' x 49' (3rd-5th)
Building Gross SF (Approx.)
6,360 (Above Grade) 7,433 (Includes LL)
Stories
5 + Lower Level W/ Egress
Commercial Units
2
Residential Units
2
Total Units
4
Zoning
R7A* (C2-5 Overlay)
Commercial FAR
2.00
Residential FAR
3.45
Air Rights (Approx.)
None
Historic District
East Village / LES
RE Assessment (17/18)
$161,010 (Tax Class 2A)
RE Taxes (17/18)
$20,757 (Tax Class 2A)
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a five-story plus lower level, mixed-use, walk-up building located on the east side of 2nd Avenue between East 3rd and East 4th Streets. The building has been owned and operated by current ownership for over 20 years. It consists of commercial spaces on the ground floor, second floor, and lower level and two large residential units above. The two 1,400 SF commercial units are vacant and feature a 1,370 SF lower level with 9' ceilings and windows providing excellent light and air. If desired, the second floor can be connected to the ground floor through an existing marble staircase (now enclosed) creating a three-level retail space. Both residential units are FM and currently leased at below market rents. One unit is an expansive five-bedroom duplex with exclusive interior access to a 700 SF rooftop entertainment area with World Trade Center and Empire State Building views. The other is a 900 SF floor-through space with a rear patio. The building hasn't been renovated in over 10-years and there is generous upside in the in-place residential rents (average in-place rents are $66/SF in a market commanding $85+/SF for units with outdoor space). It is located steps from highlytrafficked neighborhood spots such as La Cerveceria, The Bean, The Black Ant, Rosie's, Mermaid Inn, Frank, and Coopers Craft & Kitchen. Additionally, it is three blocks north of the F train entrance on 2nd Avenue and Houston Street and equidistant from the Bleecker Street 6 train stop. This is a great opportunity to acquire an investment property with strong in-place cash flow and immediate upside in the retail and residential rents as well as a rare user deal in the heart of Manhattan's fastest growing neighborhood. This space is also being offered by Cushman & Wakefield for lease.
ASKING PRICE
$8,500,000 (5.3% CAP)
James Nelson, Vice Chairman Brandon Polakoff, Associate Director 212.696.2500 x7710 // [email protected] 212.660.7755 // [email protected] Mitchell Levine, Director 212.660.7761 // [email protected]
David Shalom, Director 212.660.7767 // [email protected]
Carly Weinreb, Senior Associate 212.589.5114 // [email protected]
Ryan Carlson, Equity & Debt Coordinator 212.660.7782 // [email protected]
Cushman & Wakefield copyright 2017. 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.
FOR SALE
64 2ND AVENUE New York, NY 10003
FINANCIAL SNAPSHOT
COMMERCIAL REVENUE UNIT
TENANT
NSF
LXP
MONTHLY RENT
RENT/SF
ANNUAL RENT
Lower Level
Vacant
1,370
TBD
-
-
-
Ground
Vacant
1,400
TBD
$17,500
$150
$210,000
2
Vacant
1,400
TBD
$9,000
$77
$108,000
$24,000
$76
$318,000
*Yellow denotes projection at market rent
TOTAL
4,170
RESIDENTIAL REVENUE UNIT
STATUS
TYPE
NSF
LXP
MONTHLY RENT
RENT/SF
ANNUAL RENT
3
FM
2 BR + Terrace
900
Jun-18
$5,575
$74
$66,900
4/5
FM
5 BR + Rooftop
1,850
Jun-18
$9,567
$62
$114,804
$15,250
$66
$181,704
TOTAL
EXPENSES
2,750
METRIC
AMOUNT
RE Taxes (17/18)
Actual
$20,757
Common Utilities
Owner Provided
$3,929
Insurance
Owner Provided
$7,535
Heating
Tenant Expense
-
Cleaning & Maintenance
Owner Provided
$3,600
Projected @ $10,000
$10,000
Management TOTAL
$45,821
Retail Income
$318,000
Residential Income
$181,704
Effective Gross Income
$499,704
Less Expenses
($45,821)
Net Operating Income
$453,883
Cushman & Wakefield copyright 2017. 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.
64 2ND AVENUE New York, NY 10003
5-STORY EAST VILLAGE MIXED-USE BUILDING FOR SALE
Property Information Block / Lot
445 / 6
Lot Size
20.17' x 84.17'
Lot SF (Approx.)
1,698
Building Dimensions (Approx.)
20.17' x 84.17' (Lower-2nd) 20.17' x 49' (3rd-5th)
Building Gross SF (Approx.)
6,360 (Above Grade) 7,433 (Includes LL)
Stories
5 + Lower Level W/ Egress
Commercial Units
2
Residential Units
2
Total Units
4
Zoning
R7A* (C2-5 Overlay)
Commercial FAR
2.00
Residential FAR
3.45
Air Rights (Approx.)
None
Historic District
East Village / LES
RE Assessment (17/18)
$161,010 (Tax Class 2A)
RE Taxes (17/18)
$20,757 (Tax Class 2A)
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a five-story plus lower level, mixed-use, walk-up building located on the east side of 2nd Avenue between East 3rd and East 4th Streets. The building has been owned and operated by current ownership for over 20 years. It consists of commercial spaces on the ground floor, second floor, and lower level and two large residential units above. The two 1,400 SF commercial units are vacant and feature a 1,370 SF lower level with 9' ceilings and windows providing excellent light and air. If desired, the second floor can be connected to the ground floor through an existing marble staircase (now enclosed) creating a three-level retail space. Both residential units are FM and currently leased at below market rents. One unit is an expansive five-bedroom duplex with exclusive interior access to a 700 SF rooftop entertainment area with World Trade Center and Empire State Building views. The other is a 900 SF floor-through space with a rear patio. The building hasn't been renovated in over 10-years and there is generous upside in the in-place residential rents (average in-place rents are $66/SF in a market commanding $85+/SF for units with outdoor space). It is located steps from highlytrafficked neighborhood spots such as La Cerveceria, The Bean, The Black Ant, Rosie's, Mermaid Inn, Frank, and Coopers Craft & Kitchen. Additionally, it is three blocks north of the F train entrance on 2nd Avenue and Houston Street and equidistant from the Bleecker Street 6 train stop. This is a great opportunity to acquire an investment property with strong in-place cash flow and immediate upside in the retail and residential rents as well as a rare user deal in the heart of Manhattan's fastest growing neighborhood. This space is also being offered by Cushman & Wakefield for lease.
ASKING PRICE
$8,500,000 (5.3% CAP)
James Nelson, Vice Chairman Brandon Polakoff, Associate Director 212.696.2500 x7710 // [email protected] 212.660.7755 // [email protected] Mitchell Levine, Director 212.660.7761 // [email protected]
David Shalom, Director 212.660.7767 // [email protected]
Carly Weinreb, Senior Associate 212.589.5114 // [email protected]
Ryan Carlson, Equity & Debt Coordinator 212.660.7782 // [email protected]
Cushman & Wakefield copyright 2017. 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.
FOR SALE
64 2ND AVENUE New York, NY 10003
FINANCIAL SNAPSHOT
COMMERCIAL REVENUE UNIT
TENANT
NSF
LXP
MONTHLY RENT
RENT/SF
ANNUAL RENT
Lower Level
Vacant
1,370
TBD
-
-
-
Ground
Vacant
1,400
TBD
$17,500
$150
$210,000
2
Vacant
1,400
TBD
$9,000
$77
$108,000
$24,000
$76
$318,000
*Yellow denotes projection at market rent
TOTAL
4,170
RESIDENTIAL REVENUE UNIT
STATUS
TYPE
NSF
LXP
MONTHLY RENT
RENT/SF
ANNUAL RENT
3
FM
2 BR + Terrace
900
Jun-18
$5,575
$74
$66,900
4/5
FM
5 BR + Rooftop
1,850
Jun-18
$9,567
$62
$114,804
$15,250
$66
$181,704
TOTAL
EXPENSES
2,750
METRIC
AMOUNT
RE Taxes (17/18)
Actual
$20,757
Common Utilities
Owner Provided
$3,929
Insurance
Owner Provided
$7,535
Heating
Tenant Expense
-
Cleaning & Maintenance
Owner Provided
$3,600
Projected @ $10,000
$10,000
Management TOTAL
$45,821
Retail Income
$318,000
Residential Income
$181,704
Effective Gross Income
$499,704
Less Expenses
($45,821)
Net Operating Income
$453,883
Cushman & Wakefield copyright 2017. 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.
