951 first avenue - AGORAFY
951 FIRST AVENUE VALUE-ADD MIXED USE OPPORTUNITY PROPERTY DESCRIPTION Property
951 First Avenue New York, NY 10022
Location
West side of First Avenue Between 52nd & 53rd Streets
Year Built Building Height Block / Lot
1910 5-Story 1345 / 25
Ground Fl. Dimensions (Approx.)
20' x 64'
2nd-5th Fl. Dimensions (Approx.)
20' x 46'
Building SF
4,960 SF
Lot Area
1,280 SF
Zoning District
C1-5 / R10
Air Rights
Sold
Frontage
20'
Depth
64'
*Building measurements are estimated based on the site plan and public records.
REDUCED ASKING PRICE: $5,850,000 Cushman & Wakefield has been exclusively retained to offer 951 First Avenue (the “Property”), a 5-story, mixed use, walk-up building located within Manhattan’s prestigious Midtown East neighborhood. Situated on the west side of First Avenue, between 52nd and 53rd Streets, the Property includes a ground floor retail unit with eight apartments located above. The building’s current vacancy, including the retail unit and six apartments, as well as one rent stabilized** and one rent controlled apartment, offers an investor the opportunity to unlock tremendous value. Located just two blocks east of the Lexington Ave/53rd Street subway station (E/M) and four blocks northeast of the Lexington Ave/51st Street subway station (6), as well as adjacent to Toll Brothers’ latest 34-story, 136-unit luxury condominium development, 951 First Avenue represents an excellent value-add opportunity in one of the world’s most sought-after investment submarkets. Midtown East benefits from firmly-anchored demand drivers: the headquarters of the United Nations and the proximity of Midtown Manhattan’s commercial epicenter. Similar to the overall Manhattan market, the Midtown East rental market is characterized by low vacancy, strong demand, and rising rents. As Manhattan’s residential market continues to thrive, 951 First Avenue presents an attractive investment opportunity in a core Midtown location. ** Ownership has received a court order that requires the current rent stabilized tenant to vacate its unit within the next three months.
951 FIRST AVENUE VALUE-ADD MIXED USE OPPORTUNITY PROJECTED REVENUE Unit #
Status
NSF
Rent/SF
Monthly Rent
Annual Rent
Ground Fl
Vacant
1,000
$125.00
$10,417
$125,000
2A
Vacant
391
$76.73
$2,500
$30,000
2B
Vacant
391
$76.73
$2,500
$30,000
3A
Vacant
391
$76.73
$2,500
$30,000
3B
Vacant
391
$76.73
$2,500
$30,000
4A
Vacant
391
$76.73
$2,500
$30,000
4B
Rent Stabilized*
391
$76.73
$2,500
$30,000
5A
Vacant
391
$76.73
$2,500
$30,000
5B
Rent Controlled
391
$4.60
$150
$1,800
4,128
$81.59
$28,067
$336,800
Total
*Rent stabilized tenant has a court order to vacate their unit within 3 months. Market rent is applied. Note: Vacant units are projected at market.
OPERATING EXPENSES (PROJECTED) Real Estate Taxes (14/15 Actual)
$54,479
Common Electric (Proj. @ $.50/SF)
$2,480
Insurance (Proj. @ $1.00/SF)
$4,960
Water & Sewer (Proj. @ $1.00/SF)
$4,960
Heating (Proj. @ $1.25/SF)
$6,200
Super (Projected @ $300/Month)
$3,600
Repairs & Maintenance (Proj. @ $500/Unit) Management Fee (3% of EGI) Total Expenses Gross Annual Income
The Sutton
$4,500 $9,851 $91,031 $336,800
Less:Vacancy & Credit Loss @ 2.50%
($8,420)
Less: Operating Expenses
($91,031)
Net Operating Income
$237,349
951 First Avenue
Toll Brothers' new Sutton Place development
CLINT OLSEN
Director New York Capital Markets Group [email protected] (212) 696-2500 x7747
1290 Avenue of the Americas New York, NY 10104
Tel: (212) 841-7500 Fax: (212) 479-8348
ALEXANDER HAYSSEN
MADELINE BURBANK
Senior Associate New York Capital Markets Group [email protected] (212) 696-2500 x7713
Associate New York Capital Markets Group [email protected] (212) 696-2500 x5172
JOHN CHARTERS
Associate New York Capital Markets Group [email protected] (212) 841-5997
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photograph of any person, entity, sign, logo or property (other than Cushman & Wakefield’s client and the Property offered by Cushman & Wakefield) is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and Cushman & Wakefield or its client.
951 First Avenue New York, NY 10022
Location
West side of First Avenue Between 52nd & 53rd Streets
Year Built Building Height Block / Lot
1910 5-Story 1345 / 25
Ground Fl. Dimensions (Approx.)
20' x 64'
2nd-5th Fl. Dimensions (Approx.)
20' x 46'
Building SF
4,960 SF
Lot Area
1,280 SF
Zoning District
C1-5 / R10
Air Rights
Sold
Frontage
20'
Depth
64'
*Building measurements are estimated based on the site plan and public records.
REDUCED ASKING PRICE: $5,850,000 Cushman & Wakefield has been exclusively retained to offer 951 First Avenue (the “Property”), a 5-story, mixed use, walk-up building located within Manhattan’s prestigious Midtown East neighborhood. Situated on the west side of First Avenue, between 52nd and 53rd Streets, the Property includes a ground floor retail unit with eight apartments located above. The building’s current vacancy, including the retail unit and six apartments, as well as one rent stabilized** and one rent controlled apartment, offers an investor the opportunity to unlock tremendous value. Located just two blocks east of the Lexington Ave/53rd Street subway station (E/M) and four blocks northeast of the Lexington Ave/51st Street subway station (6), as well as adjacent to Toll Brothers’ latest 34-story, 136-unit luxury condominium development, 951 First Avenue represents an excellent value-add opportunity in one of the world’s most sought-after investment submarkets. Midtown East benefits from firmly-anchored demand drivers: the headquarters of the United Nations and the proximity of Midtown Manhattan’s commercial epicenter. Similar to the overall Manhattan market, the Midtown East rental market is characterized by low vacancy, strong demand, and rising rents. As Manhattan’s residential market continues to thrive, 951 First Avenue presents an attractive investment opportunity in a core Midtown location. ** Ownership has received a court order that requires the current rent stabilized tenant to vacate its unit within the next three months.
951 FIRST AVENUE VALUE-ADD MIXED USE OPPORTUNITY PROJECTED REVENUE Unit #
Status
NSF
Rent/SF
Monthly Rent
Annual Rent
Ground Fl
Vacant
1,000
$125.00
$10,417
$125,000
2A
Vacant
391
$76.73
$2,500
$30,000
2B
Vacant
391
$76.73
$2,500
$30,000
3A
Vacant
391
$76.73
$2,500
$30,000
3B
Vacant
391
$76.73
$2,500
$30,000
4A
Vacant
391
$76.73
$2,500
$30,000
4B
Rent Stabilized*
391
$76.73
$2,500
$30,000
5A
Vacant
391
$76.73
$2,500
$30,000
5B
Rent Controlled
391
$4.60
$150
$1,800
4,128
$81.59
$28,067
$336,800
Total
*Rent stabilized tenant has a court order to vacate their unit within 3 months. Market rent is applied. Note: Vacant units are projected at market.
OPERATING EXPENSES (PROJECTED) Real Estate Taxes (14/15 Actual)
$54,479
Common Electric (Proj. @ $.50/SF)
$2,480
Insurance (Proj. @ $1.00/SF)
$4,960
Water & Sewer (Proj. @ $1.00/SF)
$4,960
Heating (Proj. @ $1.25/SF)
$6,200
Super (Projected @ $300/Month)
$3,600
Repairs & Maintenance (Proj. @ $500/Unit) Management Fee (3% of EGI) Total Expenses Gross Annual Income
The Sutton
$4,500 $9,851 $91,031 $336,800
Less:Vacancy & Credit Loss @ 2.50%
($8,420)
Less: Operating Expenses
($91,031)
Net Operating Income
$237,349
951 First Avenue
Toll Brothers' new Sutton Place development
CLINT OLSEN
Director New York Capital Markets Group [email protected] (212) 696-2500 x7747
1290 Avenue of the Americas New York, NY 10104
Tel: (212) 841-7500 Fax: (212) 479-8348
ALEXANDER HAYSSEN
MADELINE BURBANK
Senior Associate New York Capital Markets Group [email protected] (212) 696-2500 x7713
Associate New York Capital Markets Group [email protected] (212) 696-2500 x5172
JOHN CHARTERS
Associate New York Capital Markets Group [email protected] (212) 841-5997
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photograph of any person, entity, sign, logo or property (other than Cushman & Wakefield’s client and the Property offered by Cushman & Wakefield) is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and Cushman & Wakefield or its client.
