970 Lexington Avenue
FOUR STORY MIXED-USE BUILDING
IDEAL FOR INVESTMENT, CONVERSION, OR USER
970 Lexington Avenue N ew Yo rk , N Y 10021
West side of Lexington Avenue between East 70th and 71st Streets. 1405 / 157 17.5’ x 60' = 1,050 SF Ground Floor: 17.5’ x 48’ = 840 SF (Approx.) Second Floor: 17.5’ x 48’ = 840 SF (Approx.) Third Floor: 17.5’ x 48’ = 840 SF (Approx.) Fourth Floor: 17.5’ x 48’ = 840 SF (Approx.) Total: 3,360 SF (Approx.)
Location: Block / Lot: Lot Size:
Stories: Square Footage (Above Grade):
4 3,360 SF
(Approx.)
Landmarked: Zoning: Maximum FAR: Lot Area:
Yes C1-5/R9X 9 1,050 SF
(Approx.)
Buildable Square Footage: Existing Square Footage: Existing Air Rights: Projected Assessment (14/15): Projected R.E. Taxes (14/15):
9,450 SF 3,360 SF 6,090 SF
(Approx.) (Approx.) (Approx.) Subject to Sliver Law & Landmark
$619,830 $ 81,477
Property Description: The subject property is a four-story mixed use building located on the west side of Lexington Avenue between East 70th and East 71st Street. The first two floors are retail units and the third and fourth floors are free market residential units. The first and fourth floors are currently on month to month leases, and the third floor is vacant. The second floor has a lease expiring in 2018, with 4% rent escalations each year. Located just two blocks from Hunter College, the retail benefits from the school’s foot traffic. The property is conveniently located within short walking distance to the 68th Street station of the train and the Second Avenue Subway in the near future. This is an ideal opportunity for an investor, converter or user.
ASKING PRICE:
$7,495,000 For further information or inspection, please contact Exclusive Agents:
Thomas Gammino
Guthrie Garvin
Brett Weisblum
Michael Gembecki
Louis Marchetta
Senior Vice President of Sales Senior Vice President of Sales Associate Director of Sales Senior Associate Associate [email protected] [email protected] [email protected] [email protected] [email protected] 212.696.2500 x7727 212.696.2500 x7786 212.696.2500 x7784 212.696.2500 x7743 212.696.2500 x5143
Tyler Hughes
Associate [email protected] 212.696.2500 x5148
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333 www.masseyknakal.com THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
FOUR STORY MIXED-USE BUILDING
IDEAL FOR INVESTMENT, CONVERSION, OR USER
970 Lexington Avenue N ew Yo rk , N Y 10021
PROJECTED RENT ROLL Unit Ground Second Third Fourth
Status Lease Exp. Rentable SF Retail Month to Month 840 Retail 2018 840 FM Vacant 714* FM Month to Month 714* Tax Increase Pass-through (Paid for by 2nd Floor Retail)
Rent/SF $300 $59 $65 $65
Total:
Monthly Rent $21,000 $3,992 $3,868 $3,868 $150 $33,337
Annual Rent $252,000 $47,904 $46,410 $46,410 $1,800 $394,524
*15% Loss Factor
REVENUE Gross Annual Income: Less Vacancy and Credit Loss: Effective Gross Income:
PROJECTED $394,524 ($15,781) $378,743
4%
2014 PROJECTED OPERATING EXPENSES Real Estate Taxes (14/15): Water & Sewer: Insurance: Fuel: Electric: Repairs & Maintenance: Management Fee: Total:
$81,477 $1,680 $3,360 $5,376 $840 $2,200 $15,150 $110,083
$0.50 / SF $1.00 / SF $1.60 / SF $0.25 / SF $550 / Unit 4% of EGI
Effective Gross Income: Less Expenses: Net Operating Income:
$378,743 ($110,083) $268,660
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For further information or inspection, please contact Exclusive Agents:
Thomas Gammino
Guthrie Garvin
Senior Vice President of Sales Senior Vice President of Sales [email protected] [email protected] 212.696.2500 x7727 212.696.2500 x7786
Brett Weisblum
Associate Director of Sales [email protected] 212.696.2500 x7784
Michael Gembecki
Louis Marchetta
Senior Associate Associate [email protected] [email protected] 212.696.2500 x7743 212.696.2500 x5143
Tyler Hughes
Associate [email protected] 212.696.2500 x5148
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333 www.masseyknakal.com THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
IDEAL FOR INVESTMENT, CONVERSION, OR USER
970 Lexington Avenue N ew Yo rk , N Y 10021
West side of Lexington Avenue between East 70th and 71st Streets. 1405 / 157 17.5’ x 60' = 1,050 SF Ground Floor: 17.5’ x 48’ = 840 SF (Approx.) Second Floor: 17.5’ x 48’ = 840 SF (Approx.) Third Floor: 17.5’ x 48’ = 840 SF (Approx.) Fourth Floor: 17.5’ x 48’ = 840 SF (Approx.) Total: 3,360 SF (Approx.)
Location: Block / Lot: Lot Size:
Stories: Square Footage (Above Grade):
4 3,360 SF
(Approx.)
Landmarked: Zoning: Maximum FAR: Lot Area:
Yes C1-5/R9X 9 1,050 SF
(Approx.)
Buildable Square Footage: Existing Square Footage: Existing Air Rights: Projected Assessment (14/15): Projected R.E. Taxes (14/15):
9,450 SF 3,360 SF 6,090 SF
(Approx.) (Approx.) (Approx.) Subject to Sliver Law & Landmark
$619,830 $ 81,477
Property Description: The subject property is a four-story mixed use building located on the west side of Lexington Avenue between East 70th and East 71st Street. The first two floors are retail units and the third and fourth floors are free market residential units. The first and fourth floors are currently on month to month leases, and the third floor is vacant. The second floor has a lease expiring in 2018, with 4% rent escalations each year. Located just two blocks from Hunter College, the retail benefits from the school’s foot traffic. The property is conveniently located within short walking distance to the 68th Street station of the train and the Second Avenue Subway in the near future. This is an ideal opportunity for an investor, converter or user.
ASKING PRICE:
$7,495,000 For further information or inspection, please contact Exclusive Agents:
Thomas Gammino
Guthrie Garvin
Brett Weisblum
Michael Gembecki
Louis Marchetta
Senior Vice President of Sales Senior Vice President of Sales Associate Director of Sales Senior Associate Associate [email protected] [email protected] [email protected] [email protected] [email protected] 212.696.2500 x7727 212.696.2500 x7786 212.696.2500 x7784 212.696.2500 x7743 212.696.2500 x5143
Tyler Hughes
Associate [email protected] 212.696.2500 x5148
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333 www.masseyknakal.com THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
FOUR STORY MIXED-USE BUILDING
IDEAL FOR INVESTMENT, CONVERSION, OR USER
970 Lexington Avenue N ew Yo rk , N Y 10021
PROJECTED RENT ROLL Unit Ground Second Third Fourth
Status Lease Exp. Rentable SF Retail Month to Month 840 Retail 2018 840 FM Vacant 714* FM Month to Month 714* Tax Increase Pass-through (Paid for by 2nd Floor Retail)
Rent/SF $300 $59 $65 $65
Total:
Monthly Rent $21,000 $3,992 $3,868 $3,868 $150 $33,337
Annual Rent $252,000 $47,904 $46,410 $46,410 $1,800 $394,524
*15% Loss Factor
REVENUE Gross Annual Income: Less Vacancy and Credit Loss: Effective Gross Income:
PROJECTED $394,524 ($15,781) $378,743
4%
2014 PROJECTED OPERATING EXPENSES Real Estate Taxes (14/15): Water & Sewer: Insurance: Fuel: Electric: Repairs & Maintenance: Management Fee: Total:
$81,477 $1,680 $3,360 $5,376 $840 $2,200 $15,150 $110,083
$0.50 / SF $1.00 / SF $1.60 / SF $0.25 / SF $550 / Unit 4% of EGI
Effective Gross Income: Less Expenses: Net Operating Income:
$378,743 ($110,083) $268,660
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TH
FI
DI
RK
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MA
XI
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For further information or inspection, please contact Exclusive Agents:
Thomas Gammino
Guthrie Garvin
Senior Vice President of Sales Senior Vice President of Sales [email protected] [email protected] 212.696.2500 x7727 212.696.2500 x7786
Brett Weisblum
Associate Director of Sales [email protected] 212.696.2500 x7784
Michael Gembecki
Louis Marchetta
Senior Associate Associate [email protected] [email protected] 212.696.2500 x7743 212.696.2500 x5143
Tyler Hughes
Associate [email protected] 212.696.2500 x5148
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333 www.masseyknakal.com THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
