asking price : $14000000 - Agorafy
| Mixed-Use Building | 23 East 17th Street New York, NY
PROPERTY SNAPSHOT Location: Block / Lot: Lot Dimensions:
846 / 17 25’ x 76.17’
Irr.
(Approx.)
Building Size:
25’ x 76.17’
Irr.
(Approx.)
Lot Size:
1,833 sq. ft
Stories: Gross Square Footage: Zoning / FAR: Unused Air Rights: Assessment (14/15): Real Estate Taxes (14/15): Landmark Status: (1)
Located on the north side of East 17th Street between Fifth Avenue and Broadway.
(Approx.)
6 Plus Basement 10,998 SF M1-5M / 5.0
(Approx.) (1)
None, Overbuilt $690,750 $71,306 Ladies’ Mile Historic District
FAR : 6.5 for community facilities in Use Group 4 only.
East 18th Street
5th Ave.
ay adw o r B
846 / 17
property description
East 17th Street A 25’ wide, 6-story plus cellar neo-renaissance style mixed-use building, characteristic of the later development phase of the Ladies Mile Historic District in which it is situated. Built in 1902, the building is approximately 10,998 square feet and has an elevator. The building consists of seven (7) units: two (2) retail stores on the ground floor, one (1) commercial/retail space on the 2nd floor occupied by Paragon Sports whose entrance is on Broadway and four (4) floor-through apartments above. The 3rd and 6th floors are owner occupied residences and will be delivered vacant. The building is located in Union Square, home to over 70,000 residents, 150,000 employees and 40,000 students offering a thriving cultural, business and education hub with top-notch restaurants, unique fitness studios and diverse retailers. The area hosts one of NYC’s most iconic gathering points, Union Square Park, and features the popular Greenmarket four days a week. According to the Union Square Partnership’s 2014 Pedestrian Activity Report, an all-time high 383,000 average daily visitors and over 35 million annual subway riders pass through and around Union Square. 23 East 17th Street’s superb location 117’ off Broadway and just steps from Union Square make it an exceptional investment property with the opportunity of a condo conversion.
asking price : $ 1 4 , 0 0 0 , 0 0 0 | For further information or inspection, please contact Exclusive Agents |
John F. Ciraulo
Vice Chairman [email protected] 212.696.2500 x7700
Thomas D. Gammino Jr. Senior Vice President of Sales [email protected] (212) 696-2500 x 7727
Craig M. Waggner
Director of Sales [email protected] 212.696.2500 x7744
Brett Weisblum
Associate Director of Sales [email protected] (212) 696-2500 x 7784
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
| Mixed-Use Building | 23 East 17th Street New York, NY
Rent Roll Unit
In -Place
Layout
Cellar
Lease Status
Storage / Mech
Lease Expires
Approx. Size (NSF)
N/A
Pro-Forma
Actual $/SF
Actual Monthly Rent
Actual Annual Rent
$/SF
Monthly Rent
Annual Rent
1,400
-
-
-
-
-
-
Retail West
Hair Salon
Comm.
8/15/2015
1,000
$106
$8,814
$105,769
$175
$14,583 $175,000
Retail East
Shoe Repair
Comm.
3/31/2016
400
$156
$5,209
$62,512
$175
$5,833
$70,000
2nd Floor
Paragon
Comm.
3/31/2017
1,400
$66
$7,649
$91,789
$66
$7,649
$91,789
3rd Floor
1 Bdrm / 1 Ba
FM
VACANT
1,400
$85
$9,917
$119,000
4th Floor
2 Bdrm / 1 Ba
FM
3/31/2015
1,400
$40
$4,668
$56,016
$85
$9,917
$119,000
5th Floor
1 Bdrm / 1 Ba
FM
6/30/2015
1,400
$49
$5,750
$69,000
$85
$9,917
$119,000
6th Floor
2 Bdrm / 2 Ba Totals
FM
VACANT
1,400 8,400
$85
$9,917 $67,732
$119,000 $812,789
$32,091
$385,086
EXPENSES: (ESTIMATED)
In-Place
Pro-Forma
PPU
$ / SF
% of EGI
Actual
$ / SF
% of EGI
Pro-Forma
$10,187
$6.48
18.52%
$71,306
$6.48
8.77%
$71,306
$628
$0.40
0.54%
$4,399
$0.40
0.54%
$4,399
Insurance
$1,178
$0.75
1.01%
$8,249
$0.75
1.01%
$8,249
Fuel (Oil #2)
$2,357
$1.50
2.03%
$16,497
$1.50
2.03%
$16,497
Electric (Common Areas)
$393
$0.25
0.34%
$2,750
$0.25
0.34%
$2,750
Repairs & Maintenance
$786
$0.50
0.68%
$5,499
$0.50
0.68%
$5,499
Elevator Maintenance
$571
$0.36
0.49%
$4,000
$0.36
0.49%
$4,000
Super
$343
$0.22
0.30%
$2,400
$0.22
0.30%
$2,400
Management
$1,650
$1.05
3.00%
$11,553
$2.22
3.00%
$24,384
Miscellaneous TOTAL EXPENSES:
$550 $18,643
$0.35 $11.87
1.00% 27.90%
$3,851 $130,503
$0.74 $13.42
1.00% 18.16%
$8,128 $147,611
Real Estate Taxes Water/Sewer
$254,584
Net Operating Income
$665,178
asking price : $ 1 4 , 0 0 0 , 0 0 0 | For further information or inspection, please contact Exclusive Agents |
John F. Ciraulo
Vice Chairman [email protected] 212.696.2500 x7700
Thomas D. Gammino Jr. Senior Vice President of Sales [email protected] (212) 696-2500 x 7727
Craig M. Waggner
Director of Sales [email protected] 212.696.2500 x7744
Brett Weisblum
Associate Director of Sales [email protected] (212) 696-2500 x 7784
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
PROPERTY SNAPSHOT Location: Block / Lot: Lot Dimensions:
846 / 17 25’ x 76.17’
Irr.
(Approx.)
Building Size:
25’ x 76.17’
Irr.
(Approx.)
Lot Size:
1,833 sq. ft
Stories: Gross Square Footage: Zoning / FAR: Unused Air Rights: Assessment (14/15): Real Estate Taxes (14/15): Landmark Status: (1)
Located on the north side of East 17th Street between Fifth Avenue and Broadway.
(Approx.)
6 Plus Basement 10,998 SF M1-5M / 5.0
(Approx.) (1)
None, Overbuilt $690,750 $71,306 Ladies’ Mile Historic District
FAR : 6.5 for community facilities in Use Group 4 only.
East 18th Street
5th Ave.
ay adw o r B
846 / 17
property description
East 17th Street A 25’ wide, 6-story plus cellar neo-renaissance style mixed-use building, characteristic of the later development phase of the Ladies Mile Historic District in which it is situated. Built in 1902, the building is approximately 10,998 square feet and has an elevator. The building consists of seven (7) units: two (2) retail stores on the ground floor, one (1) commercial/retail space on the 2nd floor occupied by Paragon Sports whose entrance is on Broadway and four (4) floor-through apartments above. The 3rd and 6th floors are owner occupied residences and will be delivered vacant. The building is located in Union Square, home to over 70,000 residents, 150,000 employees and 40,000 students offering a thriving cultural, business and education hub with top-notch restaurants, unique fitness studios and diverse retailers. The area hosts one of NYC’s most iconic gathering points, Union Square Park, and features the popular Greenmarket four days a week. According to the Union Square Partnership’s 2014 Pedestrian Activity Report, an all-time high 383,000 average daily visitors and over 35 million annual subway riders pass through and around Union Square. 23 East 17th Street’s superb location 117’ off Broadway and just steps from Union Square make it an exceptional investment property with the opportunity of a condo conversion.
asking price : $ 1 4 , 0 0 0 , 0 0 0 | For further information or inspection, please contact Exclusive Agents |
John F. Ciraulo
Vice Chairman [email protected] 212.696.2500 x7700
Thomas D. Gammino Jr. Senior Vice President of Sales [email protected] (212) 696-2500 x 7727
Craig M. Waggner
Director of Sales [email protected] 212.696.2500 x7744
Brett Weisblum
Associate Director of Sales [email protected] (212) 696-2500 x 7784
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
| Mixed-Use Building | 23 East 17th Street New York, NY
Rent Roll Unit
In -Place
Layout
Cellar
Lease Status
Storage / Mech
Lease Expires
Approx. Size (NSF)
N/A
Pro-Forma
Actual $/SF
Actual Monthly Rent
Actual Annual Rent
$/SF
Monthly Rent
Annual Rent
1,400
-
-
-
-
-
-
Retail West
Hair Salon
Comm.
8/15/2015
1,000
$106
$8,814
$105,769
$175
$14,583 $175,000
Retail East
Shoe Repair
Comm.
3/31/2016
400
$156
$5,209
$62,512
$175
$5,833
$70,000
2nd Floor
Paragon
Comm.
3/31/2017
1,400
$66
$7,649
$91,789
$66
$7,649
$91,789
3rd Floor
1 Bdrm / 1 Ba
FM
VACANT
1,400
$85
$9,917
$119,000
4th Floor
2 Bdrm / 1 Ba
FM
3/31/2015
1,400
$40
$4,668
$56,016
$85
$9,917
$119,000
5th Floor
1 Bdrm / 1 Ba
FM
6/30/2015
1,400
$49
$5,750
$69,000
$85
$9,917
$119,000
6th Floor
2 Bdrm / 2 Ba Totals
FM
VACANT
1,400 8,400
$85
$9,917 $67,732
$119,000 $812,789
$32,091
$385,086
EXPENSES: (ESTIMATED)
In-Place
Pro-Forma
PPU
$ / SF
% of EGI
Actual
$ / SF
% of EGI
Pro-Forma
$10,187
$6.48
18.52%
$71,306
$6.48
8.77%
$71,306
$628
$0.40
0.54%
$4,399
$0.40
0.54%
$4,399
Insurance
$1,178
$0.75
1.01%
$8,249
$0.75
1.01%
$8,249
Fuel (Oil #2)
$2,357
$1.50
2.03%
$16,497
$1.50
2.03%
$16,497
Electric (Common Areas)
$393
$0.25
0.34%
$2,750
$0.25
0.34%
$2,750
Repairs & Maintenance
$786
$0.50
0.68%
$5,499
$0.50
0.68%
$5,499
Elevator Maintenance
$571
$0.36
0.49%
$4,000
$0.36
0.49%
$4,000
Super
$343
$0.22
0.30%
$2,400
$0.22
0.30%
$2,400
Management
$1,650
$1.05
3.00%
$11,553
$2.22
3.00%
$24,384
Miscellaneous TOTAL EXPENSES:
$550 $18,643
$0.35 $11.87
1.00% 27.90%
$3,851 $130,503
$0.74 $13.42
1.00% 18.16%
$8,128 $147,611
Real Estate Taxes Water/Sewer
$254,584
Net Operating Income
$665,178
asking price : $ 1 4 , 0 0 0 , 0 0 0 | For further information or inspection, please contact Exclusive Agents |
John F. Ciraulo
Vice Chairman [email protected] 212.696.2500 x7700
Thomas D. Gammino Jr. Senior Vice President of Sales [email protected] (212) 696-2500 x 7727
Craig M. Waggner
Director of Sales [email protected] 212.696.2500 x7744
Brett Weisblum
Associate Director of Sales [email protected] (212) 696-2500 x 7784
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
