CityMD Retail Condo - Agorafy
CityMD Retail Condo Long Term Leased East Village Retail Condo At The Jefferson FOR SALE
Asking Price: $15,500,000 Property Information Block / Lot
469 / 1502
Frontage (Approx.)
47.5’
Stories
1 + Lower Level
Ceiling Heights
22’ - Ground 10’ - Lower Level
Ground Net SF
3,268
Lower Level Net SF
3,268
Total Retail Net SF
6,536
Historic District
None
RE Assessment (15/16)
$715,648 (Tax Class 4)
RE Taxes (15/16)
$77,973 (Tax Class 4)
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a retail condo at the base of The Jefferson, an 82-unit newly developed luxury condo building located on the south side of East 14th Street between 3rd Avenue and 2nd Avenue. The unit is leased to CityMD until 2029 who pays $690,000 with 15% increases every fifth year and reimburses for 100% of the RE taxes over base year (to be set at $53,139.28). CityMD spent approximately $1.5 Million building out the space in 2014 and has a single five (5) year option at 95% of FMV. The retail condo features nearly 40’ of frontage on East 14th Street, a glass facade, and 22’ ceilings on the ground floor. It is located directly in front of the 3rd Avenue L train stop and between StuyTown and Union Square, two tremendous drivers of long-term foot traffic. The condo is also on the same block as popular East Village spots such as The Belfry, Blind Pig, and The Winslow. This is a rare opportunity to acquire a low maintenance, high cash flowing asset along a prime East Village retail corridor.
James Nelson Vice Chairman (212) 696 2500 x397710
Robert Burton Executive Director (212) 660 7770
Matt Nickerson Associate Director (212) 660 7742
Brandon Polakoff Senior Associate (212) 660 7742
Keegan Mehlhorn Associate (212) 660 7718
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
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.
216 East 14th Street Retail – CityMD Unit
Tenant
Lease Exp.
Ground
CityMD
Aug-29
LL
CityMD
Aug-29
(1)
(1)
NSF
Monthly Rent
Rent/SF
Annual Rent
3,268
$47,958
$176
$575,500
3,268
$9,542
$35
$114,500 (2)
RE Tax Reimbursement Total (1) (2)
$24,834 6,536
$59,570
$109
$714,834
One (1) five (5) year option at the greater of 95% of FMV or $1,049,403.75 Retroactive credit to be received from 421a sets base year taxes at $53,139.28
Expenses
Metric
Annual
RE Taxes
Actual
$77,973
Insurance
As Per Ownership
$2,800
Actual
$14,141
Common Charges Total
$94,914
Net Operating Income
$619,920
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: $15,500,000 Property Information Block / Lot
469 / 1502
Frontage (Approx.)
47.5’
Stories
1 + Lower Level
Ceiling Heights
22’ - Ground 10’ - Lower Level
Ground Net SF
3,268
Lower Level Net SF
3,268
Total Retail Net SF
6,536
Historic District
None
RE Assessment (15/16)
$715,648 (Tax Class 4)
RE Taxes (15/16)
$77,973 (Tax Class 4)
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a retail condo at the base of The Jefferson, an 82-unit newly developed luxury condo building located on the south side of East 14th Street between 3rd Avenue and 2nd Avenue. The unit is leased to CityMD until 2029 who pays $690,000 with 15% increases every fifth year and reimburses for 100% of the RE taxes over base year (to be set at $53,139.28). CityMD spent approximately $1.5 Million building out the space in 2014 and has a single five (5) year option at 95% of FMV. The retail condo features nearly 40’ of frontage on East 14th Street, a glass facade, and 22’ ceilings on the ground floor. It is located directly in front of the 3rd Avenue L train stop and between StuyTown and Union Square, two tremendous drivers of long-term foot traffic. The condo is also on the same block as popular East Village spots such as The Belfry, Blind Pig, and The Winslow. This is a rare opportunity to acquire a low maintenance, high cash flowing asset along a prime East Village retail corridor.
James Nelson Vice Chairman (212) 696 2500 x397710
Robert Burton Executive Director (212) 660 7770
Matt Nickerson Associate Director (212) 660 7742
Brandon Polakoff Senior Associate (212) 660 7742
Keegan Mehlhorn Associate (212) 660 7718
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
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.
216 East 14th Street Retail – CityMD Unit
Tenant
Lease Exp.
Ground
CityMD
Aug-29
LL
CityMD
Aug-29
(1)
(1)
NSF
Monthly Rent
Rent/SF
Annual Rent
3,268
$47,958
$176
$575,500
3,268
$9,542
$35
$114,500 (2)
RE Tax Reimbursement Total (1) (2)
$24,834 6,536
$59,570
$109
$714,834
One (1) five (5) year option at the greater of 95% of FMV or $1,049,403.75 Retroactive credit to be received from 421a sets base year taxes at $53,139.28
Expenses
Metric
Annual
RE Taxes
Actual
$77,973
Insurance
As Per Ownership
$2,800
Actual
$14,141
Common Charges Total
$94,914
Net Operating Income
$619,920
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.
