103 Norfolk Street - Agorafy
For Sale Commercial Condominium – BLUE Building
103 Norfolk Street New York, NY 10002 103-105 Norfolk Street, New York, NY LOCATION: BLOCK: LOT: GROSS SF: TOTAL:
# OF UNITS: USE: TAXES (14/15): 421A ABATEMENTS: COMMON CHARGES:
The subject is located on the west side of Norfolk Street, between Delancey and Rivington Streets 353 1001 2690 281 2,971
Approx. SF (Above Grade) Approx. SF (Below Grade) Approx. SF (Combined)
429
Approx. SF of Front Yard Common Area
1 Commercial $ $ $ $
33,651 13,172 20,479 30,768
PROPERTY DESCRIPTION: The subject is a commercial condominium located on the ground floor of 103 Norfolk Street aka the BLUE Building. The unit consists of 2,690 gross SF plus an addition 281 gross SF in the basement and a 429 gross SF of common area that serves as an outdoor plaza on Norfolk Street. The unit benefits from approximately 12’ ceiling heights. The tenant is Thierry Goldberg Gallery, lease expiration is 8/31/21. Please Note: There is currently a 421A tax abatement in place that commenced in 2007 and has approximately $55,000 of remaining abatement left. The unit is part of the Blue Building, which is a newer building containing 32 luxury apartments. The space is just 100 feet from white hot Delancey Street retail and is 1/2 block from the F Train. There is a growing demand for shops and services that cater to the growing residential population in the area. Furthermore, Essex Crossing is directly across the street which will add 1.5M SF of residential, retail and community space to the neighborhood. Current neighbors include Chase Bank, Duane Reade, Bank of America, WaMu, Starbucks, American Apparel, Banco Popular, Sleepy's, Children's Place and more.
Asking Price: $1,500,000 For more information or inspection, please contact Exclusive Agents:
Michael DeCheser
Darragh Clarke
Mei Ling Wong
Vice President of Sales 212-696-2500 x 7772
Associate Director of Sales 212-696-2500 x 7737
Senior Associate 212-696-2500 x 7716
[email protected]
[email protected]
[email protected]
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. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. 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
QUEENS
STATEN ISLAND
WESTCHESTER
For Sale Commercial Condominium – BLUE Building
103 Norfolk Street New York, NY 10002 Premises:
103 Norfolk Street - Commercial Condo
Tenant:
Thierry Goldberg Gallery
Lease Commencement Date:
3/1/2011
Least Term:
10 years
Lease Expiration Date:
8/30/2021
Renewal Option:
None
Real Estate Taxes:
Tenant shall pay 100% of the RE taxes over the base tax year (7/1/2011 - 6/30/2012)
Utilities:
Tenant Responsible
Insurance:
Tenant Responsible
Disposal:
Tenant Responsible
Rent Schedule Start
Annual Rent
Monthly Rent
End
9/1/14
$
82,520 $
6,877
8/31/15
9/1/15
$
86,558 $
7,213
8/31/16
9/1/16
$
90,894 $
7,575
8/31/17
9/1/17
$
95,271 $
7,939
8/31/18
9/1/18
$
98,129 $
8,177
8/31/19
9/1/19
$
101,072 $
8,423
8/31/20
9/1/20
$
104,104 $
8,675
8/31/21
Financial Overview
Expenses Real Estate Taxes (14/15): Insurance: Common Charges:
$ $ $
20,479 1,800 30,768
TOTAL:
$
53,047
Gross Annual Income: Tax Pass-through: Expenses:
$ $ $
Net Operating Income:
$
82,520 13,493 53,047
42,966
Asking Price: $1,500,000 For more information or inspection, please contact Exclusive Agents:
Michael DeCheser
Darragh Clarke
Mei Ling Wong
Vice President of Sales 212-696-2500 x 7772
Associate Director of Sales 212-696-2500 x 7737
Senior Associate 212-696-2500 x 7716
[email protected]
[email protected]
[email protected]
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. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. 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
QUEENS
STATEN ISLAND
WESTCHESTER
103 Norfolk Street New York, NY 10002 103-105 Norfolk Street, New York, NY LOCATION: BLOCK: LOT: GROSS SF: TOTAL:
# OF UNITS: USE: TAXES (14/15): 421A ABATEMENTS: COMMON CHARGES:
The subject is located on the west side of Norfolk Street, between Delancey and Rivington Streets 353 1001 2690 281 2,971
Approx. SF (Above Grade) Approx. SF (Below Grade) Approx. SF (Combined)
429
Approx. SF of Front Yard Common Area
1 Commercial $ $ $ $
33,651 13,172 20,479 30,768
PROPERTY DESCRIPTION: The subject is a commercial condominium located on the ground floor of 103 Norfolk Street aka the BLUE Building. The unit consists of 2,690 gross SF plus an addition 281 gross SF in the basement and a 429 gross SF of common area that serves as an outdoor plaza on Norfolk Street. The unit benefits from approximately 12’ ceiling heights. The tenant is Thierry Goldberg Gallery, lease expiration is 8/31/21. Please Note: There is currently a 421A tax abatement in place that commenced in 2007 and has approximately $55,000 of remaining abatement left. The unit is part of the Blue Building, which is a newer building containing 32 luxury apartments. The space is just 100 feet from white hot Delancey Street retail and is 1/2 block from the F Train. There is a growing demand for shops and services that cater to the growing residential population in the area. Furthermore, Essex Crossing is directly across the street which will add 1.5M SF of residential, retail and community space to the neighborhood. Current neighbors include Chase Bank, Duane Reade, Bank of America, WaMu, Starbucks, American Apparel, Banco Popular, Sleepy's, Children's Place and more.
Asking Price: $1,500,000 For more information or inspection, please contact Exclusive Agents:
Michael DeCheser
Darragh Clarke
Mei Ling Wong
Vice President of Sales 212-696-2500 x 7772
Associate Director of Sales 212-696-2500 x 7737
Senior Associate 212-696-2500 x 7716
[email protected]
[email protected]
[email protected]
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. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. 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
QUEENS
STATEN ISLAND
WESTCHESTER
For Sale Commercial Condominium – BLUE Building
103 Norfolk Street New York, NY 10002 Premises:
103 Norfolk Street - Commercial Condo
Tenant:
Thierry Goldberg Gallery
Lease Commencement Date:
3/1/2011
Least Term:
10 years
Lease Expiration Date:
8/30/2021
Renewal Option:
None
Real Estate Taxes:
Tenant shall pay 100% of the RE taxes over the base tax year (7/1/2011 - 6/30/2012)
Utilities:
Tenant Responsible
Insurance:
Tenant Responsible
Disposal:
Tenant Responsible
Rent Schedule Start
Annual Rent
Monthly Rent
End
9/1/14
$
82,520 $
6,877
8/31/15
9/1/15
$
86,558 $
7,213
8/31/16
9/1/16
$
90,894 $
7,575
8/31/17
9/1/17
$
95,271 $
7,939
8/31/18
9/1/18
$
98,129 $
8,177
8/31/19
9/1/19
$
101,072 $
8,423
8/31/20
9/1/20
$
104,104 $
8,675
8/31/21
Financial Overview
Expenses Real Estate Taxes (14/15): Insurance: Common Charges:
$ $ $
20,479 1,800 30,768
TOTAL:
$
53,047
Gross Annual Income: Tax Pass-through: Expenses:
$ $ $
Net Operating Income:
$
82,520 13,493 53,047
42,966
Asking Price: $1,500,000 For more information or inspection, please contact Exclusive Agents:
Michael DeCheser
Darragh Clarke
Mei Ling Wong
Vice President of Sales 212-696-2500 x 7772
Associate Director of Sales 212-696-2500 x 7737
Senior Associate 212-696-2500 x 7716
[email protected]
[email protected]
[email protected]
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. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. 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
QUEENS
STATEN ISLAND
WESTCHESTER
