244 East 53rd Street
244 East 53rd Street, New York NY MIXED-USE BUILDING FOR SALE PRIME RETAIL BLOCK IN MIDTOWN EAST FOR SALE
REDUCED ASKING PRICE: $5,750,000
BUILDING FEATURES Location:
South side of East 53rd Street between Second and Third Avenues
Block / Lot:
1326 / 30
Lot Dimensions:
18.87’ x 100.42’
Lot Area:
1,895
Gross Square Feet:
5,235
Units:
2 (1 Commercial, 1 Residential)
Stories:
4 + Full Basement
Zoning:
R8B / TA
FAR:
4.0
Air Rights:
2,344
Assessment (16/17):
$529,308
Annual Taxes (16/17):
$56,403
PROPERTY DESCRIPTION Cushman & Wakefield has been retained on an exclusive basis to sell 244 East 53rd Street, a four-story mixed-use building between Second and Third Avenues. The property features ground floor commercial space currently occupied by restaurant T.G. Whitney’s and a three-bedroom duplex in the floors above. The restaurant benefits from a full basement equipped with a second kitchen and a second floor event space with full bar, restrooms and terrace. The property has the ability to be delivered vacant upon sale. 244 East 53rd benefits tremendously from its prime location in the heart of midtown-east. On a block known for its bars and restaurants, the property experiences high foot traffic from the abundance of nearby offices, businesses and residences. There are several incredibly convenient public transit options: less than a block away are subway entrances servicing the 6, E & M trains. This is a perfect mixed-use opportunity for an investor/developer or user looking to relocate to a highly coveted and busy retail block in the prime midtown-east neighborhood. For More Information, Please Contact: Clint Olsen
Executive Managing Director (212) 660 7747 [email protected]
Madeline Burbank
Senior Associate (212) 589 5172 [email protected]
Alex Woodlief
Associate (212) 660 7713 [email protected]
Will Conrad
Associate (212) 660 7740 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
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, Cushman & wakefield copyright 2015. or Noother warranty or representation, express or implied, made thespecial accuracy or completeness of the information containedowner(s). herein, andAs same is submitted to errors, omissions,as change price, omissions, change of price, rental conditions, withdrawal without notice,isand to to any listing conditions imposed by the property applicable, we subject make no representation to theofcondition rental 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. of theorproperty (or properties) in question.
244 East 53rd Street, New York NY MIXED-USE BUILDING FOR SALE PRIME RETAIL BLOCK IN MIDTOWN EAST FOR SALE
RETAIL ON THE BLOCK A Plus Thai Angelo Bellini Ariyoshi Brick Lane Curry House Cello Wine Bar Gourmet 53 Hot Kitchen Hudson Malone Kate Roll Company Lucky Cat Luna Piena Marrakesh OBOA Peking Duck House Redemption Subway Insomnia Cookies Vong Tomi Jazz Wolfgang’s Steakhouse
For More Information, Please Contact: Clint Olsen
Executive Managing Director (212) 660 7747 [email protected]
Madeline Burbank
Senior Associate (212) 589 5172 [email protected]
Alex Woodlief
Associate (212) 660 7713 [email protected]
Will Conrad
Associate (212) 660 7740 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
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, Cushman & wakefield copyright 2015. or Noother warranty or representation, express or implied, made thespecial accuracy or completeness of the information containedowner(s). herein, andAs same is submitted to errors, omissions,as change price, omissions, change of price, rental conditions, withdrawal without notice,isand to to any listing conditions imposed by the property applicable, we subject make no representation to theofcondition rental 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. of theorproperty (or properties) in question.
244 East 53rd Street, New York NY MIXED-USE BUILDING FOR SALE PRIME RETAIL BLOCK IN MIDTOWN EAST FOR SALE
PROJECTED INVESTMENT VALUE Revenue: Floors
Layout
Status
SF*
Rent/SF
Monthly Rent
1
Retail
FM
1,607
$125
$16,739
2
Retail
FM
1,285
$75
$8,031
3-4
Residential
FM
1,650
$65
$8,937
Monthly Rent:
$33,707
Annual Rent:
$404,490
* square feet includes 15% loss factor
Expenses: Real Estate Taxes (16/17)
Actual
$56,403
Water & Sewer
@ $1.00/sf
$5,235
Insurance
@ $1.00/sf
$5,235
Electric
@ $0.50/sf
$2,618
Fuel
@ $1.60/sf
$8,376
Super
@ $400/month
$4,800
Management
@ 4% of GI
$16,180
Repairs & Maintenance
@ $10,000/year
$10,000
Total Expenses:
$108,847
Gross Annual Income
$404,490
Less Expenses
($108,847)
Net Operating Income
$295,643
REDUCED ASKING PRICE: $5,750,000 For More Information, Please Contact: Clint Olsen
Executive Managing Director (212) 660 7747 [email protected]
Madeline Burbank
Senior Associate (212) 589 5172 [email protected]
Alex Woodlief
Associate (212) 660 7713 [email protected]
Will Conrad
Associate (212) 660 7740 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
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, Cushman & wakefield copyright 2015. or Noother warranty or representation, express or implied, made thespecial accuracy or completeness of the information containedowner(s). herein, andAs same is submitted to errors, omissions,as change price, omissions, change of price, rental conditions, withdrawal without notice,isand to to any listing conditions imposed by the property applicable, we subject make no representation to theofcondition rental 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. of theorproperty (or properties) in question.
REDUCED ASKING PRICE: $5,750,000
BUILDING FEATURES Location:
South side of East 53rd Street between Second and Third Avenues
Block / Lot:
1326 / 30
Lot Dimensions:
18.87’ x 100.42’
Lot Area:
1,895
Gross Square Feet:
5,235
Units:
2 (1 Commercial, 1 Residential)
Stories:
4 + Full Basement
Zoning:
R8B / TA
FAR:
4.0
Air Rights:
2,344
Assessment (16/17):
$529,308
Annual Taxes (16/17):
$56,403
PROPERTY DESCRIPTION Cushman & Wakefield has been retained on an exclusive basis to sell 244 East 53rd Street, a four-story mixed-use building between Second and Third Avenues. The property features ground floor commercial space currently occupied by restaurant T.G. Whitney’s and a three-bedroom duplex in the floors above. The restaurant benefits from a full basement equipped with a second kitchen and a second floor event space with full bar, restrooms and terrace. The property has the ability to be delivered vacant upon sale. 244 East 53rd benefits tremendously from its prime location in the heart of midtown-east. On a block known for its bars and restaurants, the property experiences high foot traffic from the abundance of nearby offices, businesses and residences. There are several incredibly convenient public transit options: less than a block away are subway entrances servicing the 6, E & M trains. This is a perfect mixed-use opportunity for an investor/developer or user looking to relocate to a highly coveted and busy retail block in the prime midtown-east neighborhood. For More Information, Please Contact: Clint Olsen
Executive Managing Director (212) 660 7747 [email protected]
Madeline Burbank
Senior Associate (212) 589 5172 [email protected]
Alex Woodlief
Associate (212) 660 7713 [email protected]
Will Conrad
Associate (212) 660 7740 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
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, Cushman & wakefield copyright 2015. or Noother warranty or representation, express or implied, made thespecial accuracy or completeness of the information containedowner(s). herein, andAs same is submitted to errors, omissions,as change price, omissions, change of price, rental conditions, withdrawal without notice,isand to to any listing conditions imposed by the property applicable, we subject make no representation to theofcondition rental 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. of theorproperty (or properties) in question.
244 East 53rd Street, New York NY MIXED-USE BUILDING FOR SALE PRIME RETAIL BLOCK IN MIDTOWN EAST FOR SALE
RETAIL ON THE BLOCK A Plus Thai Angelo Bellini Ariyoshi Brick Lane Curry House Cello Wine Bar Gourmet 53 Hot Kitchen Hudson Malone Kate Roll Company Lucky Cat Luna Piena Marrakesh OBOA Peking Duck House Redemption Subway Insomnia Cookies Vong Tomi Jazz Wolfgang’s Steakhouse
For More Information, Please Contact: Clint Olsen
Executive Managing Director (212) 660 7747 [email protected]
Madeline Burbank
Senior Associate (212) 589 5172 [email protected]
Alex Woodlief
Associate (212) 660 7713 [email protected]
Will Conrad
Associate (212) 660 7740 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
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, Cushman & wakefield copyright 2015. or Noother warranty or representation, express or implied, made thespecial accuracy or completeness of the information containedowner(s). herein, andAs same is submitted to errors, omissions,as change price, omissions, change of price, rental conditions, withdrawal without notice,isand to to any listing conditions imposed by the property applicable, we subject make no representation to theofcondition rental 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. of theorproperty (or properties) in question.
244 East 53rd Street, New York NY MIXED-USE BUILDING FOR SALE PRIME RETAIL BLOCK IN MIDTOWN EAST FOR SALE
PROJECTED INVESTMENT VALUE Revenue: Floors
Layout
Status
SF*
Rent/SF
Monthly Rent
1
Retail
FM
1,607
$125
$16,739
2
Retail
FM
1,285
$75
$8,031
3-4
Residential
FM
1,650
$65
$8,937
Monthly Rent:
$33,707
Annual Rent:
$404,490
* square feet includes 15% loss factor
Expenses: Real Estate Taxes (16/17)
Actual
$56,403
Water & Sewer
@ $1.00/sf
$5,235
Insurance
@ $1.00/sf
$5,235
Electric
@ $0.50/sf
$2,618
Fuel
@ $1.60/sf
$8,376
Super
@ $400/month
$4,800
Management
@ 4% of GI
$16,180
Repairs & Maintenance
@ $10,000/year
$10,000
Total Expenses:
$108,847
Gross Annual Income
$404,490
Less Expenses
($108,847)
Net Operating Income
$295,643
REDUCED ASKING PRICE: $5,750,000 For More Information, Please Contact: Clint Olsen
Executive Managing Director (212) 660 7747 [email protected]
Madeline Burbank
Senior Associate (212) 589 5172 [email protected]
Alex Woodlief
Associate (212) 660 7713 [email protected]
Will Conrad
Associate (212) 660 7740 [email protected]
Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com
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, Cushman & wakefield copyright 2015. or Noother warranty or representation, express or implied, made thespecial accuracy or completeness of the information containedowner(s). herein, andAs same is submitted to errors, omissions,as change price, omissions, change of price, rental conditions, withdrawal without notice,isand to to any listing conditions imposed by the property applicable, we subject make no representation to theofcondition rental 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. of theorproperty (or properties) in question.
