315 East 90th Street, New York, NY Upper East Side 10-Unit Apartment Building For Sale FOR SALE
Asking Price: $8,000,000 Property Information Block / Lot
1553 / 10
Lot Size
25’ x 100.67’
Lot SF (Approx.)
2,517
Building Size (Approx.)
25’ x 75’ Irr.
Building SF (Approx.)
8,950
Stories
5 + Lower Level
Residential Units
10
Zoning
R8B
FAR
4.0
Air Rights (Approx.)
1,117
Historic District
None
RE Assessment (15/16)
$269,786 (Tax Class 2B)
RE Taxes (15/16)
$34,757 (Tax Class 2B)
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a five-story, multi-family walk-up building located on the north side of East 90th Street between 1st and 2nd Avenues.
The building consists of ten residential units (two per floor), three of which are rent-controlled (one of
which will be delivered vacant), one is rent-stabilized, and six are free market. The property is located within a block of area attractions such as Ruppert Park and Asphalt Green and is in close proximity to popular neighborhood hot spots including Infirmary, Frere de Lys, La Tarte Flambee, and The Milton. In addition, it is within four blocks of the 2nd Avenue subway stop at 86th Street expected to open in less than one year and only a short walk to the 4, 5, and 6 train stops at 86th Street and Lexington Avenue. There is tremendous upside in renovating the vacant units and achieving 100% occupancy at market rents. This is a rare, value-add opportunity in the heart of the Upper East Side.
James Nelson Vice Chairman (212) 696 2500 x397710
Mitchell Levine Associate Director (212) 660 7761
Matt Nickerson Associate Director (212) 660 7742
David Shalom Senior Associate (212) 660 7767
Brandon Polakoff Senior Associate (212) 660 7755
[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.
315 East 90th Street, New York, NY Rent Roll as of 12/22/15 UNIT
STATUS
TYPE
LEASE EXP.
MONTHLY RENT
ANNUAL RENT
1E
RS
2 BR
Dec-16
$704
$8,448
1W
Vacant-FM
2 BR
N/A
$3,900
$46,800
2E
RC
2 BR
N/A
$274
$3,282
2W
Vacant-FM
2 BR
TBD
$3,900
$46,800
3E
Vacant-FM
2 BR
TBD
$3,900
$46,800
3W
RC
2 BR
N/A
$204
$2,451
4E
Vacant - RC
2 BR
TBD
$3,900
$46,800
4W
Vacant - FM
2 BR
TBD
$3,900
$46,800
5E
Vacant - FM
2 BR
TBD
$3,900
$46,800
5W
Vacant - FM
2 BR
TBD
$3,900
$46,800
$28,482
$341,782
Total *Yellow Denotes Projection At Market
Expenses
Amount
Real Estate Taxes (15/16)
Actual (Tax Class 2B)
$34,757
Common Electric
Projected @ $0.25/SF
$2,238
Water & Sewer
Projected @ $1.00/SF
$8,950
Insurance
Projected @ $1.00/SF
$8,950
Heating
Projected @ $1.50/SF
$13,425
Projected @ $400/Unit
$4,000
Projected @ $400/Month
$4,800
Projected @ 4% Of EGI
$13,671
Repairs & Maintenance Super Management Total
NOI
$90,791
$250,991
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.