34 4 23,520 $24 SUNNYSIDE
43-35 & 43-39 42ND STREET, QUEENS, NY 11104 TWO (2) CONTIGUOUS MULTIFAMILY WALK-UP BUILDINGS, 34 UNITS | FOR SALE
34 Units
4
Stories
23,520 Gross SF
$24
Blended Resi. Rent $/SF
SUNNYSIDE
Location
Ariel Property Advisors has been retained on an exclusive basis to arrange for the sale of 43-35 and 43-39 42nd Street, two contiguous multifamily assets on 42nd Street between Queens Boulevard and 43rd Avenue in Sunnyside, Queens. Combined, the properties contain 23,520 square feet and 34 units. Of the 34 units, 11 are free market, 16 are rent stabilized, 5 are subject to rent control, one is subject to SCRIE and one is occupied by the Super. There are two studios, twenty-two onebedroom, eight two bedroom and two three-bedroom units. The property has been well maintained by an institutional-caliber management company and both buildings had their electrical systems upgraded in 2012. Additionally, as a four-story building the property is exempt from Local Law 11 requirements. Located in one of the most sought after areas of Queens, the property is a short two blocks from the 40th Street Station of the 7 train, which provides a quick 25-minute commute to Midtown Manhattan and easy access to Eastern Queens. Sunnyside is a safe neighborhood where residents benefit from a host of daily conveniences including numerous grocery stores, abundant green space, pharmacies and trendy restaurants & bars. Popular nearby shops include Coffee Tossy, The Lowery Bar and Kitchen, Jack’s Fire Department and Dayboat. As cash flowing multifamily assets with upside rarely come to market in Sunnyside, 43-35 and 43-39 42nd Street present investors with an outstanding value-add investment opportunity. For more information please contact a member of our sales team.
PROPERTY INFORMATION Block / Lot Stories Residential Units Zoning (FAR) Lot Dimensions Lot Size Building Dimensions Building Size Buildable Footage Air Rights Assessment (16/17) Taxes (16/17)
163 / 9, 11 4 34 R7A 80' x 100' 8,000 80' x 80' 23,520 32,000 8,480 $635,710 $81,899
(4.00) Sq. Ft. (Approx.) Sq. Ft. (Approx.) Sq. Ft. (Approx.) Sq. Ft. (Approx.)
ASKING PRICE: $9,000,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Michael A. Tortorici x13
Paul McCormick x45
[email protected]
Daniel Wechsler x44
[email protected]
Shimon Shkury x11 [email protected]
Victor Sozio x12
[email protected]
Joshua Kwilecki x53 [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 the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, 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 contained herein. February 8, 2017 4:36 PM
43-35 & 43-39 42ND STREET, QUEENS, NY 11104 TWO (2) CONTIGUOUS MULTIFAMILY WALK-UP BUILDINGS, 34 UNITS | FOR SALE
CURRENT ROLL
EXPENSES: (ESTIMATED)
Scheduled Gross Income:
$551,755
Less Vacancy Rate Reserve (1.5%):
($8,276)
Gross Operating Income:
$543,479
Less Expenses:
($209,684)
39%
% of SGI
$333,795
3.71%
Cap Rate
Net Operating Income:
# OF UNITS
RENT $ / UNIT
MONTHLY INCOME
ANNUAL INCOME
Studio 2 1 BR 22 2 BR 8 3 BR 2 TOTAL MONTHLY INCOME: TOTAL ANNUAL INCOME:
$477 $1,574 $1,137 $621
$953 $34,621 $9,098 $1,241 $45,913 $550,956
$11,438 $415,449 $109,176 $14,892
# OF UNITS
RENT $ / UNIT
MONTHLY INCOME
ANNUAL INCOME
11 17 5
$1,873 $1,456 $111
$20,600 $24,760 $553
$247,200 $297,118 $6,638
1
$0
$0
$0
SCHEDULED INCOME - UNIT STATUS UNIT STATUS FM RS RC Super
$81,899 $27,200 $17,000 $23,520 $7,056 $20,400 $5,435 $27,174
GROSS OPERATING EXPENSES $209,684
6+64+246z 32+50+153z UNIT TYPE COMPARISON CHART
SCHEDULED INCOME - UNIT TYPE UNIT TYPE
Real Estate Taxes (16/17) Water & Sewer Insurance Fuel Electric Repairs, Cleaning & Maintenance Legal/Miscellaneous Management
TOTAL MONTHLY INCOME: TOTAL ANNUAL INCOME:
$45,913 $550,956
UNIT TYPE
6% 65% 23% 6%
Studio 1 BR 2 BR 3 BR TOTAL
COUNT
2 22 8 2 34
UNIT STATUS COMPARISON CHART
UNIT STATUS COUNT
UNIT BREAKDOWN Studio 1 BR 2 BR 3 BR
RC
RS
FM
SUPER
1 1 3 0
1 12 3 1
0 9 2 0
0 0 0 1
ASKING PRICE: $9,000,000
32% 50% 15% 3%
FM RS RC SP TOTAL
11 17 5 1 34
FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Michael A. Tortorici x13
Paul McCormick x45
[email protected]
Daniel Wechsler x44
[email protected]
Shimon Shkury x11 [email protected]
Victor Sozio x12
[email protected]
Joshua Kwilecki x53 [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 the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, 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 contained herein. February 8, 2017 4:36 PM
43-35 & 43-39 42ND STREET, QUEENS, NY 11104 TWO (2) CONTIGUOUS MULTIFAMILY WALK-UP BUILDINGS, 34 UNITS | FOR SALE
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East side of 42nd Street between Queens Boulevard and 43rd Avenue
43-35 & 43-39 42ND STREET, QUEENS, NY 11104 TWO (2) CONTIGUOUS MULTIFAMILY WALK-UP BUILDINGS, 34 UNITS | FOR SALE
RENT ROLL BUILDING
UNIT
BEDROOMS
STATUS
43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St GROSS MONTHLY RENT TOTAL ANNUAL INCOME NUMBER OF UNITS
01A 01B 01C 01D 02A 02B 02C 02D 03A 03B 03C 03D 04A 04B 04C 04D BSM 01A 01B 01C 01D 02A 02B 02C 02D 03A 03B 03C 03D 04A 04B 04C 04D BSM
2 1 Studio 1 2 1 1 1 2 1 1 1 2 1 1 1 3 2 1 Studio 1 2 1 1 1 2 1 1 1 2 1 1 1 3
FM RS - Pref RC RS - Pref RS RS - SCRIE FM RS RS FM RS - Pref RC RC FM FM RS RS RS FM RS RS FM RS FM RS - Pref RC FM RS RS RC FM RS FM Super
ACTUAL / PROJECTED Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual
PREF CREDIT / SCRIE ($309) ($100) $15 ($14) ($703) -
OTHER CHARGES $20 $37 $9 -
MONTHLY RENT $2,250 $1,688 $40 $1,800 $1,340 $1,554 $1,550 $560 $1,418 $1,800 $1,567 $270 $27 $1,800 $1,750 $2,000 $1,241 $1,547 $1,750 $913 $1,850 $2,300 $1,227 $1,800 $1,800 $92 $1,950 $1,262 $1,800 $124 $1,900 $1,193 $1,750 $0 $45,980 $551,755 34
LEASE EXPIRATION 1/31/2018 10/31/2017 8/31/2017 10/31/2017 6/30/2017 1/31/2017 4/30/2017 6/30/2017 2/28/2017 6/30/2017 7/31/2017 3/31/2017 11/30/2017 9/30/2017 4/30/2017 2/28/2017 8/31/2017 1/31/2018 9/30/2017 2/28/2018 3/31/2017 12/31/2018 7/31/2018 2/28/2017 9/30/2017 4/30/2017 1/31/2017 -
ASKING PRICE: $9,000,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Michael A. Tortorici x13
Paul McCormick x45
[email protected]
Daniel Wechsler x44
[email protected]
Shimon Shkury x11 [email protected]
Victor Sozio x12
[email protected]
Joshua Kwilecki x53 [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 the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, 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 contained herein. February 8, 2017 4:36 PM
34 Units
4
Stories
23,520 Gross SF
$24
Blended Resi. Rent $/SF
SUNNYSIDE
Location
Ariel Property Advisors has been retained on an exclusive basis to arrange for the sale of 43-35 and 43-39 42nd Street, two contiguous multifamily assets on 42nd Street between Queens Boulevard and 43rd Avenue in Sunnyside, Queens. Combined, the properties contain 23,520 square feet and 34 units. Of the 34 units, 11 are free market, 16 are rent stabilized, 5 are subject to rent control, one is subject to SCRIE and one is occupied by the Super. There are two studios, twenty-two onebedroom, eight two bedroom and two three-bedroom units. The property has been well maintained by an institutional-caliber management company and both buildings had their electrical systems upgraded in 2012. Additionally, as a four-story building the property is exempt from Local Law 11 requirements. Located in one of the most sought after areas of Queens, the property is a short two blocks from the 40th Street Station of the 7 train, which provides a quick 25-minute commute to Midtown Manhattan and easy access to Eastern Queens. Sunnyside is a safe neighborhood where residents benefit from a host of daily conveniences including numerous grocery stores, abundant green space, pharmacies and trendy restaurants & bars. Popular nearby shops include Coffee Tossy, The Lowery Bar and Kitchen, Jack’s Fire Department and Dayboat. As cash flowing multifamily assets with upside rarely come to market in Sunnyside, 43-35 and 43-39 42nd Street present investors with an outstanding value-add investment opportunity. For more information please contact a member of our sales team.
PROPERTY INFORMATION Block / Lot Stories Residential Units Zoning (FAR) Lot Dimensions Lot Size Building Dimensions Building Size Buildable Footage Air Rights Assessment (16/17) Taxes (16/17)
163 / 9, 11 4 34 R7A 80' x 100' 8,000 80' x 80' 23,520 32,000 8,480 $635,710 $81,899
(4.00) Sq. Ft. (Approx.) Sq. Ft. (Approx.) Sq. Ft. (Approx.) Sq. Ft. (Approx.)
ASKING PRICE: $9,000,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Michael A. Tortorici x13
Paul McCormick x45
[email protected]
Daniel Wechsler x44
[email protected]
Shimon Shkury x11 [email protected]
Victor Sozio x12
[email protected]
Joshua Kwilecki x53 [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 the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, 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 contained herein. February 8, 2017 4:36 PM
43-35 & 43-39 42ND STREET, QUEENS, NY 11104 TWO (2) CONTIGUOUS MULTIFAMILY WALK-UP BUILDINGS, 34 UNITS | FOR SALE
CURRENT ROLL
EXPENSES: (ESTIMATED)
Scheduled Gross Income:
$551,755
Less Vacancy Rate Reserve (1.5%):
($8,276)
Gross Operating Income:
$543,479
Less Expenses:
($209,684)
39%
% of SGI
$333,795
3.71%
Cap Rate
Net Operating Income:
# OF UNITS
RENT $ / UNIT
MONTHLY INCOME
ANNUAL INCOME
Studio 2 1 BR 22 2 BR 8 3 BR 2 TOTAL MONTHLY INCOME: TOTAL ANNUAL INCOME:
$477 $1,574 $1,137 $621
$953 $34,621 $9,098 $1,241 $45,913 $550,956
$11,438 $415,449 $109,176 $14,892
# OF UNITS
RENT $ / UNIT
MONTHLY INCOME
ANNUAL INCOME
11 17 5
$1,873 $1,456 $111
$20,600 $24,760 $553
$247,200 $297,118 $6,638
1
$0
$0
$0
SCHEDULED INCOME - UNIT STATUS UNIT STATUS FM RS RC Super
$81,899 $27,200 $17,000 $23,520 $7,056 $20,400 $5,435 $27,174
GROSS OPERATING EXPENSES $209,684
6+64+246z 32+50+153z UNIT TYPE COMPARISON CHART
SCHEDULED INCOME - UNIT TYPE UNIT TYPE
Real Estate Taxes (16/17) Water & Sewer Insurance Fuel Electric Repairs, Cleaning & Maintenance Legal/Miscellaneous Management
TOTAL MONTHLY INCOME: TOTAL ANNUAL INCOME:
$45,913 $550,956
UNIT TYPE
6% 65% 23% 6%
Studio 1 BR 2 BR 3 BR TOTAL
COUNT
2 22 8 2 34
UNIT STATUS COMPARISON CHART
UNIT STATUS COUNT
UNIT BREAKDOWN Studio 1 BR 2 BR 3 BR
RC
RS
FM
SUPER
1 1 3 0
1 12 3 1
0 9 2 0
0 0 0 1
ASKING PRICE: $9,000,000
32% 50% 15% 3%
FM RS RC SP TOTAL
11 17 5 1 34
FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Michael A. Tortorici x13
Paul McCormick x45
[email protected]
Daniel Wechsler x44
[email protected]
Shimon Shkury x11 [email protected]
Victor Sozio x12
[email protected]
Joshua Kwilecki x53 [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 the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, 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 contained herein. February 8, 2017 4:36 PM
43-35 & 43-39 42ND STREET, QUEENS, NY 11104 TWO (2) CONTIGUOUS MULTIFAMILY WALK-UP BUILDINGS, 34 UNITS | FOR SALE
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East side of 42nd Street between Queens Boulevard and 43rd Avenue
43-35 & 43-39 42ND STREET, QUEENS, NY 11104 TWO (2) CONTIGUOUS MULTIFAMILY WALK-UP BUILDINGS, 34 UNITS | FOR SALE
RENT ROLL BUILDING
UNIT
BEDROOMS
STATUS
43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-35 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St 43-39 42nd St GROSS MONTHLY RENT TOTAL ANNUAL INCOME NUMBER OF UNITS
01A 01B 01C 01D 02A 02B 02C 02D 03A 03B 03C 03D 04A 04B 04C 04D BSM 01A 01B 01C 01D 02A 02B 02C 02D 03A 03B 03C 03D 04A 04B 04C 04D BSM
2 1 Studio 1 2 1 1 1 2 1 1 1 2 1 1 1 3 2 1 Studio 1 2 1 1 1 2 1 1 1 2 1 1 1 3
FM RS - Pref RC RS - Pref RS RS - SCRIE FM RS RS FM RS - Pref RC RC FM FM RS RS RS FM RS RS FM RS FM RS - Pref RC FM RS RS RC FM RS FM Super
ACTUAL / PROJECTED Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Projected Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual
PREF CREDIT / SCRIE ($309) ($100) $15 ($14) ($703) -
OTHER CHARGES $20 $37 $9 -
MONTHLY RENT $2,250 $1,688 $40 $1,800 $1,340 $1,554 $1,550 $560 $1,418 $1,800 $1,567 $270 $27 $1,800 $1,750 $2,000 $1,241 $1,547 $1,750 $913 $1,850 $2,300 $1,227 $1,800 $1,800 $92 $1,950 $1,262 $1,800 $124 $1,900 $1,193 $1,750 $0 $45,980 $551,755 34
LEASE EXPIRATION 1/31/2018 10/31/2017 8/31/2017 10/31/2017 6/30/2017 1/31/2017 4/30/2017 6/30/2017 2/28/2017 6/30/2017 7/31/2017 3/31/2017 11/30/2017 9/30/2017 4/30/2017 2/28/2017 8/31/2017 1/31/2018 9/30/2017 2/28/2018 3/31/2017 12/31/2018 7/31/2018 2/28/2017 9/30/2017 4/30/2017 1/31/2017 -
ASKING PRICE: $9,000,000 FOR MORE INFORMATION PLEASE CONTACT OUR EXCLUSIVE SALES AGENTS AT 212.544.9500 I arielpa.nyc
FOR FINANCING INFO
Michael A. Tortorici x13
Paul McCormick x45
[email protected]
Daniel Wechsler x44
[email protected]
Shimon Shkury x11 [email protected]
Victor Sozio x12
[email protected]
Joshua Kwilecki x53 [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 the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, 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 contained herein. February 8, 2017 4:36 PM
