347 manhattan avenue new york, ny
347 MANHATTAN AVENUE NEW YORK, NY 15 Unit Multi-Family Building
FOR SALE
Over 36’ of Frontage & 11,500 SF
BUILDING FEATURES LOCATION
West side of Manhattan Avenue between West 114th and West 115th Street.
BLOCK / LOT
1849/12
LOT DIMENSIONS
36.92’ x 81.25’
LOT SF
2,999
GROSS SF
11,565
STORIES
5 Plus Basement
RESIDENTIAL UNITS
15 (& 1 Super’s Unit)
ZONING/ FAR
R8A / 6.02
AIR RIGHTS
Seller Will Retain
HISTORIC DISTRICT
No
ASSESSMENT (15/16)
$489,381
TAXES (15/16)
$62,910
ASKING PRICE
$6,350,000 ($550 PSF)
PROPERTY FEATURES
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 347 Manhattan Avenue, a 36.92' wide, 5 story plus basement multi-family building containing 15 apartments (6 one-bedrooms & 9 two-bedrooms) and a basement super's unit. All 15 of the rental apartments are Rent Stabilized, of which two (2) are on preferential leases and one (1) is occupied by a temporary tenant. The building is heated by a gas-fired boiler, individually metered for electric and contains a shared back yard along with a basement laundry room which provides an additional stream of income. In 1992 the property underwent a full gut renovation and simultaneously entered into a 30 year long regulatory program with HPD which restricts the maximum allowable rent to 30% of each tenant’s gross annual income. The HPD program is set to expire in March of 2022 at which point the units will be subject to standard NYC rent regulation protocol. Features of the property include tall ceilings (~10’), efficient layouts and abundant light and air due to the property's location on an 80 ft. wide street. 347 Manhattan Avenue also features close proximity to Columbia University, The Cathedral of St. John the Devine, Morningside Park and the 110th and 116th Street metro stations all of which will continue to drive demand for local housing opportunities. Purchasers of 347 Manhattan Avenue will benefit from a well maintained asset located in one of the most rapidly emerging neighborhoods in all of Manhattan. The presence of the HPD regulatory program artificially constrains the rent roll in the near term presenting future owners with very limited downside risk and an abundance of upside potential as the program approaches its expiration in 2022. The average monthly rent per apartment is approximately $1,646 or $30.68 per net rentable square foot which equates to approximately 60% of current market rents. 347 Manhattan Avenue will be sold on an “as is, where is” basis without the excess air-rights which are being retained by ownership.
FOR MORE INFORMATION, PLEASE CONTACT: Hall Oster Senior Director (212) 660 7723 [email protected]
Teddy Galligan Senior Associate (212) 589 5137 [email protected]
CUSHMAN & WAKEFIELD Bryan Smadbeck Associate (212) 589 5169 [email protected]
Justin Boruchov Director – Capital Services (212) 696 2500 [email protected]
275 Madison Ave New York, NY 10016 (212) 696-2500 nyinvestmentsales.com
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
347 MANHATTAN AVENUE NEW YORK, NY 15 Unit Multi-Family Building
FOR SALE
Over 36’ of Frontage & 11,500 SF
UNIT
STATUS
1A
RS
1B
TYPE
LEASE EXP.
S.Q. F.T
$/S.Q F.T
RENT
One Bed
4/30/16
520
$ 35.09
$ 1,520.72
RS
One Bed
6/30/17
520
$ 23.59
$ 1,022.13
1C
RS
Two Bed
10/31/15
700
$ 38.22
$ 2,229.71
2A
RS
Two Bed
6/30/16
700
$ 20.05
$ 1,169.45
2B
RS
One Bed
7/31/16
520
$ 51.92
$ 2,250.00
2C
RS
Two Bed
6/30/16
760
$ 18.34
$ 1,161.52
3A
RS
Two Bed
6/30/16
700
$ 20.05
$ 1,169.45
3B
RS
One Bed
12/31/15
520
$ 39.84
$ 1,726.28
3C
RS
Two Bed
12/31/15
760
$ 34.24
$ 2,168.30
4A
RS
Two Bed
Temp. Tenant*
700
$ 30.43
$ 1,775.00
4B
RS
One Bed
8/31/15
520
$ 40.41
$ 1,750.93
4C
RS
Two Bed
9/30/16
760
$ 20.37
$ 1,290.01
5A
RS
Two Bed
9/30/15
700
$ 28.63
$ 1,670.21
5B
RS
One Bed
3/31/15
520
$ 24.21
$ 1,049.26
5C
RS
Two Bed
8/31/15
760
$ 40.26
$ 2,550.00
Laundry
LEGAL RENT
$3,825.00
$1,788.00
$192.00
Gross Residential Monthly Revenue
$24,695
Gross Residential Annual Revenue
$296,340
Unit Breakdown
Price Per Unit
10
$1,700
8
$1,650
6
$1,600
4
$1,550
2
$1,500
0
$40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $-
$1,450 Number of Units One Bed
Two Bed
Average Price Per Sq. Ft.
Price Per Unit One Bed
Two Bed
Price Per Sq. Ft. One Bed
FOR MORE INFORMATION, PLEASE CONTACT: Hall Oster Senior Director (212) 660 7723 [email protected]
Teddy Galligan Senior Associate (212) 589 5137 [email protected]
Two Bed
CUSHMAN & WAKEFIELD Bryan Smadbeck Associate (212) 589 5169 [email protected]
Justin Boruchov Director – Capital Services (212) 696 2500 [email protected]
275 Madison Ave New York, NY 10016 (212) 696-2500 nyinvestmentsales.com
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
347 MANHATTAN AVENUE NEW YORK, NY 15 Unit Multi-Family Building
FOR SALE
Over 36’ of Frontage & 11,500 SF
Expense Real Estate Taxes
(15/16)
$
62,910
$600 Per/Unit
$
9,000
Insurance
$1.00 PSF
$
11,565
Fuel
$1.65 PSF
$
19,082
$1.00 Per Comm. SF
$
1,905
$550 Per/Unit
$
8,250
$
10,000
$
8,890
Total
$
131,602
Gross Annual Revenue
$
296,340
Expenses
$
131,602
Projected NOI
$
164,737
Water & Sewer
Electric Repairs & Maintenance Miscellaneous Management
(3% of Gross Revenue)
West 115th Street Manhattan Avenue West 114th Street FOR MORE INFORMATION, PLEASE CONTACT: Hall Oster Senior Director (212) 660 7723 [email protected]
Teddy Galligan Senior Associate (212) 589 5137 [email protected]
CUSHMAN & WAKEFIELD Bryan Smadbeck Associate (212) 589 5169 [email protected]
Justin Boruchov Director – Capital Services (212) 696 2500 [email protected]
275 Madison Ave New York, NY 10016 (212) 696-2500 nyinvestmentsales.com
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
FOR SALE
Over 36’ of Frontage & 11,500 SF
BUILDING FEATURES LOCATION
West side of Manhattan Avenue between West 114th and West 115th Street.
BLOCK / LOT
1849/12
LOT DIMENSIONS
36.92’ x 81.25’
LOT SF
2,999
GROSS SF
11,565
STORIES
5 Plus Basement
RESIDENTIAL UNITS
15 (& 1 Super’s Unit)
ZONING/ FAR
R8A / 6.02
AIR RIGHTS
Seller Will Retain
HISTORIC DISTRICT
No
ASSESSMENT (15/16)
$489,381
TAXES (15/16)
$62,910
ASKING PRICE
$6,350,000 ($550 PSF)
PROPERTY FEATURES
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 347 Manhattan Avenue, a 36.92' wide, 5 story plus basement multi-family building containing 15 apartments (6 one-bedrooms & 9 two-bedrooms) and a basement super's unit. All 15 of the rental apartments are Rent Stabilized, of which two (2) are on preferential leases and one (1) is occupied by a temporary tenant. The building is heated by a gas-fired boiler, individually metered for electric and contains a shared back yard along with a basement laundry room which provides an additional stream of income. In 1992 the property underwent a full gut renovation and simultaneously entered into a 30 year long regulatory program with HPD which restricts the maximum allowable rent to 30% of each tenant’s gross annual income. The HPD program is set to expire in March of 2022 at which point the units will be subject to standard NYC rent regulation protocol. Features of the property include tall ceilings (~10’), efficient layouts and abundant light and air due to the property's location on an 80 ft. wide street. 347 Manhattan Avenue also features close proximity to Columbia University, The Cathedral of St. John the Devine, Morningside Park and the 110th and 116th Street metro stations all of which will continue to drive demand for local housing opportunities. Purchasers of 347 Manhattan Avenue will benefit from a well maintained asset located in one of the most rapidly emerging neighborhoods in all of Manhattan. The presence of the HPD regulatory program artificially constrains the rent roll in the near term presenting future owners with very limited downside risk and an abundance of upside potential as the program approaches its expiration in 2022. The average monthly rent per apartment is approximately $1,646 or $30.68 per net rentable square foot which equates to approximately 60% of current market rents. 347 Manhattan Avenue will be sold on an “as is, where is” basis without the excess air-rights which are being retained by ownership.
FOR MORE INFORMATION, PLEASE CONTACT: Hall Oster Senior Director (212) 660 7723 [email protected]
Teddy Galligan Senior Associate (212) 589 5137 [email protected]
CUSHMAN & WAKEFIELD Bryan Smadbeck Associate (212) 589 5169 [email protected]
Justin Boruchov Director – Capital Services (212) 696 2500 [email protected]
275 Madison Ave New York, NY 10016 (212) 696-2500 nyinvestmentsales.com
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
347 MANHATTAN AVENUE NEW YORK, NY 15 Unit Multi-Family Building
FOR SALE
Over 36’ of Frontage & 11,500 SF
UNIT
STATUS
1A
RS
1B
TYPE
LEASE EXP.
S.Q. F.T
$/S.Q F.T
RENT
One Bed
4/30/16
520
$ 35.09
$ 1,520.72
RS
One Bed
6/30/17
520
$ 23.59
$ 1,022.13
1C
RS
Two Bed
10/31/15
700
$ 38.22
$ 2,229.71
2A
RS
Two Bed
6/30/16
700
$ 20.05
$ 1,169.45
2B
RS
One Bed
7/31/16
520
$ 51.92
$ 2,250.00
2C
RS
Two Bed
6/30/16
760
$ 18.34
$ 1,161.52
3A
RS
Two Bed
6/30/16
700
$ 20.05
$ 1,169.45
3B
RS
One Bed
12/31/15
520
$ 39.84
$ 1,726.28
3C
RS
Two Bed
12/31/15
760
$ 34.24
$ 2,168.30
4A
RS
Two Bed
Temp. Tenant*
700
$ 30.43
$ 1,775.00
4B
RS
One Bed
8/31/15
520
$ 40.41
$ 1,750.93
4C
RS
Two Bed
9/30/16
760
$ 20.37
$ 1,290.01
5A
RS
Two Bed
9/30/15
700
$ 28.63
$ 1,670.21
5B
RS
One Bed
3/31/15
520
$ 24.21
$ 1,049.26
5C
RS
Two Bed
8/31/15
760
$ 40.26
$ 2,550.00
Laundry
LEGAL RENT
$3,825.00
$1,788.00
$192.00
Gross Residential Monthly Revenue
$24,695
Gross Residential Annual Revenue
$296,340
Unit Breakdown
Price Per Unit
10
$1,700
8
$1,650
6
$1,600
4
$1,550
2
$1,500
0
$40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $-
$1,450 Number of Units One Bed
Two Bed
Average Price Per Sq. Ft.
Price Per Unit One Bed
Two Bed
Price Per Sq. Ft. One Bed
FOR MORE INFORMATION, PLEASE CONTACT: Hall Oster Senior Director (212) 660 7723 [email protected]
Teddy Galligan Senior Associate (212) 589 5137 [email protected]
Two Bed
CUSHMAN & WAKEFIELD Bryan Smadbeck Associate (212) 589 5169 [email protected]
Justin Boruchov Director – Capital Services (212) 696 2500 [email protected]
275 Madison Ave New York, NY 10016 (212) 696-2500 nyinvestmentsales.com
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
347 MANHATTAN AVENUE NEW YORK, NY 15 Unit Multi-Family Building
FOR SALE
Over 36’ of Frontage & 11,500 SF
Expense Real Estate Taxes
(15/16)
$
62,910
$600 Per/Unit
$
9,000
Insurance
$1.00 PSF
$
11,565
Fuel
$1.65 PSF
$
19,082
$1.00 Per Comm. SF
$
1,905
$550 Per/Unit
$
8,250
$
10,000
$
8,890
Total
$
131,602
Gross Annual Revenue
$
296,340
Expenses
$
131,602
Projected NOI
$
164,737
Water & Sewer
Electric Repairs & Maintenance Miscellaneous Management
(3% of Gross Revenue)
West 115th Street Manhattan Avenue West 114th Street FOR MORE INFORMATION, PLEASE CONTACT: Hall Oster Senior Director (212) 660 7723 [email protected]
Teddy Galligan Senior Associate (212) 589 5137 [email protected]
CUSHMAN & WAKEFIELD Bryan Smadbeck Associate (212) 589 5169 [email protected]
Justin Boruchov Director – Capital Services (212) 696 2500 [email protected]
275 Madison Ave New York, NY 10016 (212) 696-2500 nyinvestmentsales.com
The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)
