37 King Street New York, NY - Massey Knakal
37 King Street New York, NY 5 STORY APARTMENT BUILDING W/ ELEVATOR Located in Desirable SoHo Neighborhood FOR SALE
ASKING PRICE: $16,000,000 Property Features Location
North side of King Street between Varick Street & Sixth Avenue
Block / Lot
520/51
Lot Dimensions
50.67' x 100.15'
Lot SF
5,075
Stories Building Dimensions
5 50.67' x 86'
Residential Units
39
Zoning
R6
FAR
2.4
Base ZFA
12,332
Existing Gross SF
20,035
Additional Air Rights
Overbuilt
Historic District
Charlton King Vandam
Assessment (17/18)
$1,089,410
Taxes (17/18)
$138,782
*J-51 Abatement of $7,160 Remaining Square footage figures are approximate.
Property Description
W H O U STO N ST R E ET
520 100.15’
50.67’
51
6 TH AV ENUE
While prospective investors are presented with substantial upside potential upon the expiration of the J-51 Tax Abatement, current ownership has recently completed significant capital improvements to several aspects of the building. These capital investments totaled approximately $1.5 million and include replacing the elevator, roof and façade within the past three years. Tremendous value can be captured through the destabilization and renovation of the residential units that remain untouched for years. Future ownership will also have the opportunity to enhance the common areas and create amenities for the building that will result in higher rental rates.
37 King Street benefits from its premier location in one of Manhattan’s most desirable residential neighborhoods due to its tremendous access to transportation and close proximity to some of the best shopping, dining and nightlife the City has to offer. It is extremely rare for a property with this amount of unrealized value to become available for purchase in Manhattan. 37 King Street presents investors with the opportunity to realize considerable near-term and future growth in one of the most sought after submarkets in New York City.
VARIC K STR EET
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 37 King Street, a tremendous value add residential opportunity located in the desirable SoHo neighborhood of Manhattan. Standing five stories tall, the elevator serviced building encompasses approximately 20,035 gross square feet and contains 39 residential units, inclusive of a supers unit. The building currently benefits from a J-51 Tax Abatement, which expires in 2025/2026. As a result, all of the residential apartments are rent regulated per the abatement.
KI N G ST R E ET
For More Information, Please Contact: Cushman & Wakefield 275 Madison Ave, 3rd Fl Chairman Senior Managing Director Executive Managing Director Director Senior Associate New York, NY 10016 (212) 660 7777 (212) 660 7770 (212) 660 7773 (212) 660 7791 (212) 660 7718 phone: +1 212 696 2500 [email protected] [email protected] [email protected] [email protected] [email protected] nyinvestmentsales.com
Robert Knakal
Robert Burton
Jonathan Hageman
Patrick Yannotta
Keegan Mehlhom
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.
37 King Street New York, NY
FINANCIAL SNAPSHOT
UNIT BREAKDOWN 2017 Legal Rent
EFFECTIVE GROSS REVENUE
$637,540
TOTAL EXPENSES
($272,249)
NET OPERATING INCOME
$365,471
3
1
*Current Monthly Rent includes registered Preferential Rent, SCRIE, and market projections for vacant/super units.
35
STATUS MIX
Asking Price: $16,000,000 THE NEIGHBORHOOD
RS
TE
RC
10 29
LAYOUT MI X CHRISTOPHER STREET PATH STATION
NEW YORK UNIVERSITY
Studio 1-Bedroom
2
HUDSON RIVER
APPLE SOHO
37
37 KING STREET
Occupied Vacant/Delivered Vacant
EL
NN
U DT
N
LLA
HO
TE NANCY MI X
For More Information, Please Contact: Cushman & Wakefield 275 Madison Ave, 3rd Fl Chairman Senior Managing Director Executive Managing Director Director Senior Associate New York, NY 10016 (212) 660 7777 (212) 660 7770 (212) 660 7773 (212) 660 7791 (212) 660 7718 phone: +1 212 696 2500 [email protected] [email protected] [email protected] [email protected] [email protected] nyinvestmentsales.com
Robert Knakal
Robert Burton
Jonathan Hageman
Patrick Yannotta
Keegan Mehlhom
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.
ASKING PRICE: $16,000,000 Property Features Location
North side of King Street between Varick Street & Sixth Avenue
Block / Lot
520/51
Lot Dimensions
50.67' x 100.15'
Lot SF
5,075
Stories Building Dimensions
5 50.67' x 86'
Residential Units
39
Zoning
R6
FAR
2.4
Base ZFA
12,332
Existing Gross SF
20,035
Additional Air Rights
Overbuilt
Historic District
Charlton King Vandam
Assessment (17/18)
$1,089,410
Taxes (17/18)
$138,782
*J-51 Abatement of $7,160 Remaining Square footage figures are approximate.
Property Description
W H O U STO N ST R E ET
520 100.15’
50.67’
51
6 TH AV ENUE
While prospective investors are presented with substantial upside potential upon the expiration of the J-51 Tax Abatement, current ownership has recently completed significant capital improvements to several aspects of the building. These capital investments totaled approximately $1.5 million and include replacing the elevator, roof and façade within the past three years. Tremendous value can be captured through the destabilization and renovation of the residential units that remain untouched for years. Future ownership will also have the opportunity to enhance the common areas and create amenities for the building that will result in higher rental rates.
37 King Street benefits from its premier location in one of Manhattan’s most desirable residential neighborhoods due to its tremendous access to transportation and close proximity to some of the best shopping, dining and nightlife the City has to offer. It is extremely rare for a property with this amount of unrealized value to become available for purchase in Manhattan. 37 King Street presents investors with the opportunity to realize considerable near-term and future growth in one of the most sought after submarkets in New York City.
VARIC K STR EET
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 37 King Street, a tremendous value add residential opportunity located in the desirable SoHo neighborhood of Manhattan. Standing five stories tall, the elevator serviced building encompasses approximately 20,035 gross square feet and contains 39 residential units, inclusive of a supers unit. The building currently benefits from a J-51 Tax Abatement, which expires in 2025/2026. As a result, all of the residential apartments are rent regulated per the abatement.
KI N G ST R E ET
For More Information, Please Contact: Cushman & Wakefield 275 Madison Ave, 3rd Fl Chairman Senior Managing Director Executive Managing Director Director Senior Associate New York, NY 10016 (212) 660 7777 (212) 660 7770 (212) 660 7773 (212) 660 7791 (212) 660 7718 phone: +1 212 696 2500 [email protected] [email protected] [email protected] [email protected] [email protected] nyinvestmentsales.com
Robert Knakal
Robert Burton
Jonathan Hageman
Patrick Yannotta
Keegan Mehlhom
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.
37 King Street New York, NY
FINANCIAL SNAPSHOT
UNIT BREAKDOWN 2017 Legal Rent
EFFECTIVE GROSS REVENUE
$637,540
TOTAL EXPENSES
($272,249)
NET OPERATING INCOME
$365,471
3
1
*Current Monthly Rent includes registered Preferential Rent, SCRIE, and market projections for vacant/super units.
35
STATUS MIX
Asking Price: $16,000,000 THE NEIGHBORHOOD
RS
TE
RC
10 29
LAYOUT MI X CHRISTOPHER STREET PATH STATION
NEW YORK UNIVERSITY
Studio 1-Bedroom
2
HUDSON RIVER
APPLE SOHO
37
37 KING STREET
Occupied Vacant/Delivered Vacant
EL
NN
U DT
N
LLA
HO
TE NANCY MI X
For More Information, Please Contact: Cushman & Wakefield 275 Madison Ave, 3rd Fl Chairman Senior Managing Director Executive Managing Director Director Senior Associate New York, NY 10016 (212) 660 7777 (212) 660 7770 (212) 660 7773 (212) 660 7791 (212) 660 7718 phone: +1 212 696 2500 [email protected] [email protected] [email protected] [email protected] [email protected] nyinvestmentsales.com
Robert Knakal
Robert Burton
Jonathan Hageman
Patrick Yannotta
Keegan Mehlhom
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.
