71 Clinton Street
For Sale – Prime 50’ x 50’ Mixed-Use Corner Building Lower East Side – New York, NY
71 Clinton Street a/k/a 160-162 Rivington Street Section 363 Sale Subject To Approval of the Bankruptcy Court of the Southern District of New York
LOCATION: Northwest corner of Clinton and Rivington
ASSESSMENT (14/15): TAXES (14/15):
Stanton Street
Clinton Street
PROPERTY DESCRIPTION: The subject is a 7-story, mixed-use, walk-up building located on the northwest corner of Clinton and Rivington Streets. The 15,500+/- SF building consists of 2 ground floor retail units and 22 residential units. There are 2 apartments on the 2nd floor and 4 apartments on floors 3 through 7. Of the 22 apartments, 16 are FM and 6 are RS. The two apartments on the 2nd floor are approximately 900 SF and could potentially be converted into 4-bedroom units. The remaining units are all identical in size the and FM units are 2-bedrooms. The corner retail unit is approximately 1,000 SF and negotiations are in place to lease for $12,500/mo. The space is equipped with a brand new pizza oven and is vented. The other retail unit pays 40% of the taxes of base year 2010/11 and has 5 years remaining on their lease. In addition, the property benefits from an income producing sign on Rivington Street. Neighbors including Calexico, Schiller's Liquor Bar, Tiny’s Giant Sandwich Shop, The Delancey, Burger King, Dunkin’ Donuts and more. Tenants enjoy easy access throughout the city via the F, J, M & Z subway stop which is 3 blocks away. Furthermore, the Essex Crossing mixed-use project is located 1 block south and will add 1.9M SF of residential, retail and community space to the neighborhood. Please Note: Building C of O reads 21 apartments.
Suffolk Street
BLOCK / LOT: LOT DIMENSIONS: LOT AREA: BUILDING SIZE: STORIES: GROSS SF: RESIDENTIAL UNITS: COMMERCIAL UNITS: ZONING: F.A.R. (AS-OF-RIGHT):
Streets 349 / 30 50' x 50' (Approx.) 2,500 (Approx. SF) 50' x 50' (Approx.) 7 15,500 (Approx. SF) 22 2 R7-A with C1-5 Overlay 4.0 Residential 2.0 Commercial Overlay $1,711,170 As of 12/3/2014 $224,933
Asking Price: $18,000,000
Rivington Street
For more information or inspection, please contact Exclusive Agents:
Michael DeCheser
Darragh Clarke
Mei Ling Wong
Vice President of Sales 212-696-2500 x 7772 [email protected]
Associate Director of Sales 212-696-2500 x 7737 [email protected]
Senior Associate 212-696-2500 x 7716 [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 it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, 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 HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
QUEENS
STATEN ISLAND
WESTCHESTER
For Sale – Prime 50’ x 50’ Mixed-Use Corner Building Lower East Side – New York, NY
71 Clinton Street a/k/a 160-162 Rivington Street 71 CLINTON STREET COMMERCIAL REVENUE (AS OF DECEMBER 3, 2014) Rent / SF Lease Exp. Tenant Monthly Rent Annual Rent (Apprx.) SF Vacant Vacant 1,000 $ 150 $ 12,500 $ 150,000 11/30/20 Seoul Chicken (1) 900 $ 133 $ 9,978 $ 119,733 03/31/14 Sign $ 1,000 $ 12,000 Total Commercial: $ 23,478 $ 281,733
Proj. Monthly Rent $ 12,500 $ 9,978 $ 1,000 $ 23,478
Proj. Annual Rent $ 150,000 $ 119,733 $ 12,000 $ 281,733
Proj. Monthly Rent $ 4,950 $ 4,950 $ 3,300 $ 1,029 $ 581 $ 3,300 $ 658 $ 3,300 $ 3,300 $ 3,300 $ 3,300 $ 776 $ 3,300 $ 3,300 $ 3,300 $ 3,300 $ 1,954 $ 3,300 $ 3,300 $ 625 $ 3,300 $ 3,300 $ 61,723
Proj. Annual Rent $ 59,400 $ 59,400 $ 39,600 $ 12,354 $ 6,976 $ 39,600 $ 7,896 $ 39,600 $ 39,600 $ 39,600 $ 39,600 $ 9,307 $ 39,600 $ 39,600 $ 39,600 $ 39,600 $ 23,448 $ 39,600 $ 39,600 $ 7,500 $ 39,600 $ 39,600 $ 740,681
71 CLINTON STREET RESIDENTIAL REVENUE (AS OF DECEMBER 3, 2014) Unit
Floor Status
1-2F 2nd 1-2R 2nd 5 3rd 6 3rd 7 3rd 8 3rd 9 4th 10 4th 11 4th 12 4th 13 5th 14 5th 15 5th 16 5th 17 6th 18 6th 19 6th 20 6th 21 7th 22 7th 23 7th 24 7th Total Residential:
FM FM FM RS RS FM RS FM FM FM FM RS FM FM FM FM RS FM FM RS FM FM
Layout 2-Bd 3-Bd 2-Bd
2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd
Monthly Rent Annual Rent $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
3,600 4,000 2,700 1,029 581 2,700 658 3,300 2,800 2,600 2,575 776 2,600 2,700 2,525 2,700 1,954 2,600 2,600 625 2,600 2,800 51,023
Gross Income:
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
43,200 48,000 32,400 12,354 6,976 32,400 7,896 39,600 33,600 31,200 30,900 9,307 31,200 32,400 30,300 32,400 23,448 31,200 31,200 7,500 31,200 33,600 612,281
$ 894,015
$ 1,022,415
Vacant and/or FM; Rent has been projected
EXPENSES: Real Estate Taxes (14/15): Heat (#2): Water/ Sewer: Insurance: Electric (Common): Repairs and Maintenance: Management: TOTAL:
$ $ $ $ $ $ $ $
224,933 31,000 7,750 15,500 3,875 7,000 15,000 305,058
Effective Revenue Overview Commercial Gross Annual Income:
$
281,733
Residential Gross Annual Income:
$
612,281
Approx. Commercial Tax Contribution:
$
17,827
Effective Gross Annual Income:
$
911,841
Projected Revenue Overview Commercial Gross Annual Income:
$
281,733
Residential Gross Annual Income:
$
740,681
Approx. Commercial Tax Contribution:
$
17,827
Effective Gross Annual Income:
$
1,040,241
Projected Gross Income: Expenses: Projected Net Operating Income:
$ $ $
1,040,241 305,058 735,183
Section 363 Sale Subject To Approval of the Bankruptcy Court of the Southern District of New York
(1) Tenant pays 40% of taxes of base year 2010/11
Asking Price: $18,000,000
For more information or inspection, please contact Exclusive Agents:
Michael DeCheser
Darragh Clarke
Mei Ling Wong
Vice President of Sales 212-696-2500 x 7772 [email protected]
Associate Director of Sales 212-696-2500 x 7737 [email protected]
Senior Associate 212-696-2500 x 7716 [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 it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, 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 HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
QUEENS
STATEN ISLAND
WESTCHESTER
71 Clinton Street a/k/a 160-162 Rivington Street Section 363 Sale Subject To Approval of the Bankruptcy Court of the Southern District of New York
LOCATION: Northwest corner of Clinton and Rivington
ASSESSMENT (14/15): TAXES (14/15):
Stanton Street
Clinton Street
PROPERTY DESCRIPTION: The subject is a 7-story, mixed-use, walk-up building located on the northwest corner of Clinton and Rivington Streets. The 15,500+/- SF building consists of 2 ground floor retail units and 22 residential units. There are 2 apartments on the 2nd floor and 4 apartments on floors 3 through 7. Of the 22 apartments, 16 are FM and 6 are RS. The two apartments on the 2nd floor are approximately 900 SF and could potentially be converted into 4-bedroom units. The remaining units are all identical in size the and FM units are 2-bedrooms. The corner retail unit is approximately 1,000 SF and negotiations are in place to lease for $12,500/mo. The space is equipped with a brand new pizza oven and is vented. The other retail unit pays 40% of the taxes of base year 2010/11 and has 5 years remaining on their lease. In addition, the property benefits from an income producing sign on Rivington Street. Neighbors including Calexico, Schiller's Liquor Bar, Tiny’s Giant Sandwich Shop, The Delancey, Burger King, Dunkin’ Donuts and more. Tenants enjoy easy access throughout the city via the F, J, M & Z subway stop which is 3 blocks away. Furthermore, the Essex Crossing mixed-use project is located 1 block south and will add 1.9M SF of residential, retail and community space to the neighborhood. Please Note: Building C of O reads 21 apartments.
Suffolk Street
BLOCK / LOT: LOT DIMENSIONS: LOT AREA: BUILDING SIZE: STORIES: GROSS SF: RESIDENTIAL UNITS: COMMERCIAL UNITS: ZONING: F.A.R. (AS-OF-RIGHT):
Streets 349 / 30 50' x 50' (Approx.) 2,500 (Approx. SF) 50' x 50' (Approx.) 7 15,500 (Approx. SF) 22 2 R7-A with C1-5 Overlay 4.0 Residential 2.0 Commercial Overlay $1,711,170 As of 12/3/2014 $224,933
Asking Price: $18,000,000
Rivington Street
For more information or inspection, please contact Exclusive Agents:
Michael DeCheser
Darragh Clarke
Mei Ling Wong
Vice President of Sales 212-696-2500 x 7772 [email protected]
Associate Director of Sales 212-696-2500 x 7737 [email protected]
Senior Associate 212-696-2500 x 7716 [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 it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, 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 HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
QUEENS
STATEN ISLAND
WESTCHESTER
For Sale – Prime 50’ x 50’ Mixed-Use Corner Building Lower East Side – New York, NY
71 Clinton Street a/k/a 160-162 Rivington Street 71 CLINTON STREET COMMERCIAL REVENUE (AS OF DECEMBER 3, 2014) Rent / SF Lease Exp. Tenant Monthly Rent Annual Rent (Apprx.) SF Vacant Vacant 1,000 $ 150 $ 12,500 $ 150,000 11/30/20 Seoul Chicken (1) 900 $ 133 $ 9,978 $ 119,733 03/31/14 Sign $ 1,000 $ 12,000 Total Commercial: $ 23,478 $ 281,733
Proj. Monthly Rent $ 12,500 $ 9,978 $ 1,000 $ 23,478
Proj. Annual Rent $ 150,000 $ 119,733 $ 12,000 $ 281,733
Proj. Monthly Rent $ 4,950 $ 4,950 $ 3,300 $ 1,029 $ 581 $ 3,300 $ 658 $ 3,300 $ 3,300 $ 3,300 $ 3,300 $ 776 $ 3,300 $ 3,300 $ 3,300 $ 3,300 $ 1,954 $ 3,300 $ 3,300 $ 625 $ 3,300 $ 3,300 $ 61,723
Proj. Annual Rent $ 59,400 $ 59,400 $ 39,600 $ 12,354 $ 6,976 $ 39,600 $ 7,896 $ 39,600 $ 39,600 $ 39,600 $ 39,600 $ 9,307 $ 39,600 $ 39,600 $ 39,600 $ 39,600 $ 23,448 $ 39,600 $ 39,600 $ 7,500 $ 39,600 $ 39,600 $ 740,681
71 CLINTON STREET RESIDENTIAL REVENUE (AS OF DECEMBER 3, 2014) Unit
Floor Status
1-2F 2nd 1-2R 2nd 5 3rd 6 3rd 7 3rd 8 3rd 9 4th 10 4th 11 4th 12 4th 13 5th 14 5th 15 5th 16 5th 17 6th 18 6th 19 6th 20 6th 21 7th 22 7th 23 7th 24 7th Total Residential:
FM FM FM RS RS FM RS FM FM FM FM RS FM FM FM FM RS FM FM RS FM FM
Layout 2-Bd 3-Bd 2-Bd
2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd 2-Bd
Monthly Rent Annual Rent $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
3,600 4,000 2,700 1,029 581 2,700 658 3,300 2,800 2,600 2,575 776 2,600 2,700 2,525 2,700 1,954 2,600 2,600 625 2,600 2,800 51,023
Gross Income:
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
43,200 48,000 32,400 12,354 6,976 32,400 7,896 39,600 33,600 31,200 30,900 9,307 31,200 32,400 30,300 32,400 23,448 31,200 31,200 7,500 31,200 33,600 612,281
$ 894,015
$ 1,022,415
Vacant and/or FM; Rent has been projected
EXPENSES: Real Estate Taxes (14/15): Heat (#2): Water/ Sewer: Insurance: Electric (Common): Repairs and Maintenance: Management: TOTAL:
$ $ $ $ $ $ $ $
224,933 31,000 7,750 15,500 3,875 7,000 15,000 305,058
Effective Revenue Overview Commercial Gross Annual Income:
$
281,733
Residential Gross Annual Income:
$
612,281
Approx. Commercial Tax Contribution:
$
17,827
Effective Gross Annual Income:
$
911,841
Projected Revenue Overview Commercial Gross Annual Income:
$
281,733
Residential Gross Annual Income:
$
740,681
Approx. Commercial Tax Contribution:
$
17,827
Effective Gross Annual Income:
$
1,040,241
Projected Gross Income: Expenses: Projected Net Operating Income:
$ $ $
1,040,241 305,058 735,183
Section 363 Sale Subject To Approval of the Bankruptcy Court of the Southern District of New York
(1) Tenant pays 40% of taxes of base year 2010/11
Asking Price: $18,000,000
For more information or inspection, please contact Exclusive Agents:
Michael DeCheser
Darragh Clarke
Mei Ling Wong
Vice President of Sales 212-696-2500 x 7772 [email protected]
Associate Director of Sales 212-696-2500 x 7737 [email protected]
Senior Associate 212-696-2500 x 7716 [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 it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, 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 HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333 www.masseyknakal.com THE BRONX
BROOKLYN
MANHATTAN
NASSAU
QUEENS
STATEN ISLAND
WESTCHESTER
