East 86th Street - Agorafy
340
E a s t 8 6 th Stre e t New Yo r k , NY A M i xe d- Use Buil ding w ith Trem endous D evel opm ent Potentia l
MULTIFAMILY BUILDING & FUTURE DEVELOPMENT SITE FOR SALE
340 East 86th Street New York, NY 10028
EXCELLENT LOCATION - NEAR 4,5 & 6 TRAIN & PL ANNED 2ND AVE SUBWAY - ENTIRELY FREE MARKET Pro p e r t y In f o rm a t i o n : Location: Block/Lot: Lot Size: Lot Area: Stories: Building Size: Gross Square Footage: Units: Zoning: Residential FAR: Buildable Square Feet: Air Rights: Assessment (14/15): Taxes (14/15):
The subject property is located on the south side of East 86th St. between 1st & 2nd Aves. 1548/35 25’ x 102.17’ 2,554 6 25’ x 95’ 12,900
(approx.) (approx.) (approx.) (approx.)
16
(free market)
C2-8A 10.0 25,540 12,640 $1,197,540 $153,944
(approx.) (approx.) (approx.)
PROPERTY DESCRIPTION: Massey Knakal Realty Services is pleased to announce that it has been retained on an exclusive basis to arrange for the sale of 340 East 86th Street on the Upper East Side. This 6 story 16 unit walk-up building is entirely free market and offers future ownership the unparalleled opportunity to capitalize on the surging rental and/or condominium market in one of Manhattan’s most established neighborhoods. The building is comprised of 1 commercial unit, 10 three-bedroom and 5 two-bedroom apartments totaling approximately 12,900 gross square feet. The property includes approximately 12,640 square feet of air rights which could be utilized in a future ground up or redevelopment. Alternatively, the air rights could be sold to the adjacent property at 350 East 86th Street adding to its approximate 127,500 buildable square feet. Located in one of Manhattan’s most dynamic and sought after neighborhoods, the Upper East Side offers its patrons a variety of world class shopping, dining and entertainment opportunities all the while providing quick and easy access to the rest of the city. Public transportation is easily accessible via the 4, 5, 6 trains at 86th Street and Lexington Avenue and the numerous bus lines which service the area. The first phase of the Second Avenue Subway is scheduled to be completed in December of 2016 and will feature new subway stations located at 72nd, 86th and 96th Streets offering easier access to Manhattan’s east side and increasing residential and retail growth in the neighborhood. To r e c e i v e a c o n f i d e n t i a l m e m o r a n d u m , p l e a s e c o n t a c t E x c l u s i v e A g e n t s : R obert M. S hapiro Vice President of Sales 212.660.7717 [email protected]
T homas D. G ammino Senior Vice President of Sales 212.660.7727 [email protected]
B rett W eisblum Associate Director of Sales 212.660.7784 [email protected]
J im Y etter Senior Associate 212.660.7745 [email protected]
Building Price: $17,000,000 Air Rights Price: $8,000,000
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 NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
MULTIFAMILY BUILDING & FUTURE DEVELOPMENT SITE FOR SALE
340 East 86th Street New York, NY 10028
EXCELLENT LOCATION - NEAR 4,5 & 6 TRAIN & PL ANNED 2ND AVE SUBWAY - ENTIRELY FREE MARKET
UNIT 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
STATUS FM FM FM FM FM FM FM FM FM FM FM FM FM FM FM
TYPE 3BR 3BR 2BR 3BR 3BR 2BR 3BR 3BR 2BR 3BR 3BR 2BR 3BR 3BR 2BR
MONTHLY RESIDENTIAL REVENUE: GROSS ANNUAL REVENUE: AVERAGE RENT PER NET SQUARE FOOT: AVERAGE MONTHLY RENT PER UNIT: UNIT Comm.
TENANT Pharmacy
EXPIRATION 1/31/2023(1)
MONTHLY RESIDENTIAL REVENUE: GROSS ANNUAL REVENUE: AVERAGE RENT PER SQUARE FOOT: (1) No demo clause. One 3-year renewal option exists. (2) Retail is approximately 1,825 square feet.
RENT $4,000 $3,600 $2,400 $3,750 $3,600 $2,700 $3,600 $3,900 $2,600 $3,600 $3,750 $2,500 $3,500 $3,600 $2,825 $49,925 $599,100 $65.56 $3,328 RENT $18,576 $18,576 $222,912 $122(2)
GROSS ANNUAL REVENUE Gross Monthly Revenue:
$68,501
Gross Annual Revenue:
$822,012
VACANCY & CREDIT LOSS Gross Annual Income: Less Vacancy and Credit Loss
$822,012 @
$32,880
4%
Effective Gross Income:
$789,132
ESTIMATED EXPENSES Adjusted Taxes (14/15):
$153,944
Water/Sewer
@
$.70
/SF
$9,030
Insurance
@
$1.00
/SF
$12,900
Fuel #2 Oil
@
$1.60
/SF
$20,640
Electric
@
$.20
/SF
$2,580
Repairs
@
$2.00
/SF
$25,800
Super
@
$2,000
/Mo.
$24,000
Management
@
3%
/EGI
$23,674
Total Expenses:
$272,568
Effective Gross Income:
$789,132
Less Expenses:
$272,568
Net Operating Income:
$516,564
BUILDING PRICE: $17,000,000 AIR RIGHTS PRICE: $8,000,000
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 NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
MULTIFAMILY BUILDING & FUTURE DEVELOPMENT SITE FOR SALE
340 East 86th Street New York, NY 10028
EXCELLENT LOCATION - NEAR 4,5 & 6 TRAIN & PL ANNED 2ND AVE SUBWAY - ENTIRELY FREE MARKET
Second Avenue Subway (Phase I completed 2016)
340 East 86th Street
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 NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
MULTIFAMILY BUILDING & FUTURE DEVELOPMENT SITE FOR SALE
340 East 86th Street New York, NY 10028
EXCELLENT LOCATION - NEAR 4,5 & 6 TRAIN & PL ANNED 2ND AVE SUBWAY - ENTIRELY FREE MARKET
1st Avenue
Future Development Site
87th
Stree t
Stree t
340 E. 86th
2n
dA ve n
ue
1s
tA ve n
East
86th
Future Development Site (on market)
East 85th Street
ue
East
East 86th Street
340 East 86th Street
2nd Avenue To r e c e i v e a c o n f i d e n t i a l m e m o r a n d u m , p l e a s e c o n t a c t E x c l u s i v e A g e n t s : R obert M. S hapiro Vice President of Sales 212.660.7717 [email protected]
T homas D. G ammino Senior Vice President of Sales 212.660.7727 [email protected]
B rett W eisblum Associate Director of Sales 212.660.7784 [email protected]
J im Y etter Senior Associate 212.660.7745 [email protected]
Building Price: $17,000,000 Air Rights Price: $8,000,000
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 NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
E a s t 8 6 th Stre e t New Yo r k , NY A M i xe d- Use Buil ding w ith Trem endous D evel opm ent Potentia l
MULTIFAMILY BUILDING & FUTURE DEVELOPMENT SITE FOR SALE
340 East 86th Street New York, NY 10028
EXCELLENT LOCATION - NEAR 4,5 & 6 TRAIN & PL ANNED 2ND AVE SUBWAY - ENTIRELY FREE MARKET Pro p e r t y In f o rm a t i o n : Location: Block/Lot: Lot Size: Lot Area: Stories: Building Size: Gross Square Footage: Units: Zoning: Residential FAR: Buildable Square Feet: Air Rights: Assessment (14/15): Taxes (14/15):
The subject property is located on the south side of East 86th St. between 1st & 2nd Aves. 1548/35 25’ x 102.17’ 2,554 6 25’ x 95’ 12,900
(approx.) (approx.) (approx.) (approx.)
16
(free market)
C2-8A 10.0 25,540 12,640 $1,197,540 $153,944
(approx.) (approx.) (approx.)
PROPERTY DESCRIPTION: Massey Knakal Realty Services is pleased to announce that it has been retained on an exclusive basis to arrange for the sale of 340 East 86th Street on the Upper East Side. This 6 story 16 unit walk-up building is entirely free market and offers future ownership the unparalleled opportunity to capitalize on the surging rental and/or condominium market in one of Manhattan’s most established neighborhoods. The building is comprised of 1 commercial unit, 10 three-bedroom and 5 two-bedroom apartments totaling approximately 12,900 gross square feet. The property includes approximately 12,640 square feet of air rights which could be utilized in a future ground up or redevelopment. Alternatively, the air rights could be sold to the adjacent property at 350 East 86th Street adding to its approximate 127,500 buildable square feet. Located in one of Manhattan’s most dynamic and sought after neighborhoods, the Upper East Side offers its patrons a variety of world class shopping, dining and entertainment opportunities all the while providing quick and easy access to the rest of the city. Public transportation is easily accessible via the 4, 5, 6 trains at 86th Street and Lexington Avenue and the numerous bus lines which service the area. The first phase of the Second Avenue Subway is scheduled to be completed in December of 2016 and will feature new subway stations located at 72nd, 86th and 96th Streets offering easier access to Manhattan’s east side and increasing residential and retail growth in the neighborhood. To r e c e i v e a c o n f i d e n t i a l m e m o r a n d u m , p l e a s e c o n t a c t E x c l u s i v e A g e n t s : R obert M. S hapiro Vice President of Sales 212.660.7717 [email protected]
T homas D. G ammino Senior Vice President of Sales 212.660.7727 [email protected]
B rett W eisblum Associate Director of Sales 212.660.7784 [email protected]
J im Y etter Senior Associate 212.660.7745 [email protected]
Building Price: $17,000,000 Air Rights Price: $8,000,000
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 NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
MULTIFAMILY BUILDING & FUTURE DEVELOPMENT SITE FOR SALE
340 East 86th Street New York, NY 10028
EXCELLENT LOCATION - NEAR 4,5 & 6 TRAIN & PL ANNED 2ND AVE SUBWAY - ENTIRELY FREE MARKET
UNIT 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
STATUS FM FM FM FM FM FM FM FM FM FM FM FM FM FM FM
TYPE 3BR 3BR 2BR 3BR 3BR 2BR 3BR 3BR 2BR 3BR 3BR 2BR 3BR 3BR 2BR
MONTHLY RESIDENTIAL REVENUE: GROSS ANNUAL REVENUE: AVERAGE RENT PER NET SQUARE FOOT: AVERAGE MONTHLY RENT PER UNIT: UNIT Comm.
TENANT Pharmacy
EXPIRATION 1/31/2023(1)
MONTHLY RESIDENTIAL REVENUE: GROSS ANNUAL REVENUE: AVERAGE RENT PER SQUARE FOOT: (1) No demo clause. One 3-year renewal option exists. (2) Retail is approximately 1,825 square feet.
RENT $4,000 $3,600 $2,400 $3,750 $3,600 $2,700 $3,600 $3,900 $2,600 $3,600 $3,750 $2,500 $3,500 $3,600 $2,825 $49,925 $599,100 $65.56 $3,328 RENT $18,576 $18,576 $222,912 $122(2)
GROSS ANNUAL REVENUE Gross Monthly Revenue:
$68,501
Gross Annual Revenue:
$822,012
VACANCY & CREDIT LOSS Gross Annual Income: Less Vacancy and Credit Loss
$822,012 @
$32,880
4%
Effective Gross Income:
$789,132
ESTIMATED EXPENSES Adjusted Taxes (14/15):
$153,944
Water/Sewer
@
$.70
/SF
$9,030
Insurance
@
$1.00
/SF
$12,900
Fuel #2 Oil
@
$1.60
/SF
$20,640
Electric
@
$.20
/SF
$2,580
Repairs
@
$2.00
/SF
$25,800
Super
@
$2,000
/Mo.
$24,000
Management
@
3%
/EGI
$23,674
Total Expenses:
$272,568
Effective Gross Income:
$789,132
Less Expenses:
$272,568
Net Operating Income:
$516,564
BUILDING PRICE: $17,000,000 AIR RIGHTS PRICE: $8,000,000
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 NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
MULTIFAMILY BUILDING & FUTURE DEVELOPMENT SITE FOR SALE
340 East 86th Street New York, NY 10028
EXCELLENT LOCATION - NEAR 4,5 & 6 TRAIN & PL ANNED 2ND AVE SUBWAY - ENTIRELY FREE MARKET
Second Avenue Subway (Phase I completed 2016)
340 East 86th Street
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 NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
MULTIFAMILY BUILDING & FUTURE DEVELOPMENT SITE FOR SALE
340 East 86th Street New York, NY 10028
EXCELLENT LOCATION - NEAR 4,5 & 6 TRAIN & PL ANNED 2ND AVE SUBWAY - ENTIRELY FREE MARKET
1st Avenue
Future Development Site
87th
Stree t
Stree t
340 E. 86th
2n
dA ve n
ue
1s
tA ve n
East
86th
Future Development Site (on market)
East 85th Street
ue
East
East 86th Street
340 East 86th Street
2nd Avenue To r e c e i v e a c o n f i d e n t i a l m e m o r a n d u m , p l e a s e c o n t a c t E x c l u s i v e A g e n t s : R obert M. S hapiro Vice President of Sales 212.660.7717 [email protected]
T homas D. G ammino Senior Vice President of Sales 212.660.7727 [email protected]
B rett W eisblum Associate Director of Sales 212.660.7784 [email protected]
J im Y etter Senior Associate 212.660.7745 [email protected]
Building Price: $17,000,000 Air Rights Price: $8,000,000
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 NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER
