Mixed-Use Building For Sale
Mixed-Use Building For Sale 316 Lexington Avenue, New York, NY Location:
Between East 38th and 39th Streets
Block / Lot:
894 / 18
Lot Size:
19’ x 75’ Approximately
Lot Area:
1,425 SF Approximately
Stories:
5 Plus Penthouse
Building Size:
19’ x 70’, 70’, 50’, 50’, 50’, 25’
Gross SF:
5,985 Approximately
Zoning:
R10 with a C1-5 Overlay
FAR:
2.0 Commercial / 10.0 Residential
Air Rights:
8,265 Approximately
Assessment (13/14):
$ 583,050
Taxes (13/14):
$ 76,851
(All square footages should be independently verified)
Property Description:
ASKING PRICE:
$6,250,000
A 19’ wide, 5 story plus penthouse, approximately 5,985 sq. ft. mixeduse building located on the west side of Lexington Avenue between East 38th and 39th Streets. The building is comprised of a retail space and 9 apartments above. The second floor has tremendous ceiling heights with front and rear units. The front unit has a large living area with a sleeping loft raised above the kitchen and bathroom. The rear unit is a large one-bedroom with a renovated galley kitchen and skylight. Floors three through five have front and rear studio apartments with separate kitchen nooks and partitioned sleeping areas which are prime for onebedroom conversions. The penthouse unit has a separate eat-in kitchen and living space with a large terrace with views of the Chrysler Building. The property is zoned R10 with a C1-5 overlay, having an FAR of 10.0. Transportation is readily accessible with Grand Central less than three blocks away.
For further information or inspection, please contact Exclusive Agents:
John F. Ciraulo
Vice Chairman, Partner [email protected] 212.696.2500 x7700
Nicholas C. Gillott Associate [email protected] 212.696.2500 x7797
Craig M. Waggner
Director of Sales [email protected] 212.696.2500 x7744
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. 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
Mixed-Use Building For Sale 316 Lexington Avenue, New York, NY REVENUE Unit
Status
Type
Lease Exp.
Net Sq. ft.
Store 1F 1R 2F 2R 3F 3R 4F 4R PH Total
Comm. FM FM FM RS FM FM FM FM FM
Retail(2) Lofted- BR One-Bed Alc. Studio Alc. Studio Alc. Studio Alc. Studio Alc. Studio Alc. Studio Studio
11/1/21 8/31/14 5/31/14 8/31/14 3/31/15 8/31/14 8/31/14 9/30/15 8/31/14 8/31/14
1,197 565 565 404 404 404 404 404 404 404 5,154
Actual Actual P.P.S.F.(1) Monthly Rent $105.26 $41.93 $59.44 $49.04 $42.86 $53.50 $49.49 $57.96 $59.29 $68.36
$10,500 $1,975 $2,650 $1,650 $1,470 $1,800 $1,665 $1,950 $1,995 $2,300 $27,656
Actual Annual Rent $126,000 $23,700 $31,800 $19,800 $17,640 $21,600 $19,980 $23,400 $23,940 $27,600 $331,863
Projected (1) P.P.S.F. $105.26 $59.44 $59.44 $74.30 $42.86 $74.30 $74.30 $74.30 $74.30 $95.11
Projected Monthly Rent $10,500 $2,800 $2,800 $2,500 $1,470 $2,500 $2,500 $2,500 $2,500 $3,200 $33,271
Projected Annual Rent $126,000 $33,600 $33,600 $30,000 $17,640 $30,000 $30,000 $30,000 $30,000 $38,400 $399,240
(1) P.P.S.F. = Price Per Square Foot. (2) Retail Lease has 3.5% increase annually for first 4 years, 4.5% for the last 3 years. = Projected Rents
EXPENSES: Real Estate Tax Water/Sewer Insurance Fuel Electric Repairs & Maintenance Super Management Total:
(2013/2014) ($0.35 / Sq. Ft.) ($1.00 / Sq. Ft.) ($1.60 / Sq. Ft.) ($0.25 / Sq. Ft.) ($1.00 / Sq. Ft.) ($200 / Month) (3% of Gross Income)
$76,851 $2,095 $5,985 $9,576 $1,508 $5,985 $2,400 $12,676 $117,076
Gross Annual Income: Less Expenses: Net Operating Income:
(Projected) (Projected) (Projected)
$399,240 $117,076 $282,164
A S K I N G P R I C E : $6,250,000 For further information or inspection, please contact Exclusive Agents:
John F. Ciraulo
Vice Chairman, Partner [email protected] 212.696.2500 x7700
Nicholas C. Gillott Associate [email protected] 212.696.2500 x7797
Craig M. Waggner
Director of Sales [email protected] 212.696.2500 x7744
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. 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
Between East 38th and 39th Streets
Block / Lot:
894 / 18
Lot Size:
19’ x 75’ Approximately
Lot Area:
1,425 SF Approximately
Stories:
5 Plus Penthouse
Building Size:
19’ x 70’, 70’, 50’, 50’, 50’, 25’
Gross SF:
5,985 Approximately
Zoning:
R10 with a C1-5 Overlay
FAR:
2.0 Commercial / 10.0 Residential
Air Rights:
8,265 Approximately
Assessment (13/14):
$ 583,050
Taxes (13/14):
$ 76,851
(All square footages should be independently verified)
Property Description:
ASKING PRICE:
$6,250,000
A 19’ wide, 5 story plus penthouse, approximately 5,985 sq. ft. mixeduse building located on the west side of Lexington Avenue between East 38th and 39th Streets. The building is comprised of a retail space and 9 apartments above. The second floor has tremendous ceiling heights with front and rear units. The front unit has a large living area with a sleeping loft raised above the kitchen and bathroom. The rear unit is a large one-bedroom with a renovated galley kitchen and skylight. Floors three through five have front and rear studio apartments with separate kitchen nooks and partitioned sleeping areas which are prime for onebedroom conversions. The penthouse unit has a separate eat-in kitchen and living space with a large terrace with views of the Chrysler Building. The property is zoned R10 with a C1-5 overlay, having an FAR of 10.0. Transportation is readily accessible with Grand Central less than three blocks away.
For further information or inspection, please contact Exclusive Agents:
John F. Ciraulo
Vice Chairman, Partner [email protected] 212.696.2500 x7700
Nicholas C. Gillott Associate [email protected] 212.696.2500 x7797
Craig M. Waggner
Director of Sales [email protected] 212.696.2500 x7744
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. 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
Mixed-Use Building For Sale 316 Lexington Avenue, New York, NY REVENUE Unit
Status
Type
Lease Exp.
Net Sq. ft.
Store 1F 1R 2F 2R 3F 3R 4F 4R PH Total
Comm. FM FM FM RS FM FM FM FM FM
Retail(2) Lofted- BR One-Bed Alc. Studio Alc. Studio Alc. Studio Alc. Studio Alc. Studio Alc. Studio Studio
11/1/21 8/31/14 5/31/14 8/31/14 3/31/15 8/31/14 8/31/14 9/30/15 8/31/14 8/31/14
1,197 565 565 404 404 404 404 404 404 404 5,154
Actual Actual P.P.S.F.(1) Monthly Rent $105.26 $41.93 $59.44 $49.04 $42.86 $53.50 $49.49 $57.96 $59.29 $68.36
$10,500 $1,975 $2,650 $1,650 $1,470 $1,800 $1,665 $1,950 $1,995 $2,300 $27,656
Actual Annual Rent $126,000 $23,700 $31,800 $19,800 $17,640 $21,600 $19,980 $23,400 $23,940 $27,600 $331,863
Projected (1) P.P.S.F. $105.26 $59.44 $59.44 $74.30 $42.86 $74.30 $74.30 $74.30 $74.30 $95.11
Projected Monthly Rent $10,500 $2,800 $2,800 $2,500 $1,470 $2,500 $2,500 $2,500 $2,500 $3,200 $33,271
Projected Annual Rent $126,000 $33,600 $33,600 $30,000 $17,640 $30,000 $30,000 $30,000 $30,000 $38,400 $399,240
(1) P.P.S.F. = Price Per Square Foot. (2) Retail Lease has 3.5% increase annually for first 4 years, 4.5% for the last 3 years. = Projected Rents
EXPENSES: Real Estate Tax Water/Sewer Insurance Fuel Electric Repairs & Maintenance Super Management Total:
(2013/2014) ($0.35 / Sq. Ft.) ($1.00 / Sq. Ft.) ($1.60 / Sq. Ft.) ($0.25 / Sq. Ft.) ($1.00 / Sq. Ft.) ($200 / Month) (3% of Gross Income)
$76,851 $2,095 $5,985 $9,576 $1,508 $5,985 $2,400 $12,676 $117,076
Gross Annual Income: Less Expenses: Net Operating Income:
(Projected) (Projected) (Projected)
$399,240 $117,076 $282,164
A S K I N G P R I C E : $6,250,000 For further information or inspection, please contact Exclusive Agents:
John F. Ciraulo
Vice Chairman, Partner [email protected] 212.696.2500 x7700
Nicholas C. Gillott Associate [email protected] 212.696.2500 x7797
Craig M. Waggner
Director of Sales [email protected] 212.696.2500 x7744
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. 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
