PRIME RETAIL CORNER PROPERTY FOR SALE ... - Massey Knakal
PRIME RETAIL CORNER PROPERTY FOR SALE 126-130 Delancey Street Lower East Side NY 176’ OF FRONTAGE OPPOSITE THE S.P.U.R.A. SITE Location:
Northwest corner of Delancey Street and Norfolk Street
Block / Lot:
353 / 39, 40, 41
Lot Dimensions:
76.25' x 100'
Approx.
Lot Square Footage:
7,625
Approx.
Building Information Building Dimensions:
76' x 100'
Approx.
Stories:
3
Gross Square Footage:
22,875
Zoning: Air Rights:
C6-2A The air rights have been sold
Assessment (12/13): Taxes (12/13):
$2,262,600 $229,699
(Above Grade)
Approx.
Description:
126-130 Delancey Street is a newly constructed three story commercial building located on the NW corner of Delancey Street and Norfolk Street. The building is approximately 22,875 SF above grade and is currently occupied by The Children's Place, Payless Shoe Source, and The Comprehensive Center for Rehabilitation. National credit tenants Payless Shoe Source and The Children’s Place occupy all of the ground floor with approximately 3,300 SF and 3,700 SF, respectively. The Children’s Place and The Comprehensive Center for Rehabilitation has lower level space consisting of approximately 2,500 SF and 3,000 SF, respectively. The Comprehensive Center for Rehabilitation has an entrance on Norfolk Street and occupies all of the 2nd and 3rd floor consisting of approximately 15,875 SF. All three tenants have ten year leases that expire in 2021 and contribute to tax pass-throughs ranging from 25%-70% of the 2010/11 base year which equate to tax contributions of 120%. The property is directly across the street from the Seward Park Urban Renewal Area which was recently approved by Community Board 3. The approved plans call for a 1.65 million square foot mixed-use project on a handful of city owned lots in the vicinity. In addition, the property is right in front of an entrance/exit to the F, J, M, Z trains at the Essex Street-Delancey Station. Gross rents in the building total $1,391,336 with a Net Operating Income of $1,163,476. The retail tenants signed leases in 2010-11 at below market rents that average approximately $100 per square foot. Furthermore, The Comprehensive Center for Rehabilitation is paying $43 per square foot. Nearby retailers include Dunkin’ Donuts, McDonalds, Duane Reade, Bank of America, T-Mobile, Sprint and Starbucks. For more information or inspection, please contact Exclusive Agents
Asking Price: $22,750,000
Michael F. DeCheser
Darragh Clarke
Mei Ling Wong
Or a 5.1% Cap Rate & $994/SF
Director of Sales 212.696.2500 x 7772 [email protected]
Senior Associate 212.696.2500 x 7737 [email protected]
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
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
PRIME RETAIL CORNER PROPERTY FOR SALE 126-130 Delancey Street 176’ OF FRONTAGE OPPOSITE THE S.P.U.R.A. SITE Floor
SF*
LXP
R.P.S.F.
Ground
Payless Shoe Source
(1)
3,300
6/31/2021
$100
$
27,542 $
330,500
Ground
The Children's Place (2)
3,700
1/31/2021
$101
$
31,250
$
375,000
15,875 (4)
7/31/2021
$43
$
57,153
$
685,836
$
115,945
$
1,391,336
2nd & 3rd
Tenant
The Comprehensive Center for Rehabilitation
(3)
Commercial Revenue
22,875
Monthly Rent
Annual Rent
* Unit SF is approximate (1) 6% increase in 2013 with 6% increases every 3 years thereafter, percentage rent (5%) of gross sales over $1,200,000, renewal option at greater of 105% prior year rent or Fair Market Value (2) 12% increase for years 6-10, option to renew for 5 years with 15% increase (3) 3% annual increases, one 5-year renewal option with continuing 3% annual increases (4) 625 SF Elevator/Entrance, 7,625 SF on the 2nd floor, 7,625 SF on the 3rd floor
EXPENSES: Real Estate Taxes (12/13): Insurance: TOTAL:
$ $ $
229,699 17,000 246,699
Gross Annual Income: Tax Passthrough: Less Expenses: Net Operating Income:
$ $ $ $
1,391,336 18,839 246,699 1,163,476
For more information or inspection, please contact Exclusive Agents Michael F. DeCheser
Darragh Clarke
Mei Ling Wong
Director of Sales 212.696.2500 x 7772 [email protected]
Senior Associate 212.696.2500 x 7737 [email protected]
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
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
Northwest corner of Delancey Street and Norfolk Street
Block / Lot:
353 / 39, 40, 41
Lot Dimensions:
76.25' x 100'
Approx.
Lot Square Footage:
7,625
Approx.
Building Information Building Dimensions:
76' x 100'
Approx.
Stories:
3
Gross Square Footage:
22,875
Zoning: Air Rights:
C6-2A The air rights have been sold
Assessment (12/13): Taxes (12/13):
$2,262,600 $229,699
(Above Grade)
Approx.
Description:
126-130 Delancey Street is a newly constructed three story commercial building located on the NW corner of Delancey Street and Norfolk Street. The building is approximately 22,875 SF above grade and is currently occupied by The Children's Place, Payless Shoe Source, and The Comprehensive Center for Rehabilitation. National credit tenants Payless Shoe Source and The Children’s Place occupy all of the ground floor with approximately 3,300 SF and 3,700 SF, respectively. The Children’s Place and The Comprehensive Center for Rehabilitation has lower level space consisting of approximately 2,500 SF and 3,000 SF, respectively. The Comprehensive Center for Rehabilitation has an entrance on Norfolk Street and occupies all of the 2nd and 3rd floor consisting of approximately 15,875 SF. All three tenants have ten year leases that expire in 2021 and contribute to tax pass-throughs ranging from 25%-70% of the 2010/11 base year which equate to tax contributions of 120%. The property is directly across the street from the Seward Park Urban Renewal Area which was recently approved by Community Board 3. The approved plans call for a 1.65 million square foot mixed-use project on a handful of city owned lots in the vicinity. In addition, the property is right in front of an entrance/exit to the F, J, M, Z trains at the Essex Street-Delancey Station. Gross rents in the building total $1,391,336 with a Net Operating Income of $1,163,476. The retail tenants signed leases in 2010-11 at below market rents that average approximately $100 per square foot. Furthermore, The Comprehensive Center for Rehabilitation is paying $43 per square foot. Nearby retailers include Dunkin’ Donuts, McDonalds, Duane Reade, Bank of America, T-Mobile, Sprint and Starbucks. For more information or inspection, please contact Exclusive Agents
Asking Price: $22,750,000
Michael F. DeCheser
Darragh Clarke
Mei Ling Wong
Or a 5.1% Cap Rate & $994/SF
Director of Sales 212.696.2500 x 7772 [email protected]
Senior Associate 212.696.2500 x 7737 [email protected]
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
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
PRIME RETAIL CORNER PROPERTY FOR SALE 126-130 Delancey Street 176’ OF FRONTAGE OPPOSITE THE S.P.U.R.A. SITE Floor
SF*
LXP
R.P.S.F.
Ground
Payless Shoe Source
(1)
3,300
6/31/2021
$100
$
27,542 $
330,500
Ground
The Children's Place (2)
3,700
1/31/2021
$101
$
31,250
$
375,000
15,875 (4)
7/31/2021
$43
$
57,153
$
685,836
$
115,945
$
1,391,336
2nd & 3rd
Tenant
The Comprehensive Center for Rehabilitation
(3)
Commercial Revenue
22,875
Monthly Rent
Annual Rent
* Unit SF is approximate (1) 6% increase in 2013 with 6% increases every 3 years thereafter, percentage rent (5%) of gross sales over $1,200,000, renewal option at greater of 105% prior year rent or Fair Market Value (2) 12% increase for years 6-10, option to renew for 5 years with 15% increase (3) 3% annual increases, one 5-year renewal option with continuing 3% annual increases (4) 625 SF Elevator/Entrance, 7,625 SF on the 2nd floor, 7,625 SF on the 3rd floor
EXPENSES: Real Estate Taxes (12/13): Insurance: TOTAL:
$ $ $
229,699 17,000 246,699
Gross Annual Income: Tax Passthrough: Less Expenses: Net Operating Income:
$ $ $ $
1,391,336 18,839 246,699 1,163,476
For more information or inspection, please contact Exclusive Agents Michael F. DeCheser
Darragh Clarke
Mei Ling Wong
Director of Sales 212.696.2500 x 7772 [email protected]
Senior Associate 212.696.2500 x 7737 [email protected]
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
NEW JERSEY
QUEENS
STATEN ISLAND
WESTCHESTER
