Second Avenue - Agorafy
CORNER MIXED-USE BUILDING FOR SALE 117’ FEET OF FRONTAGE 2 RETAIL UNITS, 25 RESIDENTIAL UNITS
1004 -1008 Second Avenue aka 301 East 53rd Street
PROPERTY INFORMATION: The northeast corner of Second Avenue and East 53rd Street.
Address: Block: Lot:
1004-1008 Second Avenue aka 301 East 53rd Street 1346 1
Lot Dimensions:
60.42’ x 70’
Lot Size (Sq.Ft.):
4,229 sf
Stories: Building Square Footage:
5 17,418
Zoning/FAR:
C1-9/10.0
Total Buildable SF: Air Rights: Commercial Units Residential Units:
TAX INFORMATION:
Assessment (14/15): Taxes (Before J-51): Annual Property Tax:
Second Avenue
Location:
East 53rd Street 42,294 Leased to the neighboring cooperative (LXP 2072). 2 25 $2,320,930 $305,086 $259,873
Massey Knakal has been retained on an exclusive basis to present an offering for the sale of 1004-1008 Second Avenue, a 5-story mixed-use building with tremendous visibility. Located on the corner, the building features 117’ of frontage on Second Avenue and East 53rd Street, 27 units, and a private courtyard with a gated entrance on East 53rd Street.
Finances (Projected) Potential Gross Income Effective Gross Income Expenses NOI
$1,263,841 $1,225,926 ($416,246) $809,680
Investment Highlights • The two commercial units are occupied by restaurants with leases set to Unit Breakdown expire in 2020 and 2024. Both restaurants have annual increases and Status Studio 1 Bedroom pay their pro rata share of real estate taxes and the water and sewer bill. • Excess development rights are being leased to the neighboring coop- Free Market 1 18 erative until 2072. 0 4 • The building will be delivered in excellent condition as it is undergoing Rent Stabilized 0 2 significant exterior renovations such as a façade repair, coping replace- Rent Controlled ments, and waterproofing. • There are significant luxury condominium developments on the block, 2 4 transforming the Second Avenue corridor. • The Second Avenue subway will have stations on East 55th Street and 19 there is an existing stop on East 53rd Street and Third Avenue; both are two blocks or less from the property.
Please call for more information.
ASKING PRICE: $21,000,000 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 Clint Olsen Vice President of Sales 212-696-2500 x7747 [email protected]
Madeline Burbank Associate 212-696-2500 x5172 [email protected]
Ax Hayssen Associate 212-696-2500 x7713 [email protected]
For information on financing:
Morris Betesh Director of Capital Services 212-696-250 x7735 [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.
INVESTMENT SALES
RETAIL LEASING
CAPITAL SERVICES
|
MASSEYKNAKAL.COM
MANHATTAN BROOKLYN STATEN ISLAND THE BRONX QUEENS WESTCHESTER LONG ISLAND NEW JERSEY 275 Madison Avenue • Third Floor • New York, NY 11201 • 718.238.8999 • Fax 718.238.6091 • www.masseyknakal.com
1004 -1008 Second Avenue aka 301 East 53rd Street PROJECTED REVENUE COMMERCIAL REVENUE
Type
LXP
Actual Monthly Rent
Projected Monthly Rent
The Upsider
Unit
Restaurant
4/24
$22,000
$22,000
La Mangeoire
Restaurant
9/20
$13,616
$13,616
Air Rights
2072
$4,167
$4,167
Connaught Tower Corp. Monthly Commercial Income
$39,783
$39,783
Annual Commercial Income
$477,392
$477,392
RESIDENTIAL REVENUE Unit
Status
Layout
LXP
Size*
Legal Rent
Actual Monthly Rent
Projected Monthly Rent
A
Super
Studio
Vacant
-
-
$1,850
$1,850
1A
FM
1BR
Vacant
493
-
$2,400
$2,400
1B
RS
1BR
2/16
493
$2,656
$2,120
$2,400
1C
FM
1BR
Vacant
493
-
$2,400
$2,400
1D
FM
1BR
6/16
493
-
$1,850
$2,400
1E
RC
1BR
-
493
-
$1,211
$1,211
1F
RS
1BR
2/16
493
$1,531
$1,531
$1,531
2A
FM
1BR
7/15
493
-
$1,800
$2,400
2B
FM
1BR
5/15
493
-
$2,100
$2,400
2C
FM
1BR
8/15
493
-
$2,000
$2,400
2D
FM
1BR
Vacant
493
-
$2,400
$2,400
2E
FM
1BR
7/15
493
-
$2,075
$2,400
2F
RS
1BR
10/14
493
$752
$752
$752
3A
FM
1BR
2/15
493
-
$1,995
$2,400
3B
FM
1BR
12/15
493
-
$2,100
$2,400
3C
FM
1BR
8/15
493
-
$1,925
$2,400
3D
FM
1BR
5/15
493
-
$1,850
$2,400
3E
FM
1BR
8/15
493
-
$1,900
$2,400
3F
FM
1BR
1/15
493
-
$1,900
$2,400
4A
FM
1BR
9/14
493
-
$1,900
$2,400
4B
FM
1BR
9/14
493
-
$1,950
$2,400
4C
FM
1BR
9/14
493
-
$2,075
$2,400
4D
FM
1BR
9/15
493
-
$1,900
$2,400
4E
RS
1BR
12/15
493
$960
$771
$771
4F
RC
1BR
-
493
-
$1,191
$1,191
Monthly Residential Income
$45,946
$52,906
Annual Residential Income
$551,354
$634,875
Actual
Projected
*Average square footage, includes 15% loss factor and based on a standard unit.
ADDITIONAL REVENUE/REIMBURSEMENT: Type Real Estate Tax Passthrough
Le Mangeoire
$3,008
$3,008
Real Estate Tax Passthrough
The Upsider
$1,069
$1,069
Real Estate Tax Passthrough
Connaught Tower
$5,588
$5,588
Water/Sewer Passthrough
Le Mangeoire
$1,466
$1,466
Water/Sewer Passthrough
The Upsider
$1,500
$1,500
Monthly Additional Income
$12,631
$12,631
Annual Additional Income
$151,572
$151,572
Potential Gross Income
$1,180,321
$1,263,841
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.
INVESTMENT SALES
RETAIL LEASING
CAPITAL SERVICES
|
MASSEYKNAKAL.COM
MANHATTAN BROOKLYN STATEN ISLAND THE BRONX QUEENS WESTCHESTER LONG ISLAND NEW JERSEY
1004 -1008 Second Avenue aka 301 East 53rd Street
PROPERTY INFORMATION: The northeast corner of Second Avenue and East 53rd Street.
Address: Block: Lot:
1004-1008 Second Avenue aka 301 East 53rd Street 1346 1
Lot Dimensions:
60.42’ x 70’
Lot Size (Sq.Ft.):
4,229 sf
Stories: Building Square Footage:
5 17,418
Zoning/FAR:
C1-9/10.0
Total Buildable SF: Air Rights: Commercial Units Residential Units:
TAX INFORMATION:
Assessment (14/15): Taxes (Before J-51): Annual Property Tax:
Second Avenue
Location:
East 53rd Street 42,294 Leased to the neighboring cooperative (LXP 2072). 2 25 $2,320,930 $305,086 $259,873
Massey Knakal has been retained on an exclusive basis to present an offering for the sale of 1004-1008 Second Avenue, a 5-story mixed-use building with tremendous visibility. Located on the corner, the building features 117’ of frontage on Second Avenue and East 53rd Street, 27 units, and a private courtyard with a gated entrance on East 53rd Street.
Finances (Projected) Potential Gross Income Effective Gross Income Expenses NOI
$1,263,841 $1,225,926 ($416,246) $809,680
Investment Highlights • The two commercial units are occupied by restaurants with leases set to Unit Breakdown expire in 2020 and 2024. Both restaurants have annual increases and Status Studio 1 Bedroom pay their pro rata share of real estate taxes and the water and sewer bill. • Excess development rights are being leased to the neighboring coop- Free Market 1 18 erative until 2072. 0 4 • The building will be delivered in excellent condition as it is undergoing Rent Stabilized 0 2 significant exterior renovations such as a façade repair, coping replace- Rent Controlled ments, and waterproofing. • There are significant luxury condominium developments on the block, 2 4 transforming the Second Avenue corridor. • The Second Avenue subway will have stations on East 55th Street and 19 there is an existing stop on East 53rd Street and Third Avenue; both are two blocks or less from the property.
Please call for more information.
ASKING PRICE: $21,000,000 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 Clint Olsen Vice President of Sales 212-696-2500 x7747 [email protected]
Madeline Burbank Associate 212-696-2500 x5172 [email protected]
Ax Hayssen Associate 212-696-2500 x7713 [email protected]
For information on financing:
Morris Betesh Director of Capital Services 212-696-250 x7735 [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.
INVESTMENT SALES
RETAIL LEASING
CAPITAL SERVICES
|
MASSEYKNAKAL.COM
MANHATTAN BROOKLYN STATEN ISLAND THE BRONX QUEENS WESTCHESTER LONG ISLAND NEW JERSEY 275 Madison Avenue • Third Floor • New York, NY 11201 • 718.238.8999 • Fax 718.238.6091 • www.masseyknakal.com
1004 -1008 Second Avenue aka 301 East 53rd Street PROJECTED REVENUE COMMERCIAL REVENUE
Type
LXP
Actual Monthly Rent
Projected Monthly Rent
The Upsider
Unit
Restaurant
4/24
$22,000
$22,000
La Mangeoire
Restaurant
9/20
$13,616
$13,616
Air Rights
2072
$4,167
$4,167
Connaught Tower Corp. Monthly Commercial Income
$39,783
$39,783
Annual Commercial Income
$477,392
$477,392
RESIDENTIAL REVENUE Unit
Status
Layout
LXP
Size*
Legal Rent
Actual Monthly Rent
Projected Monthly Rent
A
Super
Studio
Vacant
-
-
$1,850
$1,850
1A
FM
1BR
Vacant
493
-
$2,400
$2,400
1B
RS
1BR
2/16
493
$2,656
$2,120
$2,400
1C
FM
1BR
Vacant
493
-
$2,400
$2,400
1D
FM
1BR
6/16
493
-
$1,850
$2,400
1E
RC
1BR
-
493
-
$1,211
$1,211
1F
RS
1BR
2/16
493
$1,531
$1,531
$1,531
2A
FM
1BR
7/15
493
-
$1,800
$2,400
2B
FM
1BR
5/15
493
-
$2,100
$2,400
2C
FM
1BR
8/15
493
-
$2,000
$2,400
2D
FM
1BR
Vacant
493
-
$2,400
$2,400
2E
FM
1BR
7/15
493
-
$2,075
$2,400
2F
RS
1BR
10/14
493
$752
$752
$752
3A
FM
1BR
2/15
493
-
$1,995
$2,400
3B
FM
1BR
12/15
493
-
$2,100
$2,400
3C
FM
1BR
8/15
493
-
$1,925
$2,400
3D
FM
1BR
5/15
493
-
$1,850
$2,400
3E
FM
1BR
8/15
493
-
$1,900
$2,400
3F
FM
1BR
1/15
493
-
$1,900
$2,400
4A
FM
1BR
9/14
493
-
$1,900
$2,400
4B
FM
1BR
9/14
493
-
$1,950
$2,400
4C
FM
1BR
9/14
493
-
$2,075
$2,400
4D
FM
1BR
9/15
493
-
$1,900
$2,400
4E
RS
1BR
12/15
493
$960
$771
$771
4F
RC
1BR
-
493
-
$1,191
$1,191
Monthly Residential Income
$45,946
$52,906
Annual Residential Income
$551,354
$634,875
Actual
Projected
*Average square footage, includes 15% loss factor and based on a standard unit.
ADDITIONAL REVENUE/REIMBURSEMENT: Type Real Estate Tax Passthrough
Le Mangeoire
$3,008
$3,008
Real Estate Tax Passthrough
The Upsider
$1,069
$1,069
Real Estate Tax Passthrough
Connaught Tower
$5,588
$5,588
Water/Sewer Passthrough
Le Mangeoire
$1,466
$1,466
Water/Sewer Passthrough
The Upsider
$1,500
$1,500
Monthly Additional Income
$12,631
$12,631
Annual Additional Income
$151,572
$151,572
Potential Gross Income
$1,180,321
$1,263,841
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.
INVESTMENT SALES
RETAIL LEASING
CAPITAL SERVICES
|
MASSEYKNAKAL.COM
MANHATTAN BROOKLYN STATEN ISLAND THE BRONX QUEENS WESTCHESTER LONG ISLAND NEW JERSEY
