Setup - Massey Knakal
FOR SALE
44 TRINITY PLACE (AKA 81 GREENWICH STREET) New York, NY 10006
MIXED-USE BUILDING IN FIDI
Property Information Block / Lot
19 / 18
Lot Size
19' x 97' Irr.
Lot SF (Approx.)
1,968
Total Gross SF (Approx.)
14,000
Stories
7
Residential Units
6
Retail Units
2
Total Units
8
Zoning
C5-5
FAR
15.0
Air Rights (Approx.)
1,200
Historic District
None
RE Assessment (16/17)
$1,151,395 (Tax Class 2B)
RE Taxes (16/17)
$148,334 (Tax Class 2B)
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a seven-story, block through mixed-use elevator building at 44 Trinity Place (AKA 81 Greenwich Street) in the Financial District. The property stretches 97' between Rector and Edgar Streets with 19' of frontage on Trinity Place and 16.7' of frontage on Greenwich Street. The building consists of two retail units and six residential units. The retail spaces are leased to Greenwich Spa and Wogies, a popular neighborhood restaurant and bar. In addition to their strong monthly rents both retail tenants pay a portion over base year real estate taxes and reimburse for a portion of the water bill. Five of six residential units are free market and renovated, some with condo-level finishes. The units, three of which are 3-BRs, one 2-BR, and one 1-BR, feature direct elevator access, high end wood flooring, marble countertops and stainless steel appliances. The 3-BR penthouse unit features private roof access with 360-degree views of the surrounding area. The average in-place residential rent is approximately $46 per square foot, which is well below market in this area. The property is next to 42 Trinity Place, a 500' tall mixed-use development that will increase the appeal and visibility of the block substantially. The building is just steps from the 1 and R train stops at Rector Street and within two blocks from the 4,5, J, and Z train stops. This is a rare opportunity to acquire a block through high cash flowing and low maintenance asset.
ASKING PRICE
$12,950,000
James Nelson, Vice Chairman 212.696.7710 // [email protected]
Will Suarez, Director 212.660.7753 // [email protected]
David Shalom, Director 212.660.7767 // [email protected]
Maurice Suede, Associate Director 212.589.5131// [email protected]
Carly Weinreb, Senior Associate 212.589.5114 // [email protected] Cushman & Wakefield copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
FOR SALE
44 TRINITY PLACE (AKA 81 GREENWICH STREET) New York, NY 10006
FINANCIAL SNAPSHOT RETAIL REVENUE UNIT
TENANT
LXP
SF
MONTHLY RENT
RENT/SF
ANNUAL RENT
1
Wogies
Dec-22
1,685
$16,224
$116
$194,688
2
Greenwich Spa
Oct-24
1,685
$10,609
$76
$127,308
3,370
$26,833
$96
$321,996
(1)
TOTAL (1)
One (1) five (5) year option at lesser of 150% of 10th year rent or fair market value with 4% escalations
RESIDENTIAL REVENUE UNIT
STATUS
LXP
TYPE
MONTHLY RENT
ANNUAL RENT
2
FM
Jul-17
3 BR
$7,150
$85,800
3
FM
May-17
3 BR
$7,200
$86,400
4
FM
Jul-17
2 BR
$5,950
$71,400
5
RS
Jul-17
1 BR
$1,395
$16,740
6
FM
Jun-17
3 BR
$7,850
$94,200
7
FM
Jun-17
1 BR
$3,300
$39,600
$32,845
$394,140
TOTAL EXPENSES
METRIC
AMOUNT
Actual
$148,334
Electric
As Provided
$2,800
Water & Sewer
As Provided
$8,193
Insurance
As Provided
$8,051
Repairs & Maintenance
As Provided
$16,000
Projected @ $500/Month
$6,000
Projected @ 3% of EGI
$23,845
RE Taxes (16/17)
Super Management TOTAL:
$213,223
Retail Income
$321,996
Residential Income
$394,140
Antenna Income (Exp. Oct-24)
$54,024
Retail Reimbursements
$24,664
Total Gross Income
$794,824
Less Expenses Net Operating Income
($213,223) $581,601
Cushman & Wakefield copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
44 TRINITY PLACE (AKA 81 GREENWICH STREET) New York, NY 10006
MIXED-USE BUILDING IN FIDI
Property Information Block / Lot
19 / 18
Lot Size
19' x 97' Irr.
Lot SF (Approx.)
1,968
Total Gross SF (Approx.)
14,000
Stories
7
Residential Units
6
Retail Units
2
Total Units
8
Zoning
C5-5
FAR
15.0
Air Rights (Approx.)
1,200
Historic District
None
RE Assessment (16/17)
$1,151,395 (Tax Class 2B)
RE Taxes (16/17)
$148,334 (Tax Class 2B)
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a seven-story, block through mixed-use elevator building at 44 Trinity Place (AKA 81 Greenwich Street) in the Financial District. The property stretches 97' between Rector and Edgar Streets with 19' of frontage on Trinity Place and 16.7' of frontage on Greenwich Street. The building consists of two retail units and six residential units. The retail spaces are leased to Greenwich Spa and Wogies, a popular neighborhood restaurant and bar. In addition to their strong monthly rents both retail tenants pay a portion over base year real estate taxes and reimburse for a portion of the water bill. Five of six residential units are free market and renovated, some with condo-level finishes. The units, three of which are 3-BRs, one 2-BR, and one 1-BR, feature direct elevator access, high end wood flooring, marble countertops and stainless steel appliances. The 3-BR penthouse unit features private roof access with 360-degree views of the surrounding area. The average in-place residential rent is approximately $46 per square foot, which is well below market in this area. The property is next to 42 Trinity Place, a 500' tall mixed-use development that will increase the appeal and visibility of the block substantially. The building is just steps from the 1 and R train stops at Rector Street and within two blocks from the 4,5, J, and Z train stops. This is a rare opportunity to acquire a block through high cash flowing and low maintenance asset.
ASKING PRICE
$12,950,000
James Nelson, Vice Chairman 212.696.7710 // [email protected]
Will Suarez, Director 212.660.7753 // [email protected]
David Shalom, Director 212.660.7767 // [email protected]
Maurice Suede, Associate Director 212.589.5131// [email protected]
Carly Weinreb, Senior Associate 212.589.5114 // [email protected] Cushman & Wakefield copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
FOR SALE
44 TRINITY PLACE (AKA 81 GREENWICH STREET) New York, NY 10006
FINANCIAL SNAPSHOT RETAIL REVENUE UNIT
TENANT
LXP
SF
MONTHLY RENT
RENT/SF
ANNUAL RENT
1
Wogies
Dec-22
1,685
$16,224
$116
$194,688
2
Greenwich Spa
Oct-24
1,685
$10,609
$76
$127,308
3,370
$26,833
$96
$321,996
(1)
TOTAL (1)
One (1) five (5) year option at lesser of 150% of 10th year rent or fair market value with 4% escalations
RESIDENTIAL REVENUE UNIT
STATUS
LXP
TYPE
MONTHLY RENT
ANNUAL RENT
2
FM
Jul-17
3 BR
$7,150
$85,800
3
FM
May-17
3 BR
$7,200
$86,400
4
FM
Jul-17
2 BR
$5,950
$71,400
5
RS
Jul-17
1 BR
$1,395
$16,740
6
FM
Jun-17
3 BR
$7,850
$94,200
7
FM
Jun-17
1 BR
$3,300
$39,600
$32,845
$394,140
TOTAL EXPENSES
METRIC
AMOUNT
Actual
$148,334
Electric
As Provided
$2,800
Water & Sewer
As Provided
$8,193
Insurance
As Provided
$8,051
Repairs & Maintenance
As Provided
$16,000
Projected @ $500/Month
$6,000
Projected @ 3% of EGI
$23,845
RE Taxes (16/17)
Super Management TOTAL:
$213,223
Retail Income
$321,996
Residential Income
$394,140
Antenna Income (Exp. Oct-24)
$54,024
Retail Reimbursements
$24,664
Total Gross Income
$794,824
Less Expenses Net Operating Income
($213,223) $581,601
Cushman & Wakefield copyright 2016. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
