sF 10092 east Harlem
405-409 East 117th Street, New York, NY 10035 CONTIGUOUS EAST HARLEM MULTIFAMILY BUILDING & DEVELOPMENT SITE W/ COMBINED 50’ OF FRONTAGE | FOR SALE
7
Units
4,730
Gross Building SF
$20/SF
10,092
Gross Operating Rents
Vacant Lot BSF
East Harlem Location
Ariel Property Advisors is pleased to present 405-409 East 117th Street, a contiguous 7-unit multifamily walk-up building and 32’ wide vacant lot, located on the north side of East 117th Street between 1st Avenue and Pleasant Avenue in East Harlem. 405 East 117th Street is a 16’ wide, four (4) story building spanning approximately 4,730 gross square feet. The property contains seven (7) residential units, all of which are rent stabilized. The unit mix consists of six (6) one-bedroom apartments and one (1) floor-through, four-bedroom apartment. Average rents for the building are currently operating at $20 per square foot, well below the area average. 407-409 East 117th Street is a 32’ wide vacant lot zoned R7B (3.0 FAR), permitting approximately 10,092 buildable square feet (asof-right) for residential development. The site offers investors the opportuntiy to capitalize on a growing rental and condo market. The properties are located in the rapidly expanding neighborhood of East Harlem where notable developments include the revitalized Corn Exchange on East 125th Street, the Durst Organization’s 1800 Park Avenue development and the recently announced “Sandero Verde,” a 751,000 square foot mixed-use project planned at East 111th Street and Park Avenue. The properties also enjoy easy access to lower Manhattan and the outer boroughs via the 6 train just three blocks west at Lexington Avenue and East 116th Street.
Property Information Address Location Block / Lot Stories Number of Units Zoning (FAR) Lot Dimensions Lot Size Buildable SF Building Dimensions Building Size Assessment (16/17) Taxes (16/17)
405 East 117th Street
407-409 East 117th Street
Total Combined
The subject properties are located on the north side of East 117 Street between 1 Avenue and Pleasant Avenue 1711 / 5 1711 / 105,6 4 N/A 7 N/A R7B, R7X / C1-5 (3.00) R7B (3.00) 16.67' x 100.92' 33.34' x 100.92' 1,682 3,364 5,046 10,092 16' x 62' (Irr.) N/A 4,730 N/A $69,860 $282,156 $9,006 $29,836
1711 / 5,105,6 4 7 50.01' x 100.92' 5,046 15,138 4,730 $352,016 $38,842
th
st
asking Price: $3,500,000 For More Information Please Contact Our Exclusive Sales Agents at 212.544.9500 I arielpa.nyc
For Financing Info
Matthew L. Gillis x42
Paul McCormick x45
[email protected]
Michael A. Tortorici x13 [email protected]
Victor Sozio x12
[email protected]
Howard Raber, Esq. x23
[email protected]
Christopher S. Gillis x1045
[email protected]
[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 the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, 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 contained herein. April 17, 2017 9:23 AM
WADSWORTH AV
BROADWA
NNETT AV
CE
N AV GTO ASHIN VD RT W I BL RIN C AB
AY
YESHIVA UNIVERSITY
1
405-409 East 117th Street,WASHINGTON New York, NY 10035 BRIDGE 181 ST A W
181 ST
Bx
Bx
Bx
Bx
Bx
11 13 35
W 180 ST
CONTIGUOUS EAST HARLEM MULTIFAMILY BUILDING & Bx3 Riverdale DEVELOPMENT SITE W/ COMBINED 50’ OF FRONTAGE | FOR SALE Bx
11 13 Bx
Bx
36
Bx
35 3
W 179 ST W 178 ST
238 St - Bway Bx11 to West Farm Rd via 170 St Bx13 to Yankee Stadium via Odgen Av Bx35 to West Farms Rd via 167 St Bx36 to Olmstead Av/Randall Av via 180 St
W 177 ST
GRORGE WASHINGTON BRIDGE BUS STATION
3
W 175 ST
A
4
5
Bx
7
HAVEN
100
HIGHBRIDGE PARK
Scheduled Gross Income: 1 Less Vacancy Rate Reserve (1.50%): A C W 168 ST Washington hts Gross Operating Income: 168 St W 166 ST Less Expenses: W 165 ST Net Operating Income: AV
DR IDE
ERS RIV
$81,236 ($1,219) $80,017 ($37,421) $42,597
101
N AV INGTO WASH FORT
Bx
7
2
3
ER D
C 168 ST Amsterdam Av
5
Scheduled Income: 405 East 117 Street RIV
HARLE
th
ID
EDGECOMBE AV
ERS
3 100 101
RIVER
SIDE
Bx
Bedrooms
10
W 150 ST
DR
EDGECOMBE AV
98
ER
B D
Bx
6
RIV
3
A C
Bx
EM
S AV
AMSTERDAM AV
HOLA
ST NIC
BROADWAY
DR
C 155 ST
Lease Expiration 06-30-2016 01-31-2017 01-31-2017 05-31-2017 08-31-2018 08-31-2017 E
RL
4BR B D 1BR 1BR JACKIE 1BR ROBINSON PARK 1BR 1BR 1BR
2
6
19
Monthly D B BS E Rent OM IDG C MA M BR $954 DA Bx6 to$739 Hunts Pt Food Ctr via Yankee Stadium $619 $911 Harlem 148$1,039 St 3 $1,600 $907 $6,770 3 $81,236 145 ST HA
Unit E DR Actual / Unit Status Projected 1 W 157 ST APT#1A RS 157 STActual W 155 ST APT#2F RS AUDUBON Actual TERRACE APT#2R RS Actual APT#3F RS Actual APT#3R RS Actual W 150 ST APT#4F RS Projected APT#4R RS Actual W 147 ST 145 ST Total Monthly Income 1 W 145 ST Total Annual Income
Real Estate Taxes (16/17)
$9,006
Water & Sewer
$6,000
Insurance
$3,500
Fuel
$7,095
Electric
$1,419
Cleaning & Maintenance
$4,000
Repairs
$2,000
Payroll
$1,200
M RIV
4
46% of SGI
RIVE
MORRIS-JUMEL MANSION
W 163 ST
Expenses (Estimated): 405 East 117th Street
HARLEM RIVER DR
ST NICHOLAS AV
AD BRO
LITTLE RED LIGHTHOUSE
AUDUBON AV
WASHINGTON HEIGHTS Current Roll: 405 East 117th Street WAY
7 102 1
W 147 ST W 146 ST W 145 ST
Bx
11 19
IDG
BR 5 ST
Legal/Miscellaneous Management
2
$2,401
Gross Operating Expenses
14 Bx19 to Botanical
Bx
19
$800
Garden via Southern Blvd
$37,421
W 143 ST
R DE D
GE RID VB LLI 1 AV
W 116 ST
E 116 ST
INGSI 7
JEFFERSON PARK
15
LASKER RINK
11
10
ICAHN STADIUM
116
E 112 ST
E 110 ST
E 110 ST
6 2
1
4
3
2
1
4
3
MEER
EL MUSEO DEL BARRIO MUSEUM OF THE Agents CITY atOF212.544.9500 NEW YORK 1 3 4 106
Howard Raber, Esq. x23
NORTH [email protected] MEADOW
WARD’S ISLAND
15
110 ST
asking Price: $3,500,000
Victor Sozio x12
116
1
1
W 112 ST
CENTRAL PARKDANA DISCOVERY CENTRAL NORTH HARLEM
[email protected] W 100 ST
Subject Property
106
E 106 ST
E 106 ST
Q
Т
106
E 105 ST E 104 ST
6
103 ST I arielpa.nyc
For Financing Info E 102 ST
Paul McCormick x45
101 102
Christopher S. Gillis x1045 1
3
4 106
103 98
[email protected]
E 100 ST
[email protected]
5 AV
BROADWAY
CLARENONT AV
GE 3 AV
6 116 102
LEXINGTON AV
PARK AV
MADISON AV
FREDERICK DOUGLASS BLVD
5 AV
MANHATTAN AV
MORNINGSIDE AV
AMSTERDAM AV
2 3
EAST HARLEM
98 101
RANDALL ISLAND
FDR DRIVE
11
100
AV
RIVERSIDE DR
7
104
103
E 120 ST
118 ST
60 35
E 125 ST
101 103
2
W 104 ST
[email protected]
Т
2 3
B C
4
DUKE ELINGTON BLVD W 106 ST
Michael W 101 ST A. Tortorici x13
MARCUS GARVEY PARK
116 St
Central Park North (110 St)
Cathedral Pkwy (110 St)
B C W 103 ST 1 Contact Our Exclusive 103 ST For More Information WPlease Sales 103 ST 103 ST
[email protected]
Q
ROBERT F. KENNEDY BRIDGE
15
E 124 ST
2
W 105 ST
Matthew L. Gillis x42
STUDIO MUSEUM IN HARLEM
35
E 126 ST
102
W 116 ST
7
7 116
116
Bx
15 35
116
60
RIVERSIDE PARK
6
O
1
4 5
IN
Cathedral Pkwy (110 St)
Bx15 to Fordham Plaza via Third Av
AV
3
B C
S
CATHEDRAL OF ST JOHN THE DIVINE
LA
W 113 ST
117 St
HO
East 117th Street
OLAS AV
MORNINGSIDE PARK
116 St Columbia University
C NI
1
3
ST NICH
5 105 6
Bx
1711
98
125 St
60 15
ST
COLUMBIA UNIVERSITY
METRO NORTH
Bx
DR MARTIN LUTHER KING BLVD
W 122 ST
60
Bx
15
98
60 15 100 101
2 3
10
W 120 ST
5
125 ST
100 101
11 60
1
PLEASANT AV
D
th
4 104
W 116 ST
APOLLO THEATRE
B D 125 ST
BLV
1
W 130 ST
Bx15 from Fordham Plaza
D LA PA
GRANT’S TOMB
N 135 ST S
MT MORRIS PARK W
ING
East 118 Street
5
5
A C
104
ER K
THE BRONX
2 3
WI
104 Bx
15 MAR 15 TIN LUT H
6
Bx
33
HARLEM
W 129 ST
1 DR
W 131 ST
5 W 135 ST
SA
11
33
2 AV
100 101
5
125 ST
1st Avenue
ST NICHOLAS PARK
N MOR
RIVERSIDE DR
ST The subject property is locatedW 135on the th north side of East 117 Street between 1st Avenue and Pleasant Avenue
Bx
1
RID
33
SCHOMBURG CENTRE
H
ORT
N RO Location Map MET 4
W 137 ST
VB
WESLEY WILLIAMS PL
Bx
LENOX AV
CITY COLLEGE
ADAM CLAYTON POWELL JR BLVD (7 AVENUE)
137 ST CITY COLLEGE
135 ST B C
ISO MAD
3A
CONVENT AV
PL ILTO N HAM
1
E
IDG
V BR
NA
W 139 ST
W 139 ST
OLAS AV
W 137 ST
ST NICH
Tax Map
102 7
2
10
100 101
RIVERBANK STATE PARK
Pleasant Avenue
11
5
4
BROADWAY
GE
ID N BR
98
W 178 ST
98
AMSTERDAM AV
FORT WASHINGTON PARK
3
W 179 ST
BRADHURST AV
36
FREDERICK DOUGLASS BLVD
Bx
101 102
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 the accuracy of any information provided herein. As an example, 103 98 96 106 96 all zoning information, buildable footage estimates and indicated uses must be independently W verified. vacancy, if any. The value of this prospective E 97actual ST 97 ST Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to W 97 ST investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. 96 The prospective buyer should carefully verify each item of 96 106 ST 96 E income, and all other information contained herein. April 17, 2017 9:23 AM W 96 ST E 96 ST 96 ST
B C
CENTRAL PARK
Q
Т
7
Units
4,730
Gross Building SF
$20/SF
10,092
Gross Operating Rents
Vacant Lot BSF
East Harlem Location
Ariel Property Advisors is pleased to present 405-409 East 117th Street, a contiguous 7-unit multifamily walk-up building and 32’ wide vacant lot, located on the north side of East 117th Street between 1st Avenue and Pleasant Avenue in East Harlem. 405 East 117th Street is a 16’ wide, four (4) story building spanning approximately 4,730 gross square feet. The property contains seven (7) residential units, all of which are rent stabilized. The unit mix consists of six (6) one-bedroom apartments and one (1) floor-through, four-bedroom apartment. Average rents for the building are currently operating at $20 per square foot, well below the area average. 407-409 East 117th Street is a 32’ wide vacant lot zoned R7B (3.0 FAR), permitting approximately 10,092 buildable square feet (asof-right) for residential development. The site offers investors the opportuntiy to capitalize on a growing rental and condo market. The properties are located in the rapidly expanding neighborhood of East Harlem where notable developments include the revitalized Corn Exchange on East 125th Street, the Durst Organization’s 1800 Park Avenue development and the recently announced “Sandero Verde,” a 751,000 square foot mixed-use project planned at East 111th Street and Park Avenue. The properties also enjoy easy access to lower Manhattan and the outer boroughs via the 6 train just three blocks west at Lexington Avenue and East 116th Street.
Property Information Address Location Block / Lot Stories Number of Units Zoning (FAR) Lot Dimensions Lot Size Buildable SF Building Dimensions Building Size Assessment (16/17) Taxes (16/17)
405 East 117th Street
407-409 East 117th Street
Total Combined
The subject properties are located on the north side of East 117 Street between 1 Avenue and Pleasant Avenue 1711 / 5 1711 / 105,6 4 N/A 7 N/A R7B, R7X / C1-5 (3.00) R7B (3.00) 16.67' x 100.92' 33.34' x 100.92' 1,682 3,364 5,046 10,092 16' x 62' (Irr.) N/A 4,730 N/A $69,860 $282,156 $9,006 $29,836
1711 / 5,105,6 4 7 50.01' x 100.92' 5,046 15,138 4,730 $352,016 $38,842
th
st
asking Price: $3,500,000 For More Information Please Contact Our Exclusive Sales Agents at 212.544.9500 I arielpa.nyc
For Financing Info
Matthew L. Gillis x42
Paul McCormick x45
[email protected]
Michael A. Tortorici x13 [email protected]
Victor Sozio x12
[email protected]
Howard Raber, Esq. x23
[email protected]
Christopher S. Gillis x1045
[email protected]
[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 the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, 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 contained herein. April 17, 2017 9:23 AM
WADSWORTH AV
BROADWA
NNETT AV
CE
N AV GTO ASHIN VD RT W I BL RIN C AB
AY
YESHIVA UNIVERSITY
1
405-409 East 117th Street,WASHINGTON New York, NY 10035 BRIDGE 181 ST A W
181 ST
Bx
Bx
Bx
Bx
Bx
11 13 35
W 180 ST
CONTIGUOUS EAST HARLEM MULTIFAMILY BUILDING & Bx3 Riverdale DEVELOPMENT SITE W/ COMBINED 50’ OF FRONTAGE | FOR SALE Bx
11 13 Bx
Bx
36
Bx
35 3
W 179 ST W 178 ST
238 St - Bway Bx11 to West Farm Rd via 170 St Bx13 to Yankee Stadium via Odgen Av Bx35 to West Farms Rd via 167 St Bx36 to Olmstead Av/Randall Av via 180 St
W 177 ST
GRORGE WASHINGTON BRIDGE BUS STATION
3
W 175 ST
A
4
5
Bx
7
HAVEN
100
HIGHBRIDGE PARK
Scheduled Gross Income: 1 Less Vacancy Rate Reserve (1.50%): A C W 168 ST Washington hts Gross Operating Income: 168 St W 166 ST Less Expenses: W 165 ST Net Operating Income: AV
DR IDE
ERS RIV
$81,236 ($1,219) $80,017 ($37,421) $42,597
101
N AV INGTO WASH FORT
Bx
7
2
3
ER D
C 168 ST Amsterdam Av
5
Scheduled Income: 405 East 117 Street RIV
HARLE
th
ID
EDGECOMBE AV
ERS
3 100 101
RIVER
SIDE
Bx
Bedrooms
10
W 150 ST
DR
EDGECOMBE AV
98
ER
B D
Bx
6
RIV
3
A C
Bx
EM
S AV
AMSTERDAM AV
HOLA
ST NIC
BROADWAY
DR
C 155 ST
Lease Expiration 06-30-2016 01-31-2017 01-31-2017 05-31-2017 08-31-2018 08-31-2017 E
RL
4BR B D 1BR 1BR JACKIE 1BR ROBINSON PARK 1BR 1BR 1BR
2
6
19
Monthly D B BS E Rent OM IDG C MA M BR $954 DA Bx6 to$739 Hunts Pt Food Ctr via Yankee Stadium $619 $911 Harlem 148$1,039 St 3 $1,600 $907 $6,770 3 $81,236 145 ST HA
Unit E DR Actual / Unit Status Projected 1 W 157 ST APT#1A RS 157 STActual W 155 ST APT#2F RS AUDUBON Actual TERRACE APT#2R RS Actual APT#3F RS Actual APT#3R RS Actual W 150 ST APT#4F RS Projected APT#4R RS Actual W 147 ST 145 ST Total Monthly Income 1 W 145 ST Total Annual Income
Real Estate Taxes (16/17)
$9,006
Water & Sewer
$6,000
Insurance
$3,500
Fuel
$7,095
Electric
$1,419
Cleaning & Maintenance
$4,000
Repairs
$2,000
Payroll
$1,200
M RIV
4
46% of SGI
RIVE
MORRIS-JUMEL MANSION
W 163 ST
Expenses (Estimated): 405 East 117th Street
HARLEM RIVER DR
ST NICHOLAS AV
AD BRO
LITTLE RED LIGHTHOUSE
AUDUBON AV
WASHINGTON HEIGHTS Current Roll: 405 East 117th Street WAY
7 102 1
W 147 ST W 146 ST W 145 ST
Bx
11 19
IDG
BR 5 ST
Legal/Miscellaneous Management
2
$2,401
Gross Operating Expenses
14 Bx19 to Botanical
Bx
19
$800
Garden via Southern Blvd
$37,421
W 143 ST
R DE D
GE RID VB LLI 1 AV
W 116 ST
E 116 ST
INGSI 7
JEFFERSON PARK
15
LASKER RINK
11
10
ICAHN STADIUM
116
E 112 ST
E 110 ST
E 110 ST
6 2
1
4
3
2
1
4
3
MEER
EL MUSEO DEL BARRIO MUSEUM OF THE Agents CITY atOF212.544.9500 NEW YORK 1 3 4 106
Howard Raber, Esq. x23
NORTH [email protected] MEADOW
WARD’S ISLAND
15
110 ST
asking Price: $3,500,000
Victor Sozio x12
116
1
1
W 112 ST
CENTRAL PARKDANA DISCOVERY CENTRAL NORTH HARLEM
[email protected] W 100 ST
Subject Property
106
E 106 ST
E 106 ST
Q
Т
106
E 105 ST E 104 ST
6
103 ST I arielpa.nyc
For Financing Info E 102 ST
Paul McCormick x45
101 102
Christopher S. Gillis x1045 1
3
4 106
103 98
[email protected]
E 100 ST
[email protected]
5 AV
BROADWAY
CLARENONT AV
GE 3 AV
6 116 102
LEXINGTON AV
PARK AV
MADISON AV
FREDERICK DOUGLASS BLVD
5 AV
MANHATTAN AV
MORNINGSIDE AV
AMSTERDAM AV
2 3
EAST HARLEM
98 101
RANDALL ISLAND
FDR DRIVE
11
100
AV
RIVERSIDE DR
7
104
103
E 120 ST
118 ST
60 35
E 125 ST
101 103
2
W 104 ST
[email protected]
Т
2 3
B C
4
DUKE ELINGTON BLVD W 106 ST
Michael W 101 ST A. Tortorici x13
MARCUS GARVEY PARK
116 St
Central Park North (110 St)
Cathedral Pkwy (110 St)
B C W 103 ST 1 Contact Our Exclusive 103 ST For More Information WPlease Sales 103 ST 103 ST
[email protected]
Q
ROBERT F. KENNEDY BRIDGE
15
E 124 ST
2
W 105 ST
Matthew L. Gillis x42
STUDIO MUSEUM IN HARLEM
35
E 126 ST
102
W 116 ST
7
7 116
116
Bx
15 35
116
60
RIVERSIDE PARK
6
O
1
4 5
IN
Cathedral Pkwy (110 St)
Bx15 to Fordham Plaza via Third Av
AV
3
B C
S
CATHEDRAL OF ST JOHN THE DIVINE
LA
W 113 ST
117 St
HO
East 117th Street
OLAS AV
MORNINGSIDE PARK
116 St Columbia University
C NI
1
3
ST NICH
5 105 6
Bx
1711
98
125 St
60 15
ST
COLUMBIA UNIVERSITY
METRO NORTH
Bx
DR MARTIN LUTHER KING BLVD
W 122 ST
60
Bx
15
98
60 15 100 101
2 3
10
W 120 ST
5
125 ST
100 101
11 60
1
PLEASANT AV
D
th
4 104
W 116 ST
APOLLO THEATRE
B D 125 ST
BLV
1
W 130 ST
Bx15 from Fordham Plaza
D LA PA
GRANT’S TOMB
N 135 ST S
MT MORRIS PARK W
ING
East 118 Street
5
5
A C
104
ER K
THE BRONX
2 3
WI
104 Bx
15 MAR 15 TIN LUT H
6
Bx
33
HARLEM
W 129 ST
1 DR
W 131 ST
5 W 135 ST
SA
11
33
2 AV
100 101
5
125 ST
1st Avenue
ST NICHOLAS PARK
N MOR
RIVERSIDE DR
ST The subject property is locatedW 135on the th north side of East 117 Street between 1st Avenue and Pleasant Avenue
Bx
1
RID
33
SCHOMBURG CENTRE
H
ORT
N RO Location Map MET 4
W 137 ST
VB
WESLEY WILLIAMS PL
Bx
LENOX AV
CITY COLLEGE
ADAM CLAYTON POWELL JR BLVD (7 AVENUE)
137 ST CITY COLLEGE
135 ST B C
ISO MAD
3A
CONVENT AV
PL ILTO N HAM
1
E
IDG
V BR
NA
W 139 ST
W 139 ST
OLAS AV
W 137 ST
ST NICH
Tax Map
102 7
2
10
100 101
RIVERBANK STATE PARK
Pleasant Avenue
11
5
4
BROADWAY
GE
ID N BR
98
W 178 ST
98
AMSTERDAM AV
FORT WASHINGTON PARK
3
W 179 ST
BRADHURST AV
36
FREDERICK DOUGLASS BLVD
Bx
101 102
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 the accuracy of any information provided herein. As an example, 103 98 96 106 96 all zoning information, buildable footage estimates and indicated uses must be independently W verified. vacancy, if any. The value of this prospective E 97actual ST 97 ST Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to W 97 ST investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. 96 The prospective buyer should carefully verify each item of 96 106 ST 96 E income, and all other information contained herein. April 17, 2017 9:23 AM W 96 ST E 96 ST 96 ST
B C
CENTRAL PARK
Q
Т
