The Retail At The Azure - Agorafy
The Retail At The Azure
Upper East Side Retail Leasehold Interest For Sale With Credit Tenant and Significant Upside
FOR SALE Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a retail leasehold located at the base of The Azure, a 34-story, 128-unit luxury residential building, at the northwest corner of 1st Avenue and East 91st Street. The retail unit is currently split into two separate spaces which combine for a total of 120’ of frontage made up of 100’ of frontage on 1st Avenue and 20’ of frontage on East 91st Street. One of the units is vacant and the other is leased to Sherwin Williams (debt rated A2 by Moody’s Inc.) who has a lease until November 2023. The retail leasehold interest extends to 2085 with an option to acquire the fee, subject to the consent of the City of New York, from the coop or extend the lease for one, and only one additional period of up to 50 years. For the granting of this option, tenant shall pay $500,000. The offering comes at a time when Upper East Side retail lease rents have spiked to an average of $232 per square foot in 2015. It is next door to East Side Middle School (MS 114) which has an enrollment of nearly 450 students and the vacant unit is set to command a premium as foot traffic in the area is growing substantially with the impending 2nd Avenue subway to be completed in 2016, the recent completion of the Sacred Heart Athletic facility on East 91st Street, and Anbau Enterprises’s 1711 1st Avenue, a 78-unit development currently underway. This is a rare opportunity to acquire a low maintenance, cash flowing asset with substantial upside in leasing the vacant unit to another credit tenant.
Property Information Block / Lot Retail Frontage
1554 / 23 120’ (100’ on1st Ave. & 20’ on East 91st)
Ground Floor SF (Approx.)
4,717
Lower Level SF (Approx.)
2,907
Total Retail SF (Approx.)
7,624
Retail Facility Rent (Includes Taxes)
$317,598 (15/16)
Asking Price: $5,800,000 FOR MORE INFORMATION, PLEASE CONTACT: James JamesNelson Nelson Vice Chairman Vice Chairman (212) 696 (212) 6962500 2500x397710 x397710 [email protected] [email protected]
Thomas Gammino Michael DeCheser Executive Vice President Executive Director (212) (212) 660696 77722500 x397727 [email protected] [email protected]
Levine Louis Marchetta MatthewMitchell Nickerson Darragh Clarke Associate AssociateAssociate Director Director Associate Director (212) 589 5143 (212) 660(212) 7742 660 7761 (212) 660 7737 [email protected] [email protected] [email protected] [email protected]
CUSHMAN & WAKEFIELD Carly Weinreb 275 Madison Avenue, 3rd Floor Senior Associate New York, NY 10016 (212) 589 5114 [email protected] www.nyinvestmentsales.com
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo
Cushman & Wakefield 2015. Noclient warranty representation, express or implied, is made the accuracy orconnote completeness of connection, the information contained herein, and by same is submitted to errors, of or price, rental or other conditions, withdrawal without or property (other thanCopyright Cushman & Wakefield’s and the or Property offered by Cushman & Wakefield) is incidental only,to and is not intended to any affiliation, association, sponsorship or approval or between that whichsubject is incidentally depictedomissions, and Cushmanchange & Wakefield its client. 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.
The Retail At The Azure
Upper East Side Retail Leasehold Interest For Sale With Credit Tenant and Significant Upside
FOR SALE Unit
Tenant
Lease Exp.
SF
Monthly Rent
Rent/SF
Annual Rent
1
Sherwin Williams
Nov. 23
2,146
$22,385
$124
$268,620
2
Vacant
TBD
488
$4,677
$115
$56,120
3
Vacant
TBD
2,083
$19,962
$115
$239,545
LL
Vacant
TBD
2,513
$5,235
$25
$62,825
394
$805
7,624
$53,064
(1)
Total
$9,655 $81
$636,765
Metric
Annual Rent
Retail Facility Rent*
Actual
$317,598
Projected @ 2% Of Gross Income
$12,735
Management Total
$330,333
Sherwin Williams Reimbursement
$23,645
Net Operating Income
$330,077
Net Operating Income – With All 15 Storage Bins Leased
(1)
EAST 92ND STREET
$334,333
1ST AVENUE
Expenses
2ND AVENUE
Storage (In-Place – 10 Bins)
EAST 91ST STREET
*Includes PILOT, Ground Rent, & Insurance Included In This Offering Are 15 Storage Bins – 10 Of Which Are Pre-Leased - The Five Additional Bins Add 197 SF To The Offering
(1)
FOR MORE INFORMATION, PLEASE CONTACT: James Nelson James Nelson Vice Vice Chairman Chairman (212) 2500 x397710 x397710 (212) 696 696 2500 [email protected] [email protected]
Thomas Gammino Mitchell Levine Louis Marchetta Michael DeCheser Matthew Nickerson Darragh Clarke Executive Vice President Associate Director Associate Executive Director Associate Director Associate Director 696 2500 x397727 (212) 660 7761 (212)(212) 660 7772 (212) 660 7742 (212) 660 7737 (212) 589 5143 [email protected]@cushwake.com [email protected] [email protected] [email protected] [email protected]
CUSHMAN & WAKEFIELD Carly Weinreb 275 Madison Avenue, 3rd Floor Senior Associate New York, NY 10016 (212) 589 5114 [email protected]
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo & Wakefield Copyright 2015. warranty representation, express or implied,only, is made to intended the accuracy or any completeness of theassociation, information contained herein, and samethat is which submitted subject to errors, omissions, change price, rental or other conditions, withdrawal orCushman property (other than Cushman & Wakefield’s client No and the Propertyor offered by Cushman & Wakefield) is incidental and is not to connote affiliation, connection, sponsorship or approval by or between is incidentally depicted and Cushman & Wakefield or itsof client.
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.
Upper East Side Retail Leasehold Interest For Sale With Credit Tenant and Significant Upside
FOR SALE Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a retail leasehold located at the base of The Azure, a 34-story, 128-unit luxury residential building, at the northwest corner of 1st Avenue and East 91st Street. The retail unit is currently split into two separate spaces which combine for a total of 120’ of frontage made up of 100’ of frontage on 1st Avenue and 20’ of frontage on East 91st Street. One of the units is vacant and the other is leased to Sherwin Williams (debt rated A2 by Moody’s Inc.) who has a lease until November 2023. The retail leasehold interest extends to 2085 with an option to acquire the fee, subject to the consent of the City of New York, from the coop or extend the lease for one, and only one additional period of up to 50 years. For the granting of this option, tenant shall pay $500,000. The offering comes at a time when Upper East Side retail lease rents have spiked to an average of $232 per square foot in 2015. It is next door to East Side Middle School (MS 114) which has an enrollment of nearly 450 students and the vacant unit is set to command a premium as foot traffic in the area is growing substantially with the impending 2nd Avenue subway to be completed in 2016, the recent completion of the Sacred Heart Athletic facility on East 91st Street, and Anbau Enterprises’s 1711 1st Avenue, a 78-unit development currently underway. This is a rare opportunity to acquire a low maintenance, cash flowing asset with substantial upside in leasing the vacant unit to another credit tenant.
Property Information Block / Lot Retail Frontage
1554 / 23 120’ (100’ on1st Ave. & 20’ on East 91st)
Ground Floor SF (Approx.)
4,717
Lower Level SF (Approx.)
2,907
Total Retail SF (Approx.)
7,624
Retail Facility Rent (Includes Taxes)
$317,598 (15/16)
Asking Price: $5,800,000 FOR MORE INFORMATION, PLEASE CONTACT: James JamesNelson Nelson Vice Chairman Vice Chairman (212) 696 (212) 6962500 2500x397710 x397710 [email protected] [email protected]
Thomas Gammino Michael DeCheser Executive Vice President Executive Director (212) (212) 660696 77722500 x397727 [email protected] [email protected]
Levine Louis Marchetta MatthewMitchell Nickerson Darragh Clarke Associate AssociateAssociate Director Director Associate Director (212) 589 5143 (212) 660(212) 7742 660 7761 (212) 660 7737 [email protected] [email protected] [email protected] [email protected]
CUSHMAN & WAKEFIELD Carly Weinreb 275 Madison Avenue, 3rd Floor Senior Associate New York, NY 10016 (212) 589 5114 [email protected] www.nyinvestmentsales.com
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo
Cushman & Wakefield 2015. Noclient warranty representation, express or implied, is made the accuracy orconnote completeness of connection, the information contained herein, and by same is submitted to errors, of or price, rental or other conditions, withdrawal without or property (other thanCopyright Cushman & Wakefield’s and the or Property offered by Cushman & Wakefield) is incidental only,to and is not intended to any affiliation, association, sponsorship or approval or between that whichsubject is incidentally depictedomissions, and Cushmanchange & Wakefield its client. 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.
The Retail At The Azure
Upper East Side Retail Leasehold Interest For Sale With Credit Tenant and Significant Upside
FOR SALE Unit
Tenant
Lease Exp.
SF
Monthly Rent
Rent/SF
Annual Rent
1
Sherwin Williams
Nov. 23
2,146
$22,385
$124
$268,620
2
Vacant
TBD
488
$4,677
$115
$56,120
3
Vacant
TBD
2,083
$19,962
$115
$239,545
LL
Vacant
TBD
2,513
$5,235
$25
$62,825
394
$805
7,624
$53,064
(1)
Total
$9,655 $81
$636,765
Metric
Annual Rent
Retail Facility Rent*
Actual
$317,598
Projected @ 2% Of Gross Income
$12,735
Management Total
$330,333
Sherwin Williams Reimbursement
$23,645
Net Operating Income
$330,077
Net Operating Income – With All 15 Storage Bins Leased
(1)
EAST 92ND STREET
$334,333
1ST AVENUE
Expenses
2ND AVENUE
Storage (In-Place – 10 Bins)
EAST 91ST STREET
*Includes PILOT, Ground Rent, & Insurance Included In This Offering Are 15 Storage Bins – 10 Of Which Are Pre-Leased - The Five Additional Bins Add 197 SF To The Offering
(1)
FOR MORE INFORMATION, PLEASE CONTACT: James Nelson James Nelson Vice Vice Chairman Chairman (212) 2500 x397710 x397710 (212) 696 696 2500 [email protected] [email protected]
Thomas Gammino Mitchell Levine Louis Marchetta Michael DeCheser Matthew Nickerson Darragh Clarke Executive Vice President Associate Director Associate Executive Director Associate Director Associate Director 696 2500 x397727 (212) 660 7761 (212)(212) 660 7772 (212) 660 7742 (212) 660 7737 (212) 589 5143 [email protected]@cushwake.com [email protected] [email protected] [email protected] [email protected]
CUSHMAN & WAKEFIELD Carly Weinreb 275 Madison Avenue, 3rd Floor Senior Associate New York, NY 10016 (212) 589 5114 [email protected]
No warranty or representation, express or implied, is made as to the accuracy 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 our client. The depiction in the above photography of any person, entity, sign, logo & Wakefield Copyright 2015. warranty representation, express or implied,only, is made to intended the accuracy or any completeness of theassociation, information contained herein, and samethat is which submitted subject to errors, omissions, change price, rental or other conditions, withdrawal orCushman property (other than Cushman & Wakefield’s client No and the Propertyor offered by Cushman & Wakefield) is incidental and is not to connote affiliation, connection, sponsorship or approval by or between is incidentally depicted and Cushman & Wakefield or itsof client.
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.
