1403 avenue second - amazon web services · ... 09/30/17 fm 3.0 $3,000 $36,000 3d (10)...
TRANSCRIPT
1403 SECOND
CORNER MIXED-USE BUILDING
AVENUE
LOCATION INFORMATION1403 SECOND AVENUE, NEW YORK, NY
CUSHMAN & WAKEFIELD 02
PRIME LOCATIONThe property is less than 100’ away from 72nd Avenue Station.
72 Street Station
CUSHMAN & WAKEFIELD 03
The subject property is a 25.5 foot wide mixed use building located on
the northwest corner of Second Avenue and East 73rd Street. This best-
in-class location is just 100 feet from the Second Avenue subway stop on
72nd Street providing long term stability and growth. The building has
recently undergone a full renovation (including common areas and units)
and is configured as 16 residential apartments above one ground floor
commercial unit, which has been re-tenanted with a lease that extends
until 2029. The new tenant, Sushi Gama, has retrofitted the restaurant
with a brand new custom cold bar, kitchen, refinished floors and a soon
to be added side walk café. The combination of Second Avenue’s wide
sidewalks and the removal of construction equipment has allowed for
businesses to recapture out-door seating and dining on the Avenue.
This opportunity also benefits from nearly 10,000 BSF on an
undeveloped block, which presents the rare opportunity to own a corner
lot of a future assemblage.
BUILDING FOR SALE
PROPERTY HIGHLIGHTS
PROPERTY FEATURES
ZONING:
FAR:
LOT AREA:
BUILDABLE SQUARE FOOTAGE:
UNUSED AIR RIGHTS:
ASSESSMENT (16/17):
TAXES (16/17):
LOCATION:
BLOCK / LOT:
LOT SIZE:
STORIES:
SF (Above grade):
UNITS:
PROPERTY INFORMATION1403 SECOND AVENUE, NEW YORK, NY
C1-9
10.0
1,916 SF
19,160 SF
9,580 SF (Approx.)
$905,580
$116,747
On the northwest corner of
2nd Avenue and E 73rd Street
1428 / 21
25.5' x 75‘
5
9,580 SF (Approx.)
17
CUSHMAN & WAKEFIELD 04
Commercial Revenue
Unit Lease Exp. Monthly Income Annual Income
Sushi Gama Corp 8/31/2029 $26,000 $312,000
Residential Revenue
UnitFormerly
Known AsLease Exp. Status
Room
Count
Monthly
Income
Annual
Income
1A (1B) 09/30/18 FM 2.0 $2,395 $28,740
1B (1A) 04/30/17 FM 3.0 $3,000 $36,000
1C (3) 07/31/17 FM 3.0 $3,000 $36,000
1D (2) 10/31/17 FM 2.0 $2,595 $31,140
2A (2A) 06/31/17 FM 4.0 $3,600 $43,200
2B (4) 06/30/17 FM 3.0 $3,000 $36,000
2C (5) 08/31/17 FM 3.0 $3,000 $36,000
2D (2D) Vacant/Projected FM 3.0 $3,000 $36,000
3A (11) 08/31/17 FM 2.0 $2,580 $30,960
3B (8) 04/30/17 FM 3.0 $3,000 $36,000
3C (9) 09/30/17 FM 3.0 $3,000 $36,000
3D (10) Vacant/Projected FM 2.0 $3,000 $36,000
4A (15) Vacant/Projected FM 2.0 $3,000 $36,000
4B (12) Vacant/Projected FM 3.0 $3,000 $36,000
4C (13) Vacant/Projected FM 3.0 $3,000 $36,000
4D (14) 10/31/16 RS 3.0 $1,086 $13,036
Revenue
Actual
Gross Annual Income: $855,076
Less Vacancy and Credit Loss: 3% ($25,652)
Effective Gross Income: $829,424
C&W PROJECTED
Real Estate Taxes (16/17): $116,747
Water & Sewer: $0.50 / SF $5,000
Insurance: $1.04 / SF $10,000
Fuel: $1.04 / SF $10,000
Electric (Common areas): $0.84 / SF $8,000
Payroll & Benefits: $.63 / SF $6,000
Repairs: $1.04 / SF $10,000
Management: @ 2.5% EGI $20,736
Total: $186,483
Effective Gross Income: $829,424
Less Expenses: $186,483
Net Operating Income: $642,941
FINANCIAL INFORMATION1403 SECOND AVENUE, NEW YORK, NY
FOR MORE INFORMATION, PLEASE CONTACT:
Cushman & Wakefield Copyright 2017. 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.
MICHAEL GEMBECKI
Director
(212) 660 7743
GUTHRIE GARVIN
Senior Managing Director
(212) 660 7786
275 MADISON AVENUE, THIRD FLOOR, NEW YORK, NY 10016
WWW.CUSHMANWAKEFIELD.COM
Asking Price: $15,600,000