portfolio sale - loopnet...gramercy park remains one of the most affluent neighborhoods in new york...
TRANSCRIPT
PORTFOLIO SALE
CAP RATE: 3.0%TOTAL BUILDING SQ. FT: 16,850 SQ. FT
TOTAL BUILDABLE SQ. FT: 30,267 SQ. FTREMAINING BUILDABLE SQ. FT: 13,417 SQ. FT
3 2 0 2 N D AVE 110 WEST 15 TH ST 1 8 9 E AS T 7 T H S T
G R A M E R C Y6 - FA M I LY
C H E L S E A 4 - FA M I LY
E A S T V I L L A G E1 - FA M I LY
1
$24,000,000
ta b l e o f c o n t e n t s
320 2nd Avenue Gramercy 03
320 2nd Avenue Floor Plan
Sales Analysis
• As-Is
• Projected Rental Income
• Projected Development
Neighborhood Description
04
05
06
0708
Sales Analysis
• As-Is
189 East 7th Street Floor Plan
Neighborhood Description
161718
189 East 7th Street 15
110 West 15th Street Floor Plan
Sales Analysis
• As-Is
• Projected Rental Income
• Projected Condo Development
Neighborhood Description
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11
12
13
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110 West 15th Street 09
B u i l d i n g Ty p eF l o o r sB u i l d i n g D i m e n s i o n sYe a r B u i l tTo t a l S q u a re Fo o t a g e
Z o n i n gA c t u a l FA RPo t e n t i a l FA R
L o t D i m e n s i o n sL o t A re aA c re s
6 - Fa m i l y52 2 ’ X 7 5 ’1 9 2 08 , 2 5 0 S q . F t .
R 9 A3 . 2 47 . 5 2
2 1 . 6 7 ’ X 1 0 0 ’2 , 1 6 7 S q . F t .0 . 0 5 A c re s
320 2ND AVENUE GRAMERCYThis 5-story, 6-unit building has tremendous opportunity. The property presents a 21.67’ X 100’ lot with a maximum FAR of 7.52. Current FAR stand at of 3.24, with a total buildable of approx. 13,652 Square Feet. Situated R9A Zoning.
Encompassing all 5 floors, the total monthly rent is currently $11,250. The potential gross monthly rent is $27,750, with pontential gross annual rent of $333,000.* Total current expenses (taxes, plumbing, electric, etc.): $65,117. The building’s plumbing, electrical, and units have been updated. The building will be delivered vacant.
Gramercy Park remains one of the most affluent neighborhoods in New York City, as it is still a top destination for residents and businesses. 320 2nd Avenue presents the rare and unique opportunity for investors or interested parties to make their mark on the iconic city.
3320 2nd Avenue Gramercy
320 2ND AVENUE FLOOR PLAN
4 320 2nd Avenue Floor Plan
S U M M A R YPotential Gross Income
Current Expenses
N E T O P E R A T I N G I N C O M E
$333,000
$65,117
$267,883
assuming renovated apartments *
C U R R E N T E X P E N S E SRE Taxes
Water / Sewer
Heat & Electrical
Insurance
$49,311
$6,029
$6,277
$3,500
T O T A L $65,117
U N I T # B E D | B A T H M O N T H L Y R E N T
C U R R E N TY E A R L Y R E N T
C U R R E N TR E N T *
P O T E N T I A L I N C O M E
2nd Floor
3rd Floor
4th Floor
5th Floor
**Rent Stabilized
Owner
Rented
Rented
Beds | 1 Bath 2
Beds | 1.5 Baths 2
Beds | 1.5 Baths 3
Beds | 1.5 Baths 3
Owner
Owner
$2,750
$3,000
$33,000
$36,000
T O T A L G R O S S I N C O M E $11,250 $27,750 $333,000
1st Floor Front Half
Rear Half & Patio
Studio | 1 Bath
Bed | 1 Bath 1
$350
Owner
$5,000
$5,900
$5,000
$5,000
$6,000
$6,000
$60,000
$60,000
$72,000
$72,000
AS IS
5Sales Analysis
PROJECTED NEW RENTAL INCOME
F L O O R U N I T B E D | B A T H S Q . F T . * P O T E N T I A LY E A R L Y R E N T
P O T E N T I A L M O N T H L Y R E N T
P O T E N T I A L I N C O M E
2A
2B
3A
3B
4A
4B
5A
5B
6A
6B
7A
7B
8A
8B
9A
9B
Retail 1,220 Sq. Ft. $15,250 $183,000
T O T A L Y E A R L Y I N C O M E $951,000 $79,250
1
2
3
4
5
6
7
8
9
2 Beds | 1 Bath
2 Beds | 1 Bath
2 Beds | 1 Bath
2 Beds | 1 Bath
2 Beds | 1 Bath
2 Beds | 1 Bath
2 Beds | 1 Bath
2 Beds | 1 Bath
2 Beds | 1 Bath
2 Beds | 1 Bath
2 Beds | 1 Bath
2 Beds | 1 Bath
2 Beds | 1 Bath
2 Beds | 1 Bath
2 Beds | 1 Bath
2 Beds | 1 Bath
610 Sq. Ft.
610 Sq. Ft.
610 Sq. Ft.
610 Sq. Ft.
610 Sq. Ft.
610 Sq. Ft.
610 Sq. Ft.
610 Sq. Ft.
610 Sq. Ft.
610 Sq. Ft.
610 Sq. Ft.
610 Sq. Ft.
610 Sq. Ft.
610 Sq. Ft.
610 Sq. Ft.
610 Sq. Ft.
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$4,000
$48,000
$48,000
$48,000
$48,000
$48,000
$48,000
$48,000
$48,000
$48,000
$48,000
$48,000
$48,000
$48,000
$48,000
$48,000
$48,000
C A P I T A L I Z E D @ 3 . 0 0 % $ 2 7, 4 0 0 , 0 0 0
alloting the remaining square footage towards common space *
P O T E N T I A L E X P E N S E SRE Taxes
Water / Sewer
Common Electric
Insurance
T O T A L $129,622
$98,622
$15,000
$1,000
$15,000
S U M M A R YPotential Gross Income
Potential Expenses
N E T O P E R A T I N G I N C O M E
$951,000
$129,622
$821,378
6 Sales Analysis
$951,000
$129,622
alloting the remaining square footage towards common space * average sold psf for similar condo buildings **
T O T A L P R O F I T ( A P P R O X . ) $11,634,000
T O T A L S E L L O U T $25,634,000
Cost of Land
Cost of Construction (@ $400 psf)
$8,500,000
$5,500,000
Retail 1,220 Sq. Ft. $1,700
$2,812,000
$2,850,000
$2,888,000
$2,926,000
$2,964,000
$3,002,000
$3,040,000
$3,078,000
$2,074,000
T O T A L S E L L O U T $25,634,000
4 Beds | 3 Baths
4 Beds | 3 Baths
4 Beds | 3 Baths
4 Beds | 3 Baths
4 Beds | 3 Baths
4 Beds | 3 Baths
4 Beds | 3 Baths
4 Beds | 3 Baths
1,520 Sq. Ft.
1,520 Sq. Ft.
1,520 Sq. Ft.
1,520 Sq. Ft.
1,520 Sq. Ft.
1,520 Sq. Ft.
1,520 Sq. Ft.
1,520 Sq. Ft.
$1,850
$1,875
$1,900
$1,925
$1,950
$1,975
$2,000
$2,025
F L O O R B E D | B A T H S Q . F T . * P R I C E P E R S Q . F T . * *
E S T I M A T E DV A L U E
Lobby
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3
4
5
6
7
8
9
P O T E N T I A L I N C O M E
PROJECTED DEVELOPMENT
Sales Analysis 7
GRAMERCY NEIGHBORHOOD Since the 1800s, Gramercy has consistently been one of New York
City’s finest and most desirable neighborhoods. Home to great
influencers like Theodore Roosevelt, Oscar Wilde, and James
Cagney, this community provides a unique, small town feel while
still being centrally located in the heart of Manhattan. Gramercy
residents are a grouping of longtime homeowners with newcomers
to the area looking for a stunning, serene place to call home. When
out of house, Gramercy residents can walk to New York hot spots
such as Eleven Madison Park, the Nation Arts Club, Spin New York,
and The Gramercy Park Hotel. When it’s time for work, Gramercy
professionals have access to anywhere they need to commute to
with the 4, 5, 6, N, Q, R, and L trains right in walking distance.
There is a reason this neighborhood has stood the tests of time
and remained an elite New York neighborhood.
Closest Schools: District 2 P.S. 40 and JHS Simon Baruch
Gramercy Land Marks: Eleven Madison Park, Gramercy Park and
Gramercy Park Hotel, The National Arts Club, Irving Plaza, The
Players Club, Pete’s Tavern, Theodore Roosevelt’s Birthplace, Spin
New York, Casa Mono
Nearest whole foods: 4 Union Square South
8 About Gramercy
B u i l d i n g Ty p eF l o o r sB u i l d i n g D i m e n s i o n sYe a r B u i l tTo t a l S q u a re Fo o t a g e
Z o n i n gA c t u a l FA RPo t e n t i a l FA R
L o t D i m e n s i o n sL o t A re aA c re s
4 - Fa m i l y52 0 ’ X 5 0 ’1 8 9 05 , 2 0 0 S q . F t .
C 6 - 2 A3 . 1 26 . 0 2
2 0 ’ X 8 3 . 2 5 ’1 , 6 6 5 S q . F t .0 . 0 4 A c re s
110 WEST 15TH STREET CHELSEASituated along a tranquil tree-lined block, 110 W 15th Street is a rarely available, semi-detached 20-foot townhouse located in the heart of Chelsea.
Upon entering, one is immersed in the homes quaint charm. Having been updated and meticulously maintained, this townhouse exudes charm and stands in a class of its own.
The first floor features an open great room with floor-to-ceiling windows and approx. 11.5' ceilings. This sun-drenched south-facing space contains transparent French doors that lead to an immaculate garden. Adjacent is an open kitchen that has been updated with the finest stainless steel appliances from Miele dishwasher to a Bertazzoni Italia range. The lower level consists of 2 full bedrooms and 2 full bathrooms complete with a washer/dryer. Another set of French doors grants direct access to a private oasis garden.
110 West 15th Street Chelsea 9
110 WEST 15TH STREETFLOOR PLAN
2
3A C
B D
6N Q
21
R
E
54W
F M
110 WEST 15TH STREET
W 17th ST
W 18th ST
W 19th ST
W 20th ST
W 21th ST
W 22nd ST
W 11th ST
W 12th ST
W 13th ST
W 14th ST
W 15th ST
W 16th ST
8th
Ave
nue
7th
Ave
nue
6th
Ave
nue
5th
Ave
nue
M20
M20
M5
M5
M7
M1M
2 M
3
M14A
M14D
UN
ION
SQU
ARE
PA
RK
10 110 West 15th Street Floor Plan
U N I T # B E D | B A T H M O N T H L Y R E N T
C U R R E N TY E A R L Y R E N T
C U R R E N T R E N T *
P O T E N T I A L I N C O M E
C U R R E N T E X P E N S E S
S U M M A R Y
Apt 1
Apt 2
Apt 3
Apt 4
Owner Duplex
Rented
Rented
Rented
Beds | 2 Baths 2
Beds | 1 Bath 2
Beds | 1 Bath 2
Beds | 1 Bath 2
T O T A L G R O S S I N C O M E $14,665 $25,500 $306,000
RE Taxes
Water / Sewer
Heat & Electrical
Insurance
$52,193
$1,718
$3,673
$3,816
T O T A L $61,400
Potential Gross Income
Current Expenses
N E T O P E R A T I N G I N C O M E
$306,000
$61,400
$244,600
assuming renovated apartments *
Owner
$5,225
$4,820
$4,620
$9,000
$5,500
$5,500
$5,500
$108,000
$66,000
$66,000
$66,000
AS IS
Sales Analysis 11
C A P I T A L I Z E D @ 3 . 0 0 % $ 2 1 , 0 0 0 , 0 0 0
F L O O R U N I T B E D | B A T H S Q . F T . * P O T E N T I A LY E A R L Y R E N T
P O T E N T I A L M O N T H L Y R E N T
Apt 1
Apt 2
Apt 3
Apt 4
Apt 5
Apt 6
Apt 7
Apt 8
Apt 9
2
3
4
5
6
7
8
9
10
Retail1 750 Sq. Ft. $15,000
2 Beds | 2 Baths
2 Beds | 2 Baths
2 Beds | 2 Baths
2 Beds | 2 Baths
2 Beds | 2 Baths
2 Beds | 2 Baths
2 Beds | 2 Baths
2 Beds | 2 Baths
2 Beds | 2 Baths
1,000 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
$ 5,500
$ 5,500
$ 5,500
$ 5,500
$ 5,500
$ 5,500
$ 5,500
$ 5,500
$ 5,500
$180,000
$66,000
$66,000
$66,000
$66,000
$66,000
$66,000
$66,000
$66,000
$66,000
T O T A L Y E A R L Y I N C O M E $774,000 $64,500
P O T E N T I A L E X P E N S E SRE Taxes
Water / Sewer
Common Electric
Insurance
T O T A L $135,389
$104,389
$15,000
$1,000
$15,000
S U M M A R YPotential Gross Income
Potential Expenses
N E T O P E R A T I N G I N C O M E
$774,000
$135,389
$638,611
P O T E N T I A L I N C O M E
PROJECTED NEW RENTAL INCOME12 Sales Analysis
$774,000
$135,389
$638,611
alloting the remaining square footage towards common space** * average sold psf for similar condo buildings **
$22,500,000
T O T A L P R O F I T ( A P P R O X . ) $8,000,000
T O T A L S E L L O U T
$ 2,100,000
$ 2,150,000
$ 2,200,000
$ 2,250,000
$ 2,300,000
$ 2,350,000
$ 2,400,000
$ 2,450,000
$ 2,500,000
$22,500,000
Cost of Land
Cost of Construction (@ $450 psf)
$10,000,000
$4,500,000
$ 1,800,000
E S T I M A T E DV A L U E
$1,800
$2,100
$2,150
$2,200
$2,250
$2,300
$2,350
$2,400
$2,450
$2,500
P R I C E P E R S Q . F T . * *
750 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
1,000 Sq. Ft.
S Q . F T . *
Retail
2 Beds | 2 Baths
2 Beds | 2 Baths
2 Beds | 2 Baths
2 Beds | 2 Baths
2 Beds | 2 Baths
2 Beds | 2 Baths
2 Beds | 2 Baths
2 Beds | 2 Baths
2 Beds | 2 Baths
B E D | B A T HU N I T
Lobby
1
2
3
4
5
6
7
8
9
P O T E N T I A L I N C O M E
T O T A L
PROJECTED CONDO DEVELOPMENTSales Analysis 13
Residents of Chelsea are graced with beauty and culture around every
corner. Whether you want to enjoy a lovely day outside at the world famous
Highline or a fun night out at Mario Batali’s Del Posto restaurant, Chelsea
has something perfect for just about everyone. This neighborhood has also
been the central hub for New York’s arts scene ever since Andy Warhol
burst onto the scene. Now, Chelsea has over 200 premium art galleries
ranging from small personal exhibits to the Gagosian Gallery. Chelsea
residents are also fortunate enough to have everything they could need
at the Chelsea Market. This former factory space transformed from
producing Oreos and Saltines into a magnificent food hall, shopping mall,
office building, and studio. Expanding over 15th and 16th street, Chelsea
market includes world famous eateries like Sarabeth’s, Eleni’s, and Fat
Witch. Prime location also allows Chelsea residents to explore the entirety
of New York with the 1, 2, 3, A, B, C, F, M, N, Q, R, and L subway lines all
being found within the neighborhood. With luxury high-rises, world class
entertainment, and access to anywhere in Manhattan, Chelsea truly is the
perfect spot to call home.
Closest Schools: District 2 P.S. 003 Charette School, P.S. 041 Greenwich
Village, J.H.S Simon Baruch, Sixth Avenue Elementary School
Chelsea Land Marks: Chelsea Market, The Highline, Chelsea Piers, The
Joyce Theater, The Upright Citizens Brigade Theater, Gagosian Gallery,
Rubin Museum of Art, The Pace Gallery, The Museum of FIT, Colicchio and
Sons, Blossom, The Highline Ballroom, Story.
Nearest Whole Foods: 250 7th Avenue.
CHELSEA
14 About Chelsea
B u i l d i n g Ty p eF l o o r sB u i l d i n g D i m e n s i o n sYe a r B u i l tTo t a l S q u a re Fo o t a g e
Z o n i n gA c t u a l FA RPo t e n t i a l FA R
L o t D i m e n s i o n sL o t A re aA c re s
1 - Fa m i l y42 0 ’ X 4 2 . 5 ’1 8 6 03 , 4 0 0 S q . F t .
R 8 B2 . 2 14 . 0 0
2 0 ' X 4 9 . 5 8 '9 8 7 S q . F t .0 . 0 2
189 EAST 7TH STREET EAST VILLAGE
This triple-mint townhouse recently underwent a $2 million dollar renovation and has been fully gut-renovated, top to bottom. Every detail imaginable and desired has been brought on to showcase the magnificence of this 20-foot-wide single family townhouse. The front facade has been uniquely refined with custom Porcelanosa White Persian Marble. The home presents a unique 4 bedroom, 4.5 bathroom combination, easily convertible to 5 bedrooms, for full accommodation.
Upon entering this beautiful townhouse, there are approx. 22-foot-high ceilings. Located on the first floor is a Poggenpohl’s custom chef’s kitchen with custom Statutori marble countertops. The kitchen offers a fully marble covered island, along with a Six Burner Wolf Range, Miele dishwasher, Viking fridge and modernized ez-touch cabinets. At the top of the home lies a private oasis, roof decked in custom Runnen Tiles, along with a Calcutta Stone front ledge and Statutori back ledge.
189 East 7th Street East Village 15
U N I T # B E D | B A T H M O N T H L Y R E N T
C U R R E N TY E A R L Y R E N T
P R O J E C T E D R E N T *
P O T E N T I A L I N C O M E
C U R R E N T E X P E N S E S
S U M M A R Y
TWNHSE Quadplex
T O T A L G R O S S I N C O M E $15,000 $17,000 $180,000
RE Taxes
Insurance
$52,193
$1,600
T O T A L $56,700
Potential Gross Income
Current Expenses
N E T O P E R A T I N G I N C O M E
$204,000
$56,700
$147,300
assuming renovated apartments *
$15,000 $17,000 $180,000
AS IS
Sales Analysis
C U R R E N TY E A R L Y R E N T
$204,000
$204,0004 Beds | 4.5 Baths
16
189 EAST 7TH STREETFLOOR PLAN
E 8th ST
E 9th ST
E 10th ST
E 11th ST
E 12th ST
E 13th ST
E 6th ST
E 7th ST
TOMPKINS SQUARE
M15
M14
A
M9
M21
M14
B
M8
1st A
venu
e
Ave
nue
A
Ave
nue
B
Ave
nue
C
Ave
nue
D
189 EAST 7TH STREET
17189 East 7th Street Floor Plan
EAST VILLAGEThe East Village, NYC’s neighborhood located between Bowery and 14th
streets, has become a hotspot with the adventurous spirit that defines
downtown living. The East Village has everything from Michelin starred
restaurants like Momofuko Ko to retro-aged record stores like A-1 Records.
Other historical must-sees include the beautiful Tompkins Square Park and
illustrious St. Mark’s Place where residents can walk around and explore
the one-of-a-kind character of the East Village. Residents of the East Village
are within walking distance of the 6, L, and F trains giving them the ability to
take the adventure with them uptown.
Schools: District 01 P.S. 19, The East Village Community School, Tompkins
Square Middle School
East Village Landmarks: Tompkins Square Park, Saint Mark’s Place,
Momofuko Ko, BaoHaus, Shuko, The Merchant House Museum, Saint
Mark’s Church, Bowery Electric, Webster Hall
Nearest Whole Foods: East Houstan St. Between Bowery and Chrystie St.
About East Village18
JOHN W. CHANG , MBA
John W. Chang is an Associate Broker at Sotheby’s International Realty and founder of JWC LUXURY TEAM
One of the top brokerage teams in New York City. As the lead broker of the JWC LUXURY TEAM. Manhattan’s premier luxury real estate team, he specializes in listing aimed toward the international and high-end clientele.
John knows that finding the right home is more than getting a good deal - there is real emotional connection involved when it comes to where you live. That’s why it is his core principle to deliver a painless process based on the individual’s situation, need and goals, guiding you from beginning to end.
OVER 1 BILLION DOLLARS OF REAL ESTATE TRANSACTIONS
FOUNDER OF JWC LUXURY TEAM
LICENSED REAL ESTATE BROKER
CERTIFIED GENERAL APPRAISER
PROFESSOR OF REAL ESTATE AT BARUCH COLLEGE
AWARDED THE SENIOR GLOBAL ADVISOR DESIGNATION(TOP 1% OF ALL AGENTS IN THE WORLD)
19