prime 125th street mixed-use opportunity · the apartments with hvac systems, installed a new...

PRIME 125TH STREET MIXED-USE OPPORTUNITY1 Commercial Unit, 8 Residential Units, Harlem NY

2 CUSHMAN & WAKEFIELD

18 WEST 125TH STREET - PROPERTY OVERVIEW

3

2

The offering of 18 West 125th Street for sale presents investors with the rare opportunity to own an investment property on one of Manhattan’s most thriving retail corridors. The property is situated in the heart of Harlem’s world famous 125th Street between Fifth and Lenox Avenues, which recently became home to Whole Foods, Burlington Coat Factory, Bed Bath & Beyond, Victoria’s Secret and other national retail tenants. The desirability and demand of national retailers to plant their flag on 125th Street has driven the remarkable growth in the area. 18 West 125th Street is approximately 7,490 gross square feet; of which 1,600 square feet is retail and 5,890 square feet is residential. The fully occupied property is comprised of 1 retail unit and 8 residential apartments. With just three years left on the commercial lease, future ownership will have the ability to capitalize on the tremendous upside in the retail rent. Of the 8 residential apartments, 3 are convertible from 2 bedrooms to 3 bedrooms. Current ownership has already renovated 5 of the apartments with HVAC systems, installed a new boiler and brand new roof.

Property Description

Retail Map

• Prime 125th Street retail corridor

• Under a block from the subway lines & 3 blocks from the &

• The current retail is about 30% below market and expiring in 3 years

• There is tremendous upside in the RC and RS units (7 & 3)

• There are five fully renovated units and one partially renovated unit

• Units 1,2,4,6 & 8 have been fully renovated with brand new HVAC systems and are responsible for their own heat.

• Three residential units are convertible from 2 to 3 bedrooms

Highlights

2 43 5 6

A C B D

1

6

5

4

Tax Map

West 125th Street

West 124th Street

Leno

x A

venu

e 5th Avenue

18 WEST 125TH STREET 3


18 WEST 125TH STREET - PROPERTY FEATURES

ASKING PRICE: $7,500,000 CAP RATE: 4.11%

Property Features:

Location:

Block & Lot:Lot Dimensions:Building Dimensions: Building Gross Square Footage:Stories:Residential Units:Commercial Units:Gross Residential Square Footage:Net Square Footage:Avg. Net Unit Size:Gross Commercial Square Footage:Zoning:Residential FAR:Commercial FAR:Lot Size:Total Buildable Square Feet:Minus Existing Structure:Available Air Rights:Assessment (16/17):Taxes (16/17):

Located on the south side of West 125th Street between Fifth and Lenox Avenues.

1722 - 14519’ x 100.92’19’ x 84’7,4905815,890 sq ft (approx.)5,007 sq ft (approx.) less 15% loss factor626 sq ft (approx.)1,600 sq ft (approx.)C4-4A / 1254.004.001,892 sq ft (approx.)7,568 sq ft (approx.)7,490 sq ft (approx.)78 sq ft (approx.)$72,400 $9,334 (Tax Class 2B)

GROSS ANNUAL REVENUE: $360,540

VACANCY LOSS & EXPENSES: ($52,407)

NET OPERATING INCOME: $308,053

PRICE PER SQUARE FOOT: $1,001

CAPITALIZATION RATE: 4.11%

Financial Summary:

59TH STREET

86TH STREET

COLUMBUS CIRCLE

72ND STREET

96TH STREET

COLUMBIA UNIVERSITY

654

321

125th Street Travel Times:

to Grand Central via

to Times Square via

to Bryant Park via

to Grand Central via Metro North

15min

20min

16min

10min

A C B D

2

3

4

A 5C

6

B DMNR

1

16minBRYANT PARK

20minTIMES SQUARE 10

min GRAND CENTRAL

15min

TRANSPORTATION



18 WEST 125TH STREET - RENT ROLL

Residential:

Commercial:

UNIT BED NOTES STATUS EXP. MONTHLY RENT

1 3 Pays Own Gas FM 8/1/2017 $3,325

2 2 Pays Own Gas FM Vacant $2,700

3* 2 RC $474

4 2 Pays Own Gas FM 7/1/2017 $2,700

5* 2 FM 7/31/2017 $2,900

6 2 Pays Own Gas FM 10/14/2017 $2,600

7* 2 RS 7/31/2017 $646

8 2 Pays Own Gas FM 2/9/2018 $2,700

MARKET RENT

$3,200

$2,700

$3,200

$2,700

$3,200

$2,700

$3,200

$2,700

Gross Monthly Residential Rent: $18,045

Gross Annual Residential Rent: $216,540

Average Rent Per Unit: $2,256

Average Rent Per Net Square Foot: $43.25

$23,600

$283,200

$2,914

$57

GROSS TOTAL MONTHLY RENT: $30,045

GROSS TOTAL ANNUAL RENT: $360,540

$41,100

$493,200

*These units are convertible from 2/3 bedrooms.

UNIT TENANT EXP. SF RPSF MONTHLY RENT

Retail CAP USA* Aug-20 1,600 $90 $12,000

MARKET RENT

$17,500

Gross Monthly Retail Rent: $12,000

Gross Annual Retail Rent: $144,000

Average Rent Per Net Square Foot: $90

$17,500

$210,000

$131

*CAP USA has an annual rent increase of $1,000/month.

Potential Income:


INCOME & EXPENSES

Adjusted Gross Annual Income $354,044

Less Expenses: ($45,991)

Net Operating Income: $308,053

REVENUE

Gross Annual Residential Revenue $216,540

Vacancy Allowance @ 3% of Gross Annual Revenue ($6,496)

Gross Annual Commercial Revenue $144,000

Effective Gross Annual Revenue $354,044

EXPENSES (ESTIMATED) C&W PROJECTED

Adjusted Taxes (16/17) Actual $9,334

Water/Sewer Actual $8,667

Insurance @ $400 / Resi. Unit $3,200

Fuel (Gas)* @ $0.50 / GSF $3,745

Electric @ $0.15 / GSF $1,124

Repairs @ $500 / Unit $4,500

Super @ $400 /Month $4,800

Management @ 3.0% / EGR $10,621

Total Expenses: $45,991

*Units 1,2,4,6 & 8 are responsible for their own heat.


NEW DEVELOPMENTS - 125TH STREET

Columbia Expansion

Manhattanville Factory District

324 West 125th Street

235-237 West 125th Street




1

2

3

4

5

6

7


5 West 125th Street

1800 Park Avenue

1801 Park Avenue

Corn Exchange Building

East Harlem Media, Entertainment & Cultural Center

8

9

10

11

12

13

3

2

1

A

C

B

D

1 42 53 6

7 108 129 13


6

5

4


1COLUMBIA BUSINESS SCHOOLBUILDINGS: The Ronald O. Perelman Center for BusinessInnovation and the Henry R. Kravis Building

LOCATION: The full block on the north side of 130th Street between Riverside Drive and Broadway.

DEVELOPERS: Renzo Piano Building Workshop & Davis Brody

EXPECTED COMPLETION: Opening 2021

DESCRIPTION: Columbia Business School’s new home will span approximately 492,000 square feet across two buildings and will reflect the fast-paced, high-tech and highly social character of business in the 21st century. The two new facilities will create multifunctional spaces that foster a sense of community—spaces where students, faculty, alumni and practitioners can gather to exchange ideas. Between the two buildings will be the largest planned open area in phase 1 of construction—an approximately 40,000-square-foot area known as The Square.

LENFEST CENTER FOR THE ARTSLOCATION: Located between Riverside Drive and Broadway just north of 129th Street.

DEVELOPERS: Renzo Piano Building Workshop

EXPECTED COMPLETION: Spring 2017

DESCRIPTION: The Lenfest Center for the Arts will be the second building to open on the University’s Manhattanville campus. It is an arts venue designed for the presentation and creation of art across disciplines, providing a dynamic new space for Columbia University School of the Arts.

COLUMBIA EXPANSION


JEROME L. GREENE SCIENCE CENTERLOCATION: Located immediately west of Broadway between 129th and 130th Streets


EXPECTED COMPLETION: Spring 2017

DESCRIPTION: The Jerome L. Greene Science Center has been designed as a hub for the distinguished neuroscience researchers of Columbia University’s Mortimer B. Zuckerman Mind Brain Behavior Institute. The Institute, cofounded by Nobel laureates, comprises specialists ranging from molecular biologists and biomedical engineers to psychologists and data scientists.

UNIVERSITY FORUMLOCATION: On the corner of 125th Street and Broadway


EXPECTED COMPLETION: Opening 2018

DESCRIPTION: The Forum will host academic conferences, meetings and symposia, providing an important new space where scholars and thought leaders from many fields can come together to share ideas. The Forum features a state-of-the-art 430-seat auditorium, providing the kind of generous shared meeting space that Columbia has historically lacked. The 2,000-square-foot lobby in the building’s ground floor urban layer provides flexible space for a range of activities, from pop-up exhibits to University events and other public functions.

MANHATTANVILLE CAMPUS


THE MINK BUILDINGLocated at the western entry to the District, the Mink Building is one short avenue to Broadway and Columbia University’s expanding campus. Once one of New York’s preeminent fur storage complexes, three original buildings have been combined and completely renovated into a single 150,000 square foot mixed-use commercial and hi-tech building. The Mink Building has been fully outfitted with new utilities and services, complementing its extensive and highly praised exterior alterations. Its large 23,000 square foot floors are easily conjoined with the adjacent Malt House on West 126th Street or with adjacent future development on the east side at West 128th Street, providing even greater floor sizes for larger users.

THE MALT HOUSEThe Malt House provides a wide range of potential users a combination of dramatic old brewery interiors featuring cast iron columns, brick vaulted ceilings and multi-story spaces, with state-of-the-art new construction. This 185,000 square foot project offers large floors plus several outdoor areas totaling an additional 25,000 square feet. The building’s main entry doubles as a Belgian block walkway to a new retail-lined outdoor courtyard, a unique amenity for tenants, other nearby commercial users and the larger West Harlem community. Retail opportunities at the Malt House include extraordinary street-frontage spaces with large glass storefronts that open to the sidewalk, courtyard storefronts with the opportunity for outdoor dining and quiet recreation, stunning multi-story spaces, as well as a flexible 5,200 square foot high-ceiling column-free floor with two substantial adjoining outdoor areas suitable for many uses.

1351 AMSTERDAM AVENUE1351 Amsterdam Avenue: 1351 Amsterdam Avenue is a 7,000 square foot two-story L-shaped building fronting both Amsterdam Avenue and West 126th Street. It offers high ceilings, large storefronts, and multiple drive-in bays, including one drive-in ramp with direct access to the second floor.

MANHATTANVILLE

2


FUTURE DEVELOPMENTThe District includes over 165,000 square feet of additional future development potential. Future development may occur on a 20,000 square foot site fronting on both the Malt House’s inner courtyard and West 128th Street, as well as on a portion of the adjacent Sweets Building site. Independently or together, these opportunities are available for the full range of uses.

THE SWEETS BUILDINGThe Sweets Building, a 50,000 rentable square foot building created by combining two distinct buildings through a central lobby and elevator core, is another example of Janus’ exceptional track record rehabilitating obsolete structures into 21st century hubs of activity.

THE TAYSTEE BUILDINGThe Janus Property Company, in partnership with Monadnock Construction, one of New York’s largest and most highly-regarded construction firms, was selected in 2011 by the New York City Economic Development Corporation to develop this large and important site. Originally a bakery for the Taystee Bread Company, the completely new Taystee Building will contain 340,000 square feet of space. The building’s highlights include: Green construction, LEED (Leadership in Energy and Environmental Design) Silver- certified, Mixed-use commercial, community facility and retail space, Flexible and efficient floor plans, High ceilings and large expanses of energy-efficient glass, Extensive outdoor areas, The Taystee Building will become a central feature of the Manhattanville Factory District, connecting West 125th Street to West 126 Street and beyond, by way of landscaped through-block passageways and courtyards.

FACTORY DISTRICT


324 WEST 125TH STREETADDRESS: 324 West 125th Street

LOCATION: On the corner of St. Nicholas Avenue and 125th

CURRENT STATUS: Pre-Development

DEVELOPERS: Wharton Properties, Jeff Sutton

EXPECTED COMPLETION: TBD

DESCRIPTION: The plans for the building show that it will encompass 32,250 square feet with two retail tenants occupying the ground floor and the second floor with likely become a restaurant with a 4,000 square foot rooftop bar. Prime Location right next to the A, B, C, and D trains.

3


VICTORIA THEATER REDEVELOPMENTADDRESS: 235-237 West 125th Street

LOCATION: 125th between Frederick Douglass Boulevard and Adam Clayton Powell Jr. Boulevard

CURRENT STATUS: In Development

DEVELOPERS: Exact Capital and Danforth Development Partners

EXPECTED COMPLETION: 2017

DESCRIPTION: The redevelopment of the Victoria Theatre will consist of a 27-story, approximately 385,000 square foot mixed-use facility with a 208 room hotel, 192 mixed-income residential units, 25,000 square feet of retail space and 25,000 square feet of cultural arts space. The project will retain certain historic aspects of the original theater, including the southern façade, original lobby, the grand staircase to the balcony level, the façade’s theater marquee and blade sign.

THE STUDIO MUSEUMADDRESS: 144 West 125th Street

LOCATION: On the south side of West 125th between Adam Clayton Powell Jr Boulevard and Lenox Avenue


DEVELOPERS: NYC Dept. Design & Construction


DESCRIPTION: At completion The Studio Museum is planned to be 5 story, 71,000 square foot project designating 10,000 square feet for galleries.Burlington Coat Factory, Olive Garden, and TD Bank.

5

4


URBAN LEAGUE EMPOWERMENT CENTERADDRESS: 121 West 125th Street

LOCATION: On the north side of 125th Street between Adam Clayton Powell Jr. Boulevard and Malcom X Boulevard


DEVELOPERS: Urban League Empowerment Center, The Hudson Companies, and BRP Companies

EXPECTED COMPLETION: 2018, subject to extension

DESCRIPTION: The redevelopment would include approximately a 466,000 gross square foot mixed use development with 66,000 square feet of retail, 75,000 square feet of office, 55,000 square feet of community facility, 24,000 square foot of museum space, 56,000 square feet of conference center space, as well as 114 residential units (50% affordable housing) with 89,000 square feet of parking (225 spaces). The project would include the national headquarters of the National Urban League and a civil rights museum.

WHARTON PROPERTIES MIXED-USE DEVELOPMENTADDRESS: 100 West 125th Street

LOCATION: On the corner of West 125th Street and Malcom X Blvd.


DEVELOPERS: Jeff Sutton, Wharton Properties


DESCRIPTION: The redevelopment of 100 West 125th Street will consist of 161,366 square feet of retail space. Several of the major tenants who have already signed on include Whole foods which will occupy 39,000 square feet on the ground and lower levels, American Eagle, Burlington Coat Factory, Olive Garden, and TD Bank.

7

6


74 WEST 125TH STREETADDRESS: 64-74 West 125th Street

LOCATION: On the corner of Lenox Avenue and West 125th Street


DEVELOPERS: DHA Capital


DESCRIPTION: This 185,000 square foot mixed-use development has been planned to rise 15 stories and include several floors of retail and 200 apartments.

5 WEST 125TH STREETADDRESS: 5-15 West 125th Street

LOCATION: On the north side of 125th Street near 5th Avenue


DEVELOPERS: Aurora Capital Associates, Adjmi Family

EXPECTED COMPLETION: 2015/2016

DESCRIPTION: The building is planned to be a six story, 130,000 square foot mixed-use development site with 75,000 square feet of retail/commercial space and 30 residential apartments. The commercial space will encompass the cellar to third floor. Bed Bath and Beyond has already signed a lease for 30,000 square feet on the second floor and WeWork will occupy the third floor of the building.

8

9


10

11

EAST HARLEM TOWERSADDRESS: 1800 Park Avenue

LOCATION: On the northeast corner of Park Ave. and East 124th St.

CURRENT STATUS: Approved and Ready for Development

DEVELOPERS: Ian Bruce Eichner, Continuum Company


DESCRIPTION: The proposed building plan will be 32 story, 545,000 square foot mixed-use development site with approximately 347,000 square feet of residential totaling 670 apartments, 73,000 square feet of retail, 46,000 square feet of community facility. The property will be a full amenity building with a 24-hour doorman, gym and fitness center.

EAST HARLEM MIXED-USE COMPLEXADDRESS: 1801, 1815 Park Avenue, and 110 East 125th Street

LOCATION: near the intersection of East 125th Street and Park Avenue



DESCRIPTION: Potential 210,000 square foot tower with retail and apartments.


CORN EXCHANGE BUILDINGADDRESS: 81 East 125th Street

LOCATION: On the northwest corner of Park Ave. and East 125th St.

CURRENT STATUS: Completed

DEVELOPERS: Artimus Construction

EXPECTED COMPLETION: May 2015

DESCRIPTION: The Corn Exchange has been rebuilt to resemble its original appearance and consists of 9,000 square feet of retail space on the first two floors and 22,000 square feet of office space on the next five floors. The landmarks Preservation Commission granted the building landmark status in 1993.

13EAST HARLEM MEDIA, ENTERTAINMENT AND CULTURAL CENTERADDRESS: East 125th Street at Third Avenue

LOCATION: Between 2nd Ave. & 3rd Ave. from E 125th St to E 127th St.


DEVELOPERS: Archstone-Smith, The Richman Group, The Carey Group, Monadnock Construction, Hope Community and El Barrio’s Operation Fightback


DESCRIPTION: East Harlem Media Entertainment and Cultural Center at completion will total 1.7 million square feet of LEED silver certified space including 850 apartments, commercial/retail space, office space, a hotel, and a community cultural center. 5 story, 71,000 square foot project designating 10,000 square feet for galleries.Burlington Coat Factory, Olive Garden, and TD Bank.

12

For more information contact:

Robert M. ShapiroExecutive Managing Director(212) 660 [email protected]

Eric RothAssociate(212) 660 [email protected]

prime 125th street mixed-use opportunity · the apartments with hvac systems, installed a new...

Documents