698 2nd Avenue. Murray Hill Manhattan, NY

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1 Murray Hill Manhattan, NY This information hasmemorandum been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy Offering of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 1

2 Non-endorsement Notice Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. All property showings are by appointment only. Please consult your Marcus & Millichap agent for more details. p. 2

3 Pricing and Financial Analysis Murray Hill Manhattan, NY

4 Pricing and Financial Analysis Financial Overview Value Indicators Annual Income Current Price $10,500,000 Residential Gross Potential Income $141,600 Gross Square Feet 5,460 Other Income $0 # Units 3 Retail Gross Potential Income $300,000 Price Per SF $1,923 Expense Reimbursements $0 Price Per Unit $3,500,000 Vacancy/Collection Loss (3%) ($13,248) Current Cap Rate 3.29% Effective Gross Income $428,352 Current GRM Annual Expenses Current Property Taxes $59,831 Fuel $0 Water & Sewer $2,000 Insurance $4,000 Repairs & Maintenance $1,500 Common Area Electric $819 On Site Payroll $1,500 Management Fee (3%) $12,851 Total Expenses $82,500 Net Operating Income $345,852 Unit Mix Analysis Unit Type No. of Units Average Rent Monthly Rent FM Retail/Comm. Retail 1 $25, $25, N/A 1 2 Bedroom w/ Balcony 2 $5, $11, N/A Total 3 $36, p. 4

5 Pricing and Financial Analysis Rent Roll, Murray Hill, Manhattan, NY Retail Unit Tenant Approx SF Current Rent Rent PSF Retail - 2,400 $25, $ Retail Monthly Income $25, Apartments Unit Bedrooms Approx SF Status Current Rent 3rd Floor 2 w/ Balcony 1000 FM $6, th Floor 2 w/ Balcony 1000 FM $5, Residential Monthly Income $11, Total Annual Income $441, p. 5

6 Pricing and Financial Analysis Income & Expenses Building Gross Square Footage 5,460 Number of Units 3 Commercial Units 1 Residential Units 2 Approximate Available Air Rights (SF) 11,340 Current Potential Income Current %PGI Per SF Retail Gross Potential Income $300, % Vacancy/Collection Loss (3%) ($9,000.00) Expense Reimbursements $0.00 Retail Effective Gross Income $291, Residential Gross Potential Income $141, % Vacancy/Collection Loss (3%) ($4,248.00) Other Income $0.00 Residential Effective Gross Income $137, Total Effective Gross Income $428, Expenses Current %EGI Per SF Property Taxes $59, % $10.96 Fuel $ % $0.00 Water & Sewer $2, % $0.37 Insurance $4, % $0.73 Repairs & Maintenance $1, % $0.27 Common Area Electric $ % $0.15 On Site Payroll $1, % $0.27 Management Fee (3%) $12, % $2.35 Total Expenses $82, % $15.11 Net Operating Income $345, p. 6

7 - Murray Hill Manhattan, NY This information hasmemorandum been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy Offering of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 7

8 Investment Overview Investment Highlights Rare Mixed-Use Building in the Murray Hill section of Manhattan C1-9/TA Allowing for 11,340 Buildable Square Feet As of Right Short Walk to Grand Central Train Terminal 21 Feet of Frontage on 2nd Avenue Marcus & Millichap is pleased to offer, located between East 37th Street & East 38th Street in the Murray Hill section of Manhattan, New York. is a 4 story mixed-use building that consists of 1 retail unit and 2 residential units. The property is built 21 ft x 80 ft on the first, 21 ft x 56 ft on the second, and 21 x 50 on the third and fourth floor. The property sits on a 21 ft x 80 ft lot with approximately 5,460 gross square feet. The property is zoned C1-9/TA allowing for approximately 11,340 gross SF of available air rights (Block: 943, Lots: 60 & 61) This property offers developers the rare opportunity to purchase a mixed-use building with 21 ft of frontage on 2nd Avenue and C1-9/TA in the Murray Hill section of Manhattan, New York. p. 8

9 Property Summary The Offering Property Address New York NY, Accessor s Parcel Number Zoning C1-9, TA Site Description Number of Units Number of Buildings Number of Stories Year Built Gross Square Feet Lot Size Type of Ownership , ft. x 80 ft. Fee Simple p. 9

10 Maps p. 10

11 Aerial View p. 11

12 Zoning Map p. 12

13 Commercial Districs C1-6 through C1-9 and C2-6 through C2-8 districts are commercial districts that are predominantly residential in character. They are mapped along major thoroughfares in medium- and higher-density areas of the city, such as Second and Lexington Avenues on the Upper East Side or Columbus and Amsterdam Avenues on the Upper West Side. As in commercial overlays districts, typical retail uses include grocery stores, dry cleaners, drug stores, restaurants and local clothing stores that cater to the daily needs of the immediate neighborhood. There are only minor differences between C1 and C2 districts, with a slightly wider range of uses permitted in C2 districts, such as funeral homes and local repair services. In mixed buildings, commercial uses are limited to one or two floors and must always be located below the residential use. The maximum commercial floor area ratio (FAR) is 2.0. Residential uses are governed by a specific residential district equivalent. For example, in C1-6 districts, the bulk regulations of R7 districts apply for residential uses, and in C2-8A districts, the bulk regulations of R10A districts apply. Since these districts are usually mapped in areas well served by mass transit, off-street parking is generally not required. Special Transit Land Use District The Special Transit Land Use District (TA) relates development along Second Avenue to the future subway line. In place of sidewalk obstructions that impede pedestrian circulation, the special district requires builders of developments adjoining planned subway stations to reserve space in their projects, by providing an easement, for public access to the subway or other subway-related uses. The district is mapped at locations along Second Avenue between Chatham Square in Chinatown and East 126th Street in Harlem. p. 13

14 Neighborhood Overview Murray Hill is a neighborhood located on the east side of Manhattan, (part of Manhattan Community Board 6) between Gramercy and Midtown areas. Historically a quiet residential and commercial neighborhood just south of Midtown East, the neighborhood has seen a huge increase in the number of young professionals moving to the area in recent years, thanks in part to its easily accessible location, historic 19th-century apartments and high-rise apartments, and surprisingly affordable rents. Murray Hill s location makes it an ideal neighborhood for many professionals that work in Midtown. For many commuters, the proximity to Grand Central Station is especially convenient. Nineteenth century townhouses and tree lined streets add sophistication and charm to the neighborhood. Due to the increase of young professionals moving to the area Murray Hill has recently seen a boom in hip cafes and trendy bars as well. p. 14

15 Surrounding Developments 591 3rd Avenue CB Developers, SK Development, and Ironstate Development have partnered up to develop 591 3rd Avenue. The building will encompass 96,166 square feet. There will be 4,231 square feet of retail space on the ground floor and cellar levels, followed by residential condominiums on the second to twentieth floor, averaging 969 square feet a piece st Avenue JDS Development and SHoP Architects have collaborated to build 626 First Avenue, located on 36th street, just off of 1st avenue. The two buildings will encompass 900,000 square feet, housing 761 residential rental units, ranging from studios to three-bedroom layouts. The rooftop will include an infitinity pool, private spa and treatment rooms, as well as some retail tenants on the first floor st Avenue There will be 596 total dwelling units spread across about 800,000 square feet of space, with another 10,000 square feet of ground-floor retail rounding out the base. The 448 apartments will span floors 3 through 27, while 142 condos will occupy floors 28 through 42. Richard Meier & Partners is behind the design for the tower, which bears striking semblance to Two Sutton Place North, also faced in black glass, which opened a few years ago, across from its twin One Sutton Place North. In the case of 685 First Avenue, a cut-out near the mid-section will offer a minor mark of minimal distinction. 15 E 30th Street Construction has begun at 15 E 30th street, located on the corner of Madison Avenue in Nomad. The site will consist of a 51-story, 180 unit mixed-use tower, and will encompass 361,785 square feet. There will be 7,519 square feet of ground floor retail, and the residential units, located on the fifth through 49th floors, will average 1,644 square feet a piece. J.D. Carlisle Development Corporation and Fosun International are the developers. p. 15

16 Offering Memorandum - Murray Hill Manhattan Presented by: Matthew Fotis Senior Managing Director Senior Director, National Multi Housing Group Manhattan Office Office: (212) Cell: (917) License: NY: Matthew.Fotis@marcusmillichap.com Robert Aaron Licensed Real Estate Salesperson National Multi Housing Group Manhattan Office Office: (212) Cell: (646) License: NY: Robert.Aaron@marcusmillichap.com Offices Throughout the U.S. and Canada