15-19 west. 96th street

Transcription

1 15-19 west

2 60 wide shovel ready development opportunity With Approved Plans and Pre-Sold Community Facility PROPERTY FEATURES Address: Block & Lot: Lot Dimensions: Lot Size: New York, NY ' x ' 6,052 (Per Approved Plans) As of Right Zoning Zoning: R9 Residential FAR: 7.52 (Wide Street) FAR With Comm. Facility: (As of Right; Use Groups 3 & 4) Total Residential Buildable SF 45,510 (As of Right; Residential) Community Facility Bonus: 15,009 (BSF) Total Buildable SF w/ CF Facility: 60,519 (SF Approx.) Ownership Plans For New Building With Pre-Sold Community Facility Residential Zoning Floor Area (ZFA): 42,558 (Above Grade) Residential Subcellar SF: 1,954 (Below Grade) Residential Cellar SF: 4,227 (Below Grade) Total Residential SF: 48,739 Community Facility (ZFA): 17,762 (Above Grade) Community Facility Subcellar SF: 707 (Below Grade) Community Facility Cellar SF: 1,741 (Below Grade) Total Community Facility SF: 20,210 Above Grade Combined SF: 60,320 Total Combined SF W/ Basement: 68,949 Assessment (17/18): $728,250 (Tax Rate %) Taxes (17/18): $92,626 (Tax Class 2) ASKING PRICE:* $45,000,000 *Effective cost of the residential component equates to $15.2MM after the sale of the community facility (~$357 per RBSF) 2

3 60 wide shovel ready development opportunity With Approved Plans and Pre-Sold Community Facility PROPERTY Description Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of, a 60 wide shovel ready development opportunity located two lots west of Central Park on Manhattan s Upper West Side. The site sits in an R9 zone with a residential FAR of 7.52 that will be increased to a maximum of by utilizing a community facility bonus. Ownership has demolished the site and is in possession of approved plans designed by SLCE architects for the construction of a 22 story, 60,310 BSF condominium tower. The new building will be comprised of a 17,762 SF community facility space on floors 1-5 and a 42,558 SF residential component spanning floors Maximizing the size of the community facility component and shifting the bulk of the mechanical space to the lower 6 stories boosts the building s overall height allowing the residential floors to capitalize on sweeping views to the south, north, west and east. Plans call for all of the sixteen (16) apartments to have private outdoor access and floors are slated to rise above the adjacent buildings providing unobstructed views of Central Park. The units will average 2,269 net sellable SF. Developers will benefit from an existing fully executed contract to sell the community facility component to an enduser for $29.8MM upon substantial completion of the space. The contract requires the developer to deliver a white-box with an elevator upon closing. The end-user will be responsible for installing the remainder of their mechanicals and interior finishes. The proceeds from the sale of the community facility space lower the effective cost of the residential FAR to approximately $357 / BSF which represents a substantial discount to prevailing market rates for developable land on the Upper West Side. sits on a double wide street less than 250 from Central Park West and adjacent to the 97th Street transverse which provides seamless accesses to the East Side. The property is also well serviced by the B & C trains on the corner of West 96th Street and Central Park West as well as the 1, 2 & 3 trains at Broadway and West 96th Street. lies outside of all 10 of the Upper West Side s historic districts providing a unique opportunity for developers to build new construction in an area where ground-up condominium product rarely exists. tax map west 97 street Columbus ave BLOCK 1963 LOT 23 Central Park W West 96 street 3

4 location map WEST 100TH ST WEST 97TH ST WEST 96TH ST WEST 95TH ST WEST C E B WEST 94TH ST WEST 93RD ST WEST 92ND ST WEST 91ST ST WEST 90TH ST WEST END AVE AMSTERDAM AVE WEST 89TH ST WEST 88TH ST WEST 81ST 87TH ST COLUMBUS AVE WEST 86TH ST WEST 85TH ST C E B 4

5 15-19 west For More Information, Please Contact: Paul Smadbeck Senior Managing Director (212) hall oster senior managing Director (212) teddy galligan associate Director (212) Conrad Martin Associate Director (212) Bryan Smadbeck Senior Associate (212) Tim O Brien Associate (212) Tim.obrien@cushwake.com Cushman & Wakefield 275 Madison Ave, 3rd Fl New York, NY phone: nyinvestmentsales.com