Confidentiality Notice

Size: px

Start display at page:

Download "Confidentiality Notice"

Mervyn Ross
6 years ago
Views:

2 Confidentiality Notice THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in considering whether to pursue negotiations to acquire an interest in Commercial Unit 4, New York, New York ("The Property"). This confidential memorandum contains brief, selected information pertaining to the business and affairs of the Owner, and has been prepared by Massey Knakal Realty Services ("Massey Knakal") primarily from information supplied by the Owner. Although this confidential memorandum has been reviewed by representatives of the Owner, it does not purport to be all inclusive or to contain all of the information which a prospective purchaser may desire. Neither Massey Knakal, nor any of their officers, employees or agents make any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its contents, and no legal liability is assumed or to be implied with respect thereto. By acknowledgement of your receipt of the confidential memorandum, you agree that the memorandum and its contents are confidential, that you will hold and treat it in the strictest of confidence, that you will not directly or indirectly, disclose or permit anyone else to disclose this memorandum or its contents to any person, firm or entity without prior written authorization of Owner, and that you will not use, or permit to be used, this memorandum or its contents in any fashion or manner detrimental to the interest of Owner. Photocopying or other duplication is strictly prohibited. Owner and Massey Knakal expressly reserve the right, at their sole discretion, to reject any or all proposals or expressions or interest in the building, and to terminate discussions with any party at any time with or without notice. If you do not wish to pursue negotiations leading to this acquisition, kindly return this confidential memorandum to Massey Knakal. This confidential memorandum shall not be deemed a representation of the state of affairs to the property or constitute an indication that there has been no change in the business of affairs or the property since the date of preparation of this memorandum.

3 Offering Memorandum, Commercial Unit 4 ASKING PRICE: $2,450,000 MASSEY KNAKAL REALTY SERVICES 275 MADISON AVENUE, 3 RD FLOOR NEW YORK, NEW YORK (P) (F) EXCLUSIVE AGENTS: Hall H. Oster James P. Nelson Teddy Galligan David Shalom (212) X 7723 (212) X 7710 (212) X 5137 (212) X 7767 Hall.oster@cushwake.com James.nelson@cushwake.com Teddy.Galligan@cushwake.com David.shalom@cushwake.com

4 Table of Contents SECTION I Property Overview Revenue & Expenses Lease Abstract Floor Plans Property Photos SECTION II Tax Map Notice of Property Value Tax Bill Zoning Information Historic District Map Dept. of Buildings Report Certificate of Occupancy SECTION III Property Location Map Aerial Map Neighborhood Character Transportation Description Subway Map - Bus Map

5 Section I Property Overview

6 Property Overview Location: Block / Lot: 1870/1104 East side of Broadway between West 98 th and West 99 th Street Total SF: 1,817 (Approx. Subj, to verification) Stories: 2 (Ground Floor & Basement) Ground Floor SF: 717 (Approx. Subj, to verification) Basement SF: 1,100 (Approx. Subj, to verification) Zoning: C1-5/R9A Historic District: No Assessment: (14/15): $303,097 R.E Taxes (14/15): $31,289 Description: Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of Comm. Unit 4, a ground floor retail condominium with approximately 19 of frontage on the east side of Broadway just north of 98th Street. The space measures approximately 717 sq. ft. on the ground floor with another 1,100 sq. ft. of basement storage and features soaring 16.5 ceilings. The basement also has tall ceilings and can be accessed both internally and via a hatch on the sidewalk. The unit is ideal for a wide variety of tenants including restaurants and cafes as there are no use-restrictions. The property s location within the heart of the UWS s premier retail corridor and proximity to both the 96th Street express subway station and Columbia University make it a great proposition for end-users and purchasers seeking a retail investment opportunity. Area retailers include Urban Outfitters, Brooklyn Industries, Westside Market, American Apparel and Lenny s Bagels. The unit will be delivered vacant. Asking Price: $2,450,000

7 Floor Plan

8 Property Photographs

9 Section II Property Information

10 Block Map New York, NY Block 1870 Lot 1104 East side of Broadway between West 98th and West 99th Street

11 Notice of Property Value

12 Tax Bill

Zoning Information New York City s zoning regulates permitted uses of the property; the size of the building allowed in relation to the size of the lot ( floor to area ratio ); required open space on

13 Zoning Information New York City s zoning regulates permitted uses of the property; the size of the building allowed in relation to the size of the lot ( floor to area ratio ); required open space on the lot, the number of dwelling units permitted; the distance between the building and the street; the distance between the building and the lot line; and the amount of parking required. The residential district has ten different classifications. Zoning: C1-5/ R9A FAR: 2.0/7.52

14 Zoning Information: C1-5

15 Zoning Information: R9A

16 Upper West Side Historic District

17 Dept. of Buildings Report: Property Overview

18 Certificate of Occupancy:

19 Section III Neighborhood

20 Property Location Map

21 Aerial Map (Looking North East)

Neighborhood Character The Upper West Side is one of Manhattan s most prosperous and thriving neighborhoods, and home to many of New York s most prestigious residences such as The Dakota, The San

Generally defined as the area bounded by Central Park on the east, the Hudson River on the west, West 59 th Street on the south and 110 th Street on the north, the Upper West Side provides convenient

The lush tree-lined streets and predominantly low-rise buildings have created a community atmosphere that is distinct from other New York City neighborhoods.

22 Neighborhood Character The Upper West Side is one of Manhattan s most prosperous and thriving neighborhoods, and home to many of New York s most prestigious residences such as The Dakota, The San Remo, The Majestic and The Ansonia. Generally defined as the area bounded by Central Park on the east, the Hudson River on the west, West 59 th Street on the south and 110 th Street on the north, the Upper West Side provides convenient access to Midtown and Downtown while maintaining the necessary amenities for a first-rate residential experience. The lush tree-lined streets and predominantly low-rise buildings have created a community atmosphere that is distinct from other New York City neighborhoods. The Upper West Side has become a much sought after address representing a sanctuary to the bustling activity of downtown New York. The area is a living mosaic of city life and has long been one of Manhattan s most diverse neighborhoods. Artists, actors, musicians, writers, young professionals, and families all call the Upper West Side home. The Upper West Side serves as home to many of the city s most notable celebrities such as Jerry Seinfeld, Meg Ryan, Bono and Madonna. In fact, New York Magazine recently anointed Central Park West as Manhattan s sexiest address. The neighborhood combines classic pre-war buildings, preserved brownstones and modern high-rise residential complexes. Many of the buildings date back to the turn of the 20 th Century when the area became the city s new residential quarters. The Dakota, built in 1884 on the corner of Central Park West and 72 nd street, was the first luxury multiple-dwelling residence in New York City and has catered to such illustrious tenants as Boris Karloff, Judy Garland, John Lennon and Leonard Bernstein.

Neighborhood Character The Dakota is designated a landmark building because of its pronounced architectural design and historical significance, yet it is most noted as the site at which John Lennon

To the south of the neighborhood stands the famed Time Warner Center which provides high end retail, luxury residential condominiums, and the prestigious Mandarin Oriental Hotel.

The units sold out well in advance of the building s fall 2007 opening for an average of $9.5 million per apartment, setting new records for New York condominiums.

23 Neighborhood Character The Dakota is designated a landmark building because of its pronounced architectural design and historical significance, yet it is most noted as the site at which John Lennon was shot in Directly opposite is the 72 nd Street entrance to Central Park leading to Strawberry Fields, a tranquil, landscaped memorial to the legendary musician. To the south of the neighborhood stands the famed Time Warner Center which provides high end retail, luxury residential condominiums, and the prestigious Mandarin Oriental Hotel. Nearby lies the enormously successful 15 Central Park West, a 43 story 201 unit luxury condominium with a classic design reminiscent of Manhattan s Golden Age. The units sold out well in advance of the building s fall 2007 opening for an average of $9.5 million per apartment, setting new records for New York condominiums. Surrounded by many of New York s finest architectural treasures and most desirable residences, is also conveniently situated a few blocks from the world s most famous urban outdoor space, Central Park. Residents of the property can dine at the charming outdoor cafes and bistros located around the corner on Amsterdam Avenue, or shop at boutique and national retailers on the Broadway corridor which is only steps away. In addition, three indoor fitness centers are within walking distance from the property. Educational Institutions The Upper West Side is home to some of the very best private and public schools in New York City. The Trinity School, Collegiate School, Dwight School, Columbia Grammar & Preparatory School, Calhoun School, Metropolitan Montessori, Abraham Joshua Heschel School, and York Preparatory are all located between 68 th and 93 rd Streets. The Columbus Square complex spanning 97 th -100 th Streets will become the future home of the Mandell School which plans to open a 50,000 sq. ft. facility for students from pre-school to 8 th grade. The Juilliard School, the nation s premier musical institution, is located at Lincoln Center and both Columbia University and Fordham Law School are within close proximity.

Neighborhood Description Parks & Recreation Riverside Park Riverside Park is Manhattan's most spectacular waterfront park, stretching four miles from 72 nd to 158 th Streets along the Hudson River.

Law s design for Riverside Park made it one of the most beautiful boulevards in the world, affording views of the Hudson River along its serpentine route.

monuments including Grant s Tomb and the Soldiers and Sailors Monument.

Morningside Park Morningside Park spans the area from 110 th to 123 rd Street from Morningside Avenue to Morningside Drive at the border of Harlem and Morningside Heights.

24 Neighborhood Description Parks & Recreation Riverside Park Riverside Park is Manhattan's most spectacular waterfront park, stretching four miles from 72 nd to 158 th Streets along the Hudson River. Since 1875, the landscapes of Frederick Law Olmsted have offered escape from the city and opportunities for people of all incomes to relax, play and socialize in tranquil settings. Law s design for Riverside Park made it one of the most beautiful boulevards in the world, affording views of the Hudson River along its serpentine route. Attributes and recreational amenities of the park include a pedestrian walkway and bicycle path, multiple ball fields, playgrounds, planted gardens, free kayaking, outdoor concerts, and various monuments including Grant s Tomb and the Soldiers and Sailors Monument. The park is maintained by the New York City Parks and Recreation Department and supported by the privately financed Riverside Park Fund. Morningside Park Morningside Park spans the area from 110 th to 123 rd Street from Morningside Avenue to Morningside Drive at the border of Harlem and Morningside Heights. It is one of four designated Historic Harlem Parks distinct amongst New York City s parks because of its natural geography and exposed cliff of Manhattan schist rock. The city received jurisdiction over the 30-acre property in 1870 and began constructing the park in Much of the park s design is owed to Frederick Law Olmsted and Calvert Vaux. Features of the Park include ball fields and basketball courts, an arboretum, a waterfall and pond active with wildlife, the Seligman Fountain, and the Carl Schurz Memorial Statue.

Central Park Neighborhood Character With the recent passing of its 150 th Birthday Celebration, Central Park remains a recreational oasis and serves as New York City s most defining and beloved

The park, which is more than a halfmile wide and two and one-half miles long, offers a plethora of recreational facilities from tennis courts, jogging paths and softball diamonds to swimming at the

For those less inclined to participate in athletic endeavors, Central Park offers an array of additional activities. The park has 136-acres of woodlands and 150-acres of lakes and ponds.

25 Central Park Neighborhood Character With the recent passing of its 150 th Birthday Celebration, Central Park remains a recreational oasis and serves as New York City s most defining and beloved landmark. The city has invested $300 million restoring the 843-acre park to its prime condition. The meandering paths and verdant landscape provide the perfect escape from the bustle of city life. The park, which is more than a halfmile wide and two and one-half miles long, offers a plethora of recreational facilities from tennis courts, jogging paths and softball diamonds to swimming at the Lasker pool and boating and dining at the Loeb Boathouse. The park is just as active in the winter as it is in the summer with ice skating at Wollman and Lasker Skating Rinks. For those less inclined to participate in athletic endeavors, Central Park offers an array of additional activities. The park has 136-acres of woodlands and 150-acres of lakes and ponds. The 38- acre Ramble is considered one of the top bird watching sites in the nation due to the more than 215 species that cohabit there. Itinerant musicians and performers abound throughout the park. The Delacorte Theatre provides a more organized entertainment experience by presenting Shakespeare in the Park for free during the summer months. Whether you are interested in athletic competition, musical entertainment or just soaking in the sun, Central Park has something for everyone.

Cultural Amenities Neighborhood Character In addition to the tremendous parks that surround, residents are in close proximity to some of New York City s most famous cultural

Composed of three main buildings the New York State Theater, the Metropolitan Opera House, and Avery Fisher Hall Lincoln Center attracts world class music, opera, dance and

The Metropolitan Opera, which was established in 1883, has long been one of the world s great opera companies, featuring over 200 performances annually.

renowned festivals such as Mostly Mozart.

26 Cultural Amenities Neighborhood Character In addition to the tremendous parks that surround, residents are in close proximity to some of New York City s most famous cultural landmarks. Perhaps most revered is Lincoln Center for the Performing Arts, one of the world s largest and best known cultural complexes. Composed of three main buildings the New York State Theater, the Metropolitan Opera House, and Avery Fisher Hall Lincoln Center attracts world class music, opera, dance and cultural expression and talent from around the world. The Metropolitan Opera, which was established in 1883, has long been one of the world s great opera companies, featuring over 200 performances annually. Lincoln Center is also home to the New York Philharmonic, New York City Ballet, New York City Opera, The Juilliard School, the School of American Ballet, as well as world renowned festivals such as Mostly Mozart. is also located near the world renowned American Museum of Natural History as well as the Rose Center for Earth and Space, both located between West 77 th and West 81 st Streets. The museum boasts a world class collection of dinosaurs and ancient artifacts and is one of New York s top attractions. Two other sites nearby are the Fireman s Memorial on Riverside Drive and 100 th Street and tranquil Straus Park which is located at the intersection of 106 th Street, Broadway, and West End Avenue.

Neighborhood Character Retail and Restaurant Options The strong residential demand and exciting cultural institutions have fueled the development of restaurants, bars and retail outlets in the Upper

Within walking distance of the property are the shops at Columbus Square and the Broadway corridor, which offer all types of retail options including Ann Taylor, Armani Exchange, Club Monaco, Gap,

Food and beverage retailers include Smoke Jazz Lounge, The Silver Moon Bakery, Café du Soleil, Starbucks, Jamba Juice, Haagen-Dazs, Godiva, Citarella, Whole Foods, Food Emporium, Fairway, and Zabars,

27 Neighborhood Character Retail and Restaurant Options The strong residential demand and exciting cultural institutions have fueled the development of restaurants, bars and retail outlets in the Upper West Side. The neighborhood offers a unique confluence of mom & pop stores, European style cafés and bistros, national retailers and trendy bars. Within walking distance of the property are the shops at Columbus Square and the Broadway corridor, which offer all types of retail options including Ann Taylor, Armani Exchange, Club Monaco, Gap, Coach, Barney s, Scoop, Victoria s Secret, Williams- Sonoma, Barnes & Noble and Best Buy. Food and beverage retailers include Smoke Jazz Lounge, The Silver Moon Bakery, Café du Soleil, Starbucks, Jamba Juice, Haagen-Dazs, Godiva, Citarella, Whole Foods, Food Emporium, Fairway, and Zabars, which is a West Side icon and one of the city s top gourmet shops. Columbus and Amsterdam Avenues temper the mood of bustling Broadway. Framed by colorful low-rise buildings and mature trees that provide more of a neighborhood feeling, these avenues are home to countless convenience stores, boutique shops, outdoor cafés and some of the city s finest bars. Columbus Avenue is one of the most scenic avenues in Manhattan, boasting many of the Upper West Side s most desirable restaurant and nightlife destinations, including Ocean Grill, Isabella s, Spazia, Rosa Mexicana, Pomodoro Rosso, Evelyn Lounge and Potion. Amsterdam offers residents a wide range of restaurants and bars including Sarabeth s, Popover Café, Baci, Planet Sushi, Lavela, River, Vermouth, Citrus Bar & Grill, La Grolla, 420, Gin Mill, The Snug, Land, Monaco, Savannah, and Indigo Bar. The eateries range from classic New York bar & grills to Asian cuisine to terrace dining and are all within walking distance or a short taxi ride of the property.

Local Development Neighborhood Character Recent ground-up developments in close proximity to including Columbus

national and local retailers to the neighborhood, Extel Development s Ariel East & West, two soaring glass

building with 296 units and tremendous views of Morningside Park, 111 Central Park North a newly constructed

Other conversion and development projects include Extel s luxury condo 535 West End Avenue, the prestigious 15

28 Local Development Neighborhood Character Recent ground-up developments in close proximity to including Columbus Square, a five building mixed-use complex, which spans 97th & 100th Streets and has brought a combination of national and local retailers to the neighborhood, Extel Development s Ariel East & West, two soaring glass towers, along Broadway between 99th and 100th Streets, Avalon Morningside Park a 20 story glass luxury rental building with 296 units and tremendous views of Morningside Park, 111 Central Park North a newly constructed condo building offering views of Central Park with scenic balconies. Other conversion and development projects include Extel s luxury condo 535 West End Avenue, the prestigious 15 Central Park West, and the Corner a new luxury rental building on the southwest intersection of 72nd and Broadway which features a Trader Joe s on the ground floor.

29 Transportation Description Subway: is well serviced by New York's subway system, located just two blocks north of the 96 th street stations on Broadway. The local 1 train runs along Broadway, making stops at 59 th, 66 th, 72 nd, 79 th, 86 th, 96 th and 103 rd Streets. In addition, the 2 and 3 express trains stop at 72 nd and 96 th Streets. The A, B, C and D run along Central Park West making stops at 59 th, 72 nd, 81 st, 86 th, 96 th and 103 rd Streets. These trains not only offer convenient access to Midtown, they travel directly into the heart of Downtown as well. Bus Service: For those who prefer to stay above ground, the New York City public bus system services the neighborhood as well. The #5 runs along the length of Riverside Drive to Washington Square Park and Greenwich Village and the #104 runs up and down Broadway between midtown and West 129 th Street. The #10 bus runs up and down the entire length of Central Park West, servicing Midtown via Eighth Avenue and Downtown via Varick, West Broadway, and Hudson Streets. The #7 and #11 buses run up Amsterdam Avenue and down Columbus Avenue, servicing Midtown via Sixth, Seventh, Ninth, and Tenth Avenues, continuing south to 14th Street. There are numerous cross-town bus routes at 65 th, 79 th, 86 th, and 96 th Streets which run the entire width of Manhattan. Car and Taxi: Car and taxi travel to destinations outside of Manhattan can be achieved by taking the West Side Highway/Henry Hudson Parkway north to the George Washington Bridge or south to the Lincoln Tunnel. The parkway can be easily accessed from either 72 nd, 79 th, or 96 th Streets. The FDR Drive on the East Side can be accessed by driving through Central Park on the transverse roads. From the FDR one can conveniently connect to the Triborough and Queensborough Bridges, facilitating travel to LaGuardia and Kennedy Airports.

30 Subway Map

31 Bus Map

157 West 24th Street New York, New York

157 West 24th Street New York, New York New York, New York Confidentiality Agreement THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in considering whether to pursue negotiations to acquire an interest in, New York,