559 West 23rd Street Vacant Development Site For Sale New York, NY

Transcription

1 559 West 23rd Street Vacant Development Site For Sale New York, NY 559 West 23 rd Street

2 Confidentiality THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in considering whether to pursue negotiations to acquire an interest in 559 West 23 rd Street, 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.

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4 Offering Memorandum 559 West 23 rd Street Please Submit Offers EXCLUSIVE AGENTS: James Nelson Partner x7710 Brock Emmetsberger First Vice President of Sales x7776 Brendan Gotch Director of Sales x7742 Billy Simons Associate x7734 MASSEY KNAKAL REALTY SERVICES 275 MADISON AVENUE, 3 RD FLOOR NEW YORK, NEW YORK (P) (F)

5 Table of Contents Property Information Exterior Photograph Property Overview Property Photograph Tax Map and Location Neighborhood Information Neighborhood Description Highline Highlights Neighborhood Map Zoning Map Zoning Description Transportation Description Bus Map

6 Site Photograph

7 559 West 23rd Street Development Site For Sale New York, NY 559 West 23 rd Street Address: 559 West 23rd Street, New York, NY Location: The north side of West 23rd Street between Tenth and Eleventh Avenues Block / Lots: 695/6 Lot Size/Area: 25 x / 2,469 SF (Approx.) Zoning: C6-3A FAR: 7.5 Total Buildable: 18,515 BSF (Approx.) Description: Located just steps from the High Line, this property will be delivered vacant, providing potential buyers with the ideal residential or mixed use development opportunity. Alternatively, the site would be suitable as a commercial or mixed use development project. The property is conveniently located amongst 200 galleries in a 10 block radius. 11 th Avenue Please Submit Offers For further information or inspection, please contact Exclusive Agents: James P. Nelson jpnelson@masseyknakal.com x7710 Brock Emmetsberger brock@masseyknakal.com x7776 Brendan Gotch bgotch@masseyknakal.com x7742 Billy Simons bsimons@masseyknakal.com x7734 The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN. 275 Madison Avenue Third Floor New York, NY Fax THE BRONX BROOKLYN MANHATTAN NASSAU NEW JERSEY QUEENS STATEN ISLAND WESTCHESTER

8 Tax Map and Location Address: 559 West 23rd Street Block & Lots: 695/ 06 Location: On the north side of West 23rd Street between Tenth and Eleventh Avenues. 559 West 23 rd Street

9 High Line Highlights The first portion of the High Line opened in June 2009, running from Gansevoort Street, in the Meatpacking District, to West 20th Street, in Chelsea, between Tenth and Eleventh Avenues. The second phase is currently under construction, which will transform the park into a mile long 4.8-acre park up to West 30th Street A railroad called the High Line ran on a rust-brown trestle just west of 10th Avenue across the neighborhood s length. It s in the process of being transformed into a mile long 4.8-acre park, complete with native grasses flora not all that dissimilar to what s sprouted there since the final train trip in Developers aren t waiting. Over the last decade, large high-rises started going up in West Chelsea, and the pace picked up in 2005 with the city s rezoning of about 15 blocks to encourage more residential construction. Many of these new buildings become available for occupancy this year. The High Line represents another leap forward for the fast-growing Meatpacking District, which in recent years rose from gritty to glam almost overnight. Annie Washburn, executive director of the Meatpacking District Initiative, said the new public space will encourage a more diverse crowd to explore the now-upscale area. Although their designs and finishes will most likely rival the city s finest, it s the High Line that s turning out to be the deal closer. The New York Times

10 High Line

11 Neighborhood description 559 West 23rd Street is located in Chelsea, an extremely lively and vibrant part of Manhattan. Varying from elegant single family townhouses to large office buildings, there is excitement and community progress at every turn. The High Line is slowly but surely becoming the second elevated park in the world, with over $40 million committed to its renovation and a major exhibition depicting its future at the MoMA. Portions of the High Line have opened in June Friends of The High Line claim the conversion to a park will increase property value by at least four percent and would add $8 million annually to property taxes. Thanks in part to this large project, the future of West Chelsea is continually looking brighter. There once was a time when buildings on the Western fringes of Chelsea were in high demand for industrial uses, but now those buildings and properties are struggling to find that type of buyer. Instead, many high-profile office tenants like Major League Baseball, Oxygen Media, and SprintPCS have taken root at buildings like 111 Eighth Avenue, The Starrett-Lehigh Building, and the Chelsea Market. Asking rents in buildings like those have more than quadrupled in the last few years. The residential landlords of West Chelsea have also benefited from the new attention, where vacancy rates for residential buildings remain below 1%. Moreover, there are more than 2,500 condominium residences in the pipeline that will hit the market in the near future thanks to both ground-up development and conversions. One of the most prominent conversions is on Sixth Avenue at the Hugh O Neill building, an architectural gem located in the Chelsea Historic District. Even hotel developers are taking advantage of opportunities in Chelsea, most notably the Maritime Hotel, which is distinguished by its unique architecture and unusual history.

12 Neighborhood Description The residential landlords of West Chelsea have also benefited from the new attention, where vacancy rates for residential buildings remain below 1%. Moreover, there are more than 2,500 condominium residences in the pipeline that will hit the market in the near future thanks to both ground-up development and conversions. One of the most prominent conversions is on Sixth Avenue at the Hugh O Neill building, an architectural gem located in the Chelsea Historic District. Even hotel developers are taking advantage of opportunities in Chelsea, most notably the Maritime Hotel, which is distinguished by its unique architecture and unusual history. Coinciding with the added residential and commercial presence in the area has come an explosion of art galleries. More than 200 galleries have sprouted in West Chelsea, a part of the neighborhood that was dominantly industrial only as of a few years ago. Main draws include the Dia Art Center, The Gagosian Gallery, The Paula Cooper Gallery, and Matthew Marks. Other cultural attractions range from concerts at St. Peter s Church to plays at the Joyce Theater to rock climbing at Chelsea Piers.

13 Neighborhood Description There is pressure to move the Flower District, located on West 28th Street between Broadway and 7th Avenue, to another location. This is due to the area s residential development, street congestion and rent hikes. There is talk about moving the district to the Atlas Terminal Warehouse block, which is encircled by West 27th and 28th Streets and 11th and 12th Avenues and possibly tourist destination with retail shops and restaurants. In addition to moving the Flower District, there has been a major rezoning project in West Chelsea that has changed what was a mostly M1-zoned district to a mixed use district with primarily C6 zoning. No other micro market in Manhattan enjoys the mixed-use character of Chelsea and convenience to the work place. Mass transportation within walking distance of the property include the Sixth, Eighth Avenue, and Broadway subway lines, as well as local and express MTA bus service throughout Manhattan. The building is distinguished by its proximity to Greenwich Village, Gramercy Park, the Midtown Manhattan office district, Murray Hill, SoHo and TriBeCa. Chelsea s controversies and debates are a blessing in disguise. They encourage preservation of buildings and history, but at the same time, advocate social and cultural development. This best of both worlds mentality will continue to attract not only tenants, but investors and developers as well.

14 Chelsea Art Gallery Map

15 Neighborhood Map

16 Zoning Map 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. 559 West 23rd Street is zoned C6-3A. FAR: 7.52 Residential and 6.0 Commercial.

17 Zoning-C6-3A

18 Transportation Description Besides the diversity of services and amenities located in the immediate vicinity, 559 West 23rd Street has excellent access to major transportation facilities. The 23rd Street Station subway lines (1, C, E, F & V) are within easy walking distance, providing access to all areas of Manhattan, and to the Bronx, Brooklyn, and Queens. By car, there is easy access to and from the West Side by West Side Highway, the Holland Tunnel, and the Lincoln Tunnel. The highway transportation network connects Manhattan to New Jersey, Westchester County, Connecticut, New England, and Long Island.

19 Bus Map