Downtown Albany Investment Portfolio

Transcription

1 Owner Financing Available! FOR SALE $10,700,000 Downtown Albany Investment Portfolio ALBANY, NEW YORK Mike McGovern Office ext. 219 Mobile Daniel O Brien Office ext. 224 Mobile DOBrien@naiplatform.com 14 Corporate Woods Boulevard, Suite 100 Albany, New York naiplatform.com

2 Executive Summary An opportunity to redevelop a five-building portfolio in downtown Albany, New York a market that is on the rise and booming in business and residential conversions all located just a block from I-787. This is an opportunity for an Albany, New York City, or Boston developer to own and develop historic properties in a vibrant downtown that is undergoing a dramatic transformation in both residential and commercial redevelopment. This has been complimented by an influx of world class, cutting edge business connected to Nanotechnology, with the presence of companies such as IBM, Semetech, Tokyo Electron, and Global Foundries. Full architectural drawings are in place for 163 units. Albany has been a center of higher education for over a century, with much of the remainder of its economy dependent on state government and health care services. More than 25 percent of the city s population works in government-related positions. A growing fourth sector of the area s economic base is the emerging high-tech industry in and around Albany. The city is at the center of a 19-county region in eastern New York branded as Tech Valley. Albany is increasingly seen as a leader in nanotechnology, with the College of Nanoscale Science and Engineering being respected as a national leader in the field. In 2009, chip-maker GlobalFoundries broke ground on a $4.6 billion chip manufacturing complex in nearby Malta and has grown to a $10 billion investment. In 2010, Forbes ranked Albany fifteenth on its Most Innovative Metros list. In late 2010, the Capital District was noted for being one of the fastest growing areas in the country for technology jobs. Also in 2009, Albany and its environs were listed number 30 in the nation on Forbes Magazine s Best Bang-For-The-Buck list, a study that looked at the stability of the housing and job markets, cost of living, and commute times. In 2012, the Albany-Schenectady area was listed 4th on Forbes Magazine s annual Best Cities for Jobs list. Downtown Albany has realized 230 residential units more in the last year than in the last 10 years as well as a 5-star hotel, The Renaissance, featuring an upscale restaurant called Wellington s, and the conversion of Wellington Row. In 2014 construction began on The Albany Capital Center; a new convention center located within walking distance to several hotels, restaurants, shops, and nightlife. Construction on the convention center is scheduled to be complete in early Be a part of the redevelopment. Be a part of Albany history. The information contained herein this publication has been given to us by the owner of the property and by other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease.

3 Contents Location A Guide to the Capital District 1 Demographic Analysis An overview of the Area s Demographics 2 Property 1 The Kenmore Hotel - 76 North Pearl Street 3 Property 2 1 Steuben Street 4 Property 3 16 Sheridan Avenue 5 Property 4 93 North Pearl Street 6 Property 5 43 Columbia Street 7 Meet the Brokers Michael McGovern & Daniel O Brien 8

4 Location A Guide to the Capital District

5 WELCOME TO THE CAPITAL DISTRICT Albany, the capital of New York State, is situated on the west bank of the Hudson River and has a population of approximately 98,424. It is located at the junction between Buffalo to the west, Boston to the east, Montreal to the north and New York City to the south. Buffalo can be reached in approximately 4½ hours by car while Montreal, Boston and New York City can be reached in about 3 hours. MONTREAL Albany s neighboring cities of Troy, Schenectady, and Saratoga Springs, make up the Capital District region. The population of Albany and the Capital District directly mirrors the characteristics of the United States consumer population as a whole better than any other major municipality in the country and has been a top-ranked standard test market for new business and retail products. BUFFALO NEW YORK BOSTON Aerial of Downtown Albany Portfolio EMPIRE STATE PLAZA ALBANY MEDICAL CENTER THE EGG NYS CAPITOL TIMES UNION CENTER 1 Steuben Street Commercial / Office Space 16 Sheridan Avenue Commercial / Office Space 76 North Pearl Street Commercial / Office Space 43 Columbia Street Parking Garage 93 North Pearl Street Capital Repertory Theater & Parking Garage 14 Corporate Woods Boulevard, Suite 100 Albany, New York naiplatform.com

6 Demographic Analysis An Overview of Albany s Demographics

7 Demographics 10 Mile Radius of Downtown Albany Investment Portfolio 2015 Population 386, Average Household Income $76, Average Household Size Households by Disposable Income Total 161,487 <$15,000 22,198 $15,000 - $24,999 18,137 $25,000 - $34,999 20,822 $35,000 - $49,999 26,234 $50,000 - $74,999 33,797 $75,000 - $99,999 17,653 $100,000 - $149,999 16,154 $150,000 - $199,999 3,728 $200,000+ 2,765 Median Disposable Income $45,192 Average Disposable Income $57, Business Summary Total Number of Businesses 18,294 Construction 1,243 Retail 2,510 Professional, Scientific & Tech Services 1,801 Health Care & Social Assistance 1,576 Accommodation 109 Food Services & Drinking Places 2, Corporate Woods Boulevard, Suite 100 Albany, New York naiplatform.com

8 The Kenmore Hotel 76 North Pearl Street 14 Corporate Woods Boulevard, Suite 100 Albany, New York naiplatform.com

9 The Kenmore Hotel 76 North Pearl Street Albany, New York HISTORY HAPPENED HERE The Kenmore Hotel was built between 1876 and 1878, and was one of the finest hotels in Albany. The hotel nightclub, The Rain-Bo Room, hosted Frank Sinatra, Benny Goodman, the Dorsey Brothers, Cab Calloway, and was a favorite spot of Babe Ruth, and Legs Diamond. The Kenmore was rehabilitated and converted to offices in the 1980 s. PROPERTY FEATURES Beautifully restored historic office building with great character Gorgeous lobby with an atrium that provides lots of natural light Best use: conversion to residential lots, apartments, or condos Eligible for significant historical tax credits Full architectural drawings in place for residential conversion BUILDING INFORMATION Total SF: 105,000 SF Zoning: Commercial-Office Parcel: 2.40 Acres Parking: Columbia St. & N. Pearl Garages Ceiling Height: 9 ft. Stories: 6 Elevators: (2) Glass-enclosed Passenger Water & Sewer: Municipal Heat: Gas Hot Air A/C: Central Construction: Brick North Pearl St. 14 Corporate Woods Boulevard, Suite 100 Albany, New York naiplatform.com

10 The Steuben Athletic Club 1 Steuben Street

11 The Steuben Athletic Club 1 Steuben Street Albany, New York DOWNTOWN ALBANY S FITNESS CLUB Spanning 6 floors, the Steuben Athletic Club offers a full service fitness club to the downtown residential and business communities. Amenities include a basketball court, squash and racquetball courts, swimming pool, locker rooms, showers, steam rooms and sauna, free weights and machines, aerobic equipment and more. The Steuben Athletic Club also offers spinning, yoga and aquatic courses. PROPERTY FEATURES Beautifully restored historic office building with great character Continued use as an office building or conversion to residential lofts, apartments, or condos Located in central business district surrounded by shopping and restaurants Steuben Athletic Club can be a tenant or used as a resident amenity Eligible for significant historical tax credits Fully equipped restaurant BUILDING INFORMATION Total SF: Zoning: Parcel: Parking: Stories: Elevators: Water & Sewer: Heat: A/C: Construction: Roof: 76,000 SF Commercial-Office 0.32 Acres Columbia St. & N. Pearl Garages 6 + Basement (2) Passenger Municipal Gas Hot Air Central Masonry Mixed Steuben St. North Pearl St. 14 Corporate Woods Boulevard, Suite 100 Albany, New York naiplatform.com

12 Sheridan Office Building 16 Sheridan Avenue

13 Sheridan Office Building 16 Sheridan Avenue Albany, New York IDEAL FOR RESIDENTIAL CONVERSION The former home of the Times Union Newspaper was renovated in the 1980 s and is perfectly solid for residential redevelopment. The property has dedicated covered parking at 93 North Pearl Street. PROPERTY FEATURES Strong apartment demand makes for logical conversion Solid structural integrity Located in central business district surrounded by shopping and restaurants 175 garage spaces in the Capital Repertory garage are controlled by the building Eligible for significant historic tax credits Potential to add a 6th floor and penthouse units Full architectural drawings in place for residential conversion BUILDING INFORMATION Total SF: 107,000 SF Zoning: Commercial-Office Parcel: 1.00 Acres Parking: 175 Private/Public/Covered Ceiling Height: 10 ft. Stories: 5 Elevators: (2) Passenger Water & Sewer: Municipal Heat: GHA A/C: Central Construction: Masonry Roof: EPDM Chapel St. Sheridan Ave 14 Corporate Woods Boulevard, Suite 100 Albany, New York naiplatform.com

14 Capital Repertory Garage 93 North Pearl Street

15 Capital Repertory Garage 93 North Pearl Street Albany, New York THE CAPITAL REPERTORY THEATRE & GARAGE Home of the Capital Repertory Theatre and 175 parking spaces on 53,000 square feet. Located in the heart of the Arts District. PROPERTY FEATURES Month-to-month tenants Located in central business district with parking shortage 167 garage spaces controlled by owners of Sheridan Avenue office building Eligible for significant historical tax credits BUILDING INFORMATION Total SF: Zoning: Parcel: Parking: Stories: Water & Sewer: Utilities: Construction: 53,000 SF Commercial 0.57 Acres 175 Private, Covered 4 (7 Parking Levels) Municipal HVAC Masonry 93 N. Pearl St. 43 Columbia St. 14 Corporate Woods Boulevard, Suite 100 Albany, New York naiplatform.com

16 Columbia Street Garage 43 Columbia Street

17 Columbia Street Garage 43 Columbia Street Albany, New York THE COLUMBIA STREET GARAGE 172 covered spaces on 62,000 square feet dedicated to the Kenmore, Steuben, and Sheridan properties. PROPERTY FEATURES Mix of long-term and month-to-month tenants Located in central business district with parking shortage 172 garage spaces controlled by owners of Kenmore and Steuben office buildings BUILDING INFORMATION Total SF: 62,000 SF Zoning: Commercial Parcel: 0.39 Acres Parking: 172 Private / Covered Ceiling Height: 12 ft. Stories: 4 Elevators: 2 Automation: Attended & Automated Water & Sewer: Municipal Construction: Masonry 93 N. Pearl St. 43 Columbia St. 14 Corporate Woods Boulevard, Suite 100 Albany, New York naiplatform.com

18 We are NAI Platform Meet the Brokers

19 Scope of Responsibilities McGovern is a Commercial Real Estate Broker licensed in NY and MA who specializes in leasing, sales, management and tenant presentation of office space to the Legal, High Tech and Medical industries and also handles Multi Unit Properties. He has done so for 25 years, in Boston, New York City and in Albany, NY. Michael McGovern Associate Broker o ext 219 f c MMcGovern@naiplatform.com Background & Experience McGovern has been a real estate broker for over 25 years in Boston, MA., New York City and in Albany, NY. While in Boston he sold multi-million dollar properties in the downtown area, leased and managed residential and commercial space in Boston and on Martha s Vineyard and leased, managed and sold property for the former Assistant District Attorney for over 15 years. He also handled all renovations. While in New York City, McGovern worked on Soho, Tribeca and Greenwich Village property, focusing on leasing office space and the leasing and sale of condominiums and residential apartments. In Albany, McGovern ran McGovern Real Estate, specializing in leasing office space to major Law Firms, High Tech and Medical organizations and acts as a New York Tenant Representative for US Bank. Having worked as the Deputy Albany County Coordinator for Governor Cuomo and on the Mayor Sheehan campaign he works closely with the Start Up New York program. As the Vice President of Park South he has assisted Albany Medical Center with their billion dollar expansion. Scope of Responsibilities O Brien is a commercial real estate broker engaged in general brokerage as well as tenant/buyer representation. A partner in a combined portfolio of over $40 million in development and rehabilitation work, he demonstrates a clear understanding of all facets of real estate from approval through Certificate of Occupancy. Background & Experience Daniel O Brien President o ext 224 f c DOBrien@naiplatform.com O Brien is a leader in the commercial brokerage field who consistently seeks challenging projects, and has brokered over $250,000,000 in the past 18 years. Representing local, regional and national clients, Daniel has achieved Prudential s prestigious Chairman s Circle designation in 1999, 2000, 2001, 2002 as well as Prudential Real Estate Affiliates prestigious Pinnacle Award representing his status as their top producer in the nation for commercial real estate in Corporate Woods Boulevard, Suite 100 Albany, New York naiplatform.com

20 NAI Platform delivers superior results for our clients. We meet and exceed their commercial real estate needs through a team of specialized experts. Our professionals possess extensive knowledge and experience of the industry s intricate nuances, helping our clients surpass their goals. We deliver a range of diversified services at an unparalleled value. 14 Corporate Woods Boulevard Suite 100 Albany, New York USA naiplatform.com