PROPERTY FEATURES PROPERTY DESCRIPTION
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2 PROPERTY FEATURES Block / Lot: 1009 / 50 Lot Dimensions: 80' x ' Building Dimensions: 80' x 79' Stories: 14 Year Built: 1908 Above Grade Office Rentable SF: 75,109* Above Grade Retail SF: 10,012 Below Grade Retail SF: 9,563 Total SF: 85,121 Residential Condo NSF: 49,541 Usable SF: 61,715 Gross SF: 76,462** Zoning: C5-3 FAR: Lot Area: 8,034 Total Buildable SF: 120,510 Air Rights: SOLD Assessment (17/18): $11,509,430 Taxes (17/18): $1,210,101 * 28.5% loss factor ** Not inclusive of Below Grade SF PROPERTY DESCRIPTION Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of 140 West 57th Street, a truly remarkable 14-story commercial asset positioned within the world-famous trophy business district between 6th and 7th Avenues. The approximately 85,000 rentable square foot Landmark property offers contemporary features along with exquisite architectural detail, just steps from Midtown s main attractions. Originally designed by renowned architects Pollard & Steinam, the neo- Gothic façade is enhanced by 14 foot bay glass windows set in geometrically ornamented cast iron frames that have been restored to its original early 1900 s grandeur. Initially positioned as artist studios, the offices feature wooden floors, original fireplaces, and expansive duplex units with 20 foot ceilings. The unique office configurations coupled with soaring ceiling heights provides significant light & air throughout the property. Typical floor plates range from 4,400 to 6,800 rentable square feet. Due to the flexible zoning and current vacancy of the entire office component an investor or user has the ability to execute a variety of repositioning opportunities including a luxury office building, conversion to boutique condominiums or a one-of-a-kind corporate headquarters. 140 West 57th Street is ideally positioned as an unusually large blank canvas for a developer, investor or user to execute a myriad of potential visions. Cushman & Wakefield Copyright No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
3 PROPERTY HIGHLIGHTS Boutique Office Renovation Iconic Corporate Headquarters along 57th Street Unique Residential Conversion Opportunity Blank canvas of over 75,000 rentable square feet for an ideal boutique office renovation The world-famous Plaza District, is considered one of the premier office destinations in New York City Office configurations could feature single tenant or multitenant floors ranging from 4,400 to 6,800 square feet Opportunity to brand the asset to focus on a specific sector such as; medical, technology, media, finance, fashion or advertising 57th Street is arguably one of the most sought after addresses in Manhattan and will surely position a business or corporation in a class of its own The historical significance of the asset coupled with its incredibly unique architectural details make for a one-of-a-kind corporate headquarters Flexible zoning allows for both commercial / office use coupled with the ability to create residential units on the upper floors. Residential developers have the ability to take advantage of the insatiable demand for luxury condominiums along Billionaire s Row Floors feature double height 20 atriums and 14 bay glass windows with northern exposure providing tremendous light and air throughout the Property Developments such as One57, 111 West 57th Street, 220 Central Park South and 432 Park Avenue continue to outperform the Midtown residential market Notable businesses and corporations located within close proximity include; Time Warner, Polo Ralph Lauren, Estee Lauder, Marvel Entertainment, Simon & Schuster and W.P.P. Vacant delivery allows for the opportunity to immediately reposition the asset W 57th ST 7th AVE BLOCK LOT 50 6th AVE W 56th ST
4 Cushman & Wakefield Copyright No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
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6 FOR MORE INFORMATION, PLEASE CONTACT: ROBERT KNAKAL Chairman, NY Investment Sales (212) ADAM SPIES Chairman (212) JONATHAN HAGEMAN Executive Managing Director (212) ADAM DONEGER Executive Managing Director (212) GEORGE D AMBROSIO Director (212) george.dambrosio@cushwake.com
7 Principal Confidentiality and Indemnification Agreement (the Agreement ) 140 West 57 th Street, New York, NY Principal: Title: Company: Address: Address: Phone/Fax: ( Potential Purchaser ) Re: Confidentiality and Indemnification Agreement Cushman & Wakefield Realty of Manhattan LLC, ( Broker ) has been retained by the owners ( Owner ) to market the property 140 West 57 th Street, New York, NY 1019 (the Property ) for sale. The Potential Purchaser has requested certain information (the "Confidential Information") concerning the Property. Broker may make such Confidential Information available to Potential Purchaser upon execution of this Confidentiality Letter. The Confidential Information is intended solely for Potential Purchaser s limited use in evaluating the Property. This is not an agreement to sell the Property or any interest therein. No agreement binding upon Owner, or any of its associated or affiliated companies, to sell the Property shall be deemed to exist, at law or equity, until Owner enters into a formal binding agreement, fully executed and delivered by all parties thereto. Broker has no authority to bind Owner in connection with the sale of the Properties or otherwise. The Confidential Information contains brief, selected information pertaining to the Property and the business and affairs of Owner. It does not purport to be all inclusive or to contain all the information which Potential Purchaser or a prospective purchaser or lender may desire. Neither Owner nor Broker makes any representation or warranty, expressed or implied, as to the accuracy or the completeness of the Confidential Information and no legal liability is assumed or to be implied with respect thereto. Broker has informed Potential Purchaser that it is of utmost importance that all discussions concerning the proposed transaction (including, without limitation, the fact that any discussions have taken or are taking place) be kept in strict confidence. Accordingly, Potential Purchaser hereby agrees that the Confidential Information will be used only in connection with the proposed transaction and its consideration thereof, and that all discussions concerning the transaction, as well as all Confidential Information, will be kept confidential by Potential Purchaser and its partners, officers, members, agents, employees, contractors, and consultants, and shall not, except as hereinafter provided, be disclosed in any manner whatsoever without the prior written consent of Owner, which may be granted or withheld in Owner s sole and absolute discretion. Information concerning the transaction and the Confidential Information shall be submitted only to those partners, officers, members, agents, employees, contractors and consultants who need to know such information for the purpose of evaluating the transaction and who shall (i) be advised by Potential Purchaser of the confidential nature of the information and (ii) shall be instructed by Potential Purchaser to treat such information confidentially. Potential Purchaser will be responsible for any such persons to comply with such instruction.
8 Owner expressly reserves the right to reject any or all proposals or expressions of interest to purchase the Property, to consummate the sale of the Property to a party other than Potential Purchaser, and to terminate discussions at any time with or without notice. If Potential Purchaser does not wish to pursue negotiations, or such negotiations are undertaken but a transaction fails to be consummated with Potential Purchaser, Potential Purchaser hereby agrees to promptly return the Confidential Information to Broker. Potential Purchaser understands and foresees that any violation of this Confidentiality Letter would damage Owner and Broker and their respective successors. Potential Purchaser hereby agrees to indemnify, defend and hold harmless Owner and Broker and their respective members, directors, officers, employees, agents, representatives, successors and assigns from and against any and all liability, claim, demand, loss, cost, damage, expense or cause of action (including without limitation, reasonable attorneys' fees and expenses) in connection with any breach or alleged breach of the confidentiality provisions of this Agreement. In addition, Potential Purchaser agrees that Owner and Broker will have no adequate remedy at law if Potential Purchaser violates any of the terms of this Confidentiality Letter. In such event, Owner and/or Broker will have the right, in addition to any other right Owner and Broker may have, to seek injunctive relief to restrain any breach or threatened breach by Potential Purchaser or specific enforcement of such terms. Potential Purchaser understands and agrees that the Confidential Information does not purport to be complete and accurate, and that Potential Purchaser will rely entirely on its own due diligence with regard to all matters. No representations or warranties are implied by the submission of the Confidential Information and none is given unless Owner subsequently elects to make specific, limited representations and warranties in a final, fully executed and delivered, sale agreement definitive in form and scope. Potential Purchaser agrees that neither Owner nor Broker shall not have any liability to Potential Purchaser as a result of its use of the Confidential Information and it is understood that Potential Purchaser is expected to perform and be responsible for such due diligence investigations and inspections of the Properties, including investigation of any environmental conditions, as Potential Purchaser deems necessary or desirable and as permitted by agreement with Owner. Very truly yours, CUSHMAN & WAKEFIELD, Agent ACCEPTED AND AGREED TO: By Name: Robert A. Knakal Title: Chairman Principal: Signature: Title: (Please Print) Dated:, 20 Please or Fax This Fully Executed Agreement to Kameryn Tanita at kameryn.tanita@cushwake.com or (347)
PROPERTY FEATURES PROPERTY DESCRIPTION
PROPERTY FEATURES Block / Lot: 1009 / 50 Lot Dimensions: 80' x 100.42' Building Dimensions: 80' x 79' Stories: 14 Year Built: 1908 Above Grade Office Rentable SF: 75,109* Above Grade Retail SF: 10,012
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