555 WEST 25th STREET

Transcription

1 555 WEST 25th STREET

2 PROPERTY OVERVIEW PRIME WEST CHELSEA COMMERCIAL BUILDING FOR SALE Ideal for Investor, Developer or End User 555 West 25th Street is a stately, six story, prewar loft building in the heart of the West Chelsea Art District and a few blocks from Hudson Yards. The property offers a rare opportunity for either an Investor or Developer/End User to buy an asset in one of the most vibrant new development areas of Manhattan. With 51,31 rentable square feet, it is currently an office and gallery building with a stable roster of tenants. However, the property could be repositioned in a few years into a higher end art showroom building or boutique creative office building, or converted into a corporate headquarters or a boutique hotel. For the Investor, the building offers a turnkey property with significant upside in rental income. Many of the current leases are significantly below market, and most come up for renewal within the next three years. If new leases are negotiated at market rents for the area, operating income could rise roughly 6% by 221. For the Developer or End User, there is the option for the building to be totally vacant by June of 221. Until then and while redevelopment plans are being approved, the building will generate over $4 million in net operating income from existing leases in place. ASKING PRICE: $52,, 2

3 PROPERTY DESCRIPTION Address West 25th Street, New York, NY 11 Location Historic District North side of 25th Street between 1th and 11th Avenues West Chelsea Block and Lot 697 / 5 Lot dimensions 75 x Lot SF 7,46 Building dimensions Stories Building Total SF SF Zoning 75 x (1st floor), 75 x 9 (2nd to 6th floor) 6 floors plus sellable cellar floor 4,926 plus 2,88 rentable cellar space and 1,365 roof terrace space 51,31 (as per Real Data Management Inc.) M1-5/WCH Year built 1891 / renovated in 1985 Building class O9 FAR 5 FAR as built 5.53 (over-built by 3,925 SF) RE Tax (17/18) $346,191 ZONING MAP 555 WEST 25 TH STREET 3

4 FLOOR PLANS RSF: Square Feet as per Real Data Management Inc. STACKING FLOOR PLAN Ceiling Height Roof DNA 1,365 RSF 6 th DNA MODEL MANAGEMENT, LLC 8,716 RSF th SLOSS ECKHOUSE LAWCO LLP 8,659 RSF th SLOSS ECKHOUSE LAWCO LLP 8,631 RSF rd FLAT RATE MOVERS LTD. 8,71 RSF nd SUSAN T. RODRIGUEZ ARCHITECTURE DESIGN LLC 3,58 RSF KYLE AND KATH LLC 4,511 RSF 13 5 Ground VACANT 3,198 RSF HENOCH ENTERPRISES, INC. 2,561 RSF 12 1 Cellar 1,49 RSF 1,318 RSF 8 4 4

5 RENTABLE SQFT SUMMARY BY FLOOR FLOOR GROSS FLOOR AREA RETAIL/ NET AREA NET AREA FLOOR COMMON AREA USABLE AREA TOTAL LEASED AREA VACANT AREAS EXISTING FULL FLOOR LOSS FACTOR FULL FLOOR ADD-ON FACTOR RENTABLE AREA FULL FLOOR LOSS FACTOR MULTI-TENANT LOSS FACTOR C ,88 2,88.% 1 7,44 5, ,759 5,759.% 2 6,692. 5, ,853.% 1, ,18 27.% 3.6% 3 6,725. 6, ,359.% 1, ,71 27.% 4 6,65. 6,3.5. 6,31.% 1, , % 5 6,687. 6, ,321.% 1, , % 6 6,662. 6, ,363.% 1, , %.% OR Total 48,399 8, , ,764 51,31 5

6 CELLAR FLOOR BOILER MECH. HYDRAULIC BOILER TANK PUBLIC PUBLIC GENERAL SAFETY SWITCH HOUSE TRAP SUPER'S BOIL. NEW CL. CW WEST GALLERY PUMP PANTRY PUBLIC CE PUBLIC ELEC. EAST GALLERY LOBBY SPK. PIPE CHASE / MACHINE HR RATED DR. STORE AREA BUILDING COMMON AREA OCE Henoch Enterprises, Inc 1,318 1,318. 1,318.% OCW Vacant 1,49 1,49. 1,49.% TOTAL 2,88 2,88 2,88 Building : 4, Non- : 64 Gross : 7,413 6

7 GROUND FLOOR GALLERY GALLERY 1W WEST GALLERY RECEPTION 1E EAST GALLERY P-1 LOBBY RECEPTION ENTRY LANDING PANTRY STORE AREA P-3 1E Henoch Enterprises, Inc 2,561 2,561. 2,561.% 1W Vacant 3,198 3,198. 3,198.% TOTAL 5,759 5,759 5,759 Building : Non- : 1,681 Gross : 7,44 7

8 PANTRY SECOND FLOOR EXISTING FIRE ESCAPE A/C CONF. RECEPTION PANTRY CLOSET 2R REAR GALLERY P-1 COPY ELEC. CL. CONF. LOBBY 2F 2F FRONT GALLERY 2F AREA FLOOR COMMON AREA 2F Susan L. Rodriguez/ Architecture Design PLLC 2, ,56.% ,58 3.7% 2R Kyle and Kath LLC 3, ,293.% , % TOTAL 5, ,853 8,19 Building : Non- : 838 Gross : 6,692 8

9 THIRD FLOOR FIRE ESCAPE PANTRY MECH. CONFERENCE M.V. OPEN WORK AREA SERVER 5 OPEN LOBBY AREA 3 Flat Rate Movers LTD. 6,359 6,359.% ,71 27.% TOTAL 6,359 6,359 8,71 Building : Non- : 367 Gross : 6,725 9

10 CLOS. FOURTH FLOOR EXISTING FIRE ESCAPE MECH. CONF. SERVER CONF. OPEN COPY/ PANTRY 4 CONFERENCE / SCREEN J.C. RECEPTION FILE OPEN AREA 4 Sloss Eckhouse Lawco LLP. 6,31 6,31.% , % TOTAL 6,31 6,31 8,631 Building : Non- : 349 Gross : 6,65 1

11 FIFTH FLOOR FIRE ESCAPE PANTRY MECH. CONFERENCE M.V. OPEN WORK AREA SERVER 5 OPEN LOBBY AREA 5 Sloss Eckhouse Lawco LLP. 6,321 6,321.% , % TOTAL 6,321 6,321 8,659 Building : Non- : 366 Gross : 6,687 11

12 SIXTH FLOOR MV. 6 MV. PANTRY AREA 6 DNA Model Management, LLC 6,363 6,363.% , % TOTAL 6,363 6,363 8,716 Building : Non- : 299 Gross : 6,662 12

13 CONTACT: YOKO SANADA Licensed Associate Real Estate Broker DOUGLAS ELLIMAN REAL ESTATES Direct: Cell: DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECTED, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGERS OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, COUNT, NUMBER OF BEDS AND THE SCHOOL DISTRICT I PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICITTHE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY.