1762 & 1764 FIRST AVENUE NEW YORK, NY 10128

Transcription

1 OFFERING MEMORANDUM 1762 & 1764 FIRST AVENUE NEW YORK, NY PRIME UPPER EAST SIDE TWO 5-STORY WALKUP APRTMENT BUILDINGS 26 APARTMENTS & 4 STORES

2 CONFIDENTIALITY AND CONDITIONS The information contained in this listing ( Listing ) is confidential, furnished solely for the purpose of review by a prospective purchaser of the following properties: 1762 & 1764 First Avenue (the Property ) and is not to be used for any other purpose or made available to any other person without the express written consent of Besen & Associates, Inc. or Owner. The material is based in part upon information supplied by the Owner and in part upon information obtained by Besen & Associates from sources it deems reliable. Summaries of documents are not intended to be comprehensive or all inclusive, but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Owner, Besen & Associates or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including inspections. This Listing contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information a prospective purchaser may desire. Graphics are only a representation of property features, are not to scale and are subject to change. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and are, therefore, subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers. In this Listing, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete or necessarily accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Listing is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Besen & Associates or Owner. Each prospective purchaser is to rely upon its own evaluation as to the advisability of purchasing the Property described herein. Owner and Besen & Associates expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Listing or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and any conditions to Owner s obligations there under have been satisfied or waived. Besen & Associates is not authorized to make any representations or agreements on behalf of Owner. This Listing is the property of Besen & Associates and may be used only by parties approved by Besen & Associates and Owner. The Property is privately offered and, by accepting this Listing, the party in possession hereof agrees (i) to return it to Besen & Associates immediately upon request of Besen & Associates or Owner and (ii) that this Listing and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Listing may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Besen & Associates and Owner. The terms set forth above apply to this Listing in its entirety. For further information, please contact exclusive listing agents: Amit Doshi Shallini Mehra Ishan Chhabra Carine Citadelle Executive Director Senior Director Director Marketing Associate (212) (212) (646) (646) adoshi@besenassociates.com smehra@besenassociates.com ishan@besenassociates.com ccitadelle@besenassociates.com 1762 & 1764 First Avenue, New York, NY

3 EXECUTIVE SUMMARY OFFERING SUMMARY Besen & Associates, Inc. has been retained as exclusive agent to sell the properties at 1762 & 1764 First Avenue, New York, NY (the Property ), two 5-story walkup apartment buildings with 26 apartments & 4 stores. These properties were built in 1920 and have approximately 17,490 SF. The properties are located in the Yorkville section of the Upper East Side, characterized by tree-lined blocks and walking distance to many restaurants, shops and neighborhood amenities. The property is one block from the FDR Drive; walking distance to the new Second Avenue Subway Q train at 86th and 96th Streets, M31 Bus stops in front of the property. The Upper East Side ( UES ) is a neighborhood in the borough of Manhattan in New York City, between Central Park/Fifth Avenue, 59th Street, the East River, and 96th Street. The area incorporates several smaller neighborhoods, including Lenox Hill, Carnegie Hill, and Yorkville. INVESTMENT HIGHLIGHTS LOCATION: RENTAL UPSIDE: FREE MARKET UNITS: Yorkville, a safe and tranquil neighborhood in the UES offers residents proximity to many shops, restaurants, parks, great public and private schools, cultural centers, medical facilities and convenient transportation. Eight of the 26 units are two bedroom and rent stabilized. The average monthly rent for these units is $971. The average monthly rent for the free market two bedrooms units in the property is $2,656. Hence, there is more than 150% upside potential should any of these units become vacant in the future. In addition, the International Wings Factory s lease expires in October of They are interested in renewing and the new rent will be approximately 12-15% higher. 70% of the units are decontrolled. With the current regulatory environment, which allows for no rental increases for stabilized apartments, the large number of free market units allows for more flexible opportunities in the future including apartment renovations, reconfigurations and possibly a condo conversion. ASKING PRICE: $14,950, & 1764 FIRST AVENUE 1762 & 1764 First Avenue, New York, NY

4 PROPERTY OVERVIEW 1762 & 1764 First Avenue, New York, NY Two 5-story walkup apartment buildings with 26 apartments & 4 stores. Located between East 91 st and East 92 nd streets, these properties were built in 1920 and have approximately 17,490 SF. The properties are located in the Yorkville section of the Upper East Side characterized by tree-lined blocks, walking distance to many restaurants, shops & neighborhood amenities. Easy transportation access: one block from the FDR Drive; walking distance to the subway #6 train at 86th and 96th Streets, M31 Bus at 91st and First Avenue is located in front of the property. PROPERTY DETAILS Address 1762 First Avenue 1764 First Avenue Neighborhood Yorkville Yorkville Block/Lot 1571/ /50 Lot & Built Size 25 x 94 built x 94 built 79 Total Apartments & Rooms 26 & 96 Layout 18/4 & 8/3 Zoning C2-8 C2-8 FAR (built), Air Rights have been sold Year Built Assessment & Taxes (2017/2018) $980,000 & 126,346 $992,550 & $127,959 Capital Improvements New skylight and new chimney for the boiler 1762 & 1764 First Avenue, New York, NY

5 PROPERTY PHOTOS 1762 FIRST AVENUE INTERIOR 1764 FIRST AVENUE INTERIOR 1762 & 1764 First Avenue, New York, NY

6 PROPERTY PHOTOS ROOF & BACK COURTYARD 1762 & 1764 First Avenue, New York, NY

7 OFFERING MEMORANDUM 1762 & 1764 FIRST AVENUE NEW YORK, NY Presented by: Amit Doshi Executive Director (212) Shallini Mehra Senior Director (212) Ishan Chhabra Director (646) Carine Citadelle Marketing Associate (646) BESEN & ASSOCIATES INC. 381 Park Avenue South New York, NY Tel Fax Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied. Rendering pictured in offering materials is not specifically approved for referenced development site. Buildable square footage is subject to verification by purchaser s own architect and/or zoning attorney & 1764 First Avenue, New York, NY