West 144th Street. 275 Madison Avenue / 3rd Floor / New York, NY / P: / F:

Size: px

Start display at page:

Download "West 144th Street. 275 Madison Avenue / 3rd Floor / New York, NY / P: / F:"

Willa Lang
5 years ago
Views:

1 533 West 144th Street 275 Madison Avenue / 3rd Floor / New York, NY / P: / F:

2 This is a confidential brochure intended solely for your limited use and benefi t in determining whether you desire to express any further interest in the purchase of 533 West 144th Street, New York, NY (the Property ). This brochure was prepared by Massey Knakal Realty Services, ( Massey Knakal ) and has been reviewed by representatives of Ownership. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information which prospective purchasers may desire. It should be noted that all fi nancial projections are provided for general reference purposes only in that they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Massey Knakal or Owner and, therefore, are subject to material variation. Additional information and an opportunity to inspect the Property will be made available to interested and qualified investors. Neither Owner, Massey Knakal nor any of their respective officers nor employees, have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this brochure or any of its contents, and no legal commitments or obligations shall arise by reason of this brochure or any of its contents. All square footage measurements must be independently verifi ed. Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing this brochure or making an offer to purchase the Property unless and until a written agreement satisfactory to Owner has been fully executed, delivered, and approved by Owner and any conditions to Owner obligations thereunder have been satisfi ed or waived. PCB s and other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions, are present at the Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of buildings or may be present as a result of previous activities at the Property. Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending upon past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present. While this brochure contains physical description information, there are no references to condition. Neither Owner nor Massey Knakal make any representation as to the physical condition of the Property. Prospective purchasers should conduct their own independent engineering report to verify Property condition. In this brochure, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of the documents. Interested parties are expected to review independently all relevant documents. By receipt of this brochure, you agree that this brochure and its contents are of a confi dential nature, that you hold and treat it in the strictest confidence, and that you will not disclose this brochure or any of its contents to any other entity without the prior written authorization of Owner nor will you use this brochure or any of its contents in any fashion or manner detrimental to the interest of Owner or Massey Knakal. It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. Massey Knakal does not conduct investigations or analysis of environmental matters and, accordingly, urges its clients to retain qualifi ed environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, The terms and conditions stated in this section will relate to all of the sections of the brochure as if stated independently therein. If, after reviewing this brochure, you have no further interest in purchasing the Property at this time, kindly return this brochure to Massey Knakal at your earliest possible convenience. Photocopying or other duplication is not authorized. This brochure shall not be deemed an indication of the state of affairs of Owner, nor constitute an indication that there has been no change in the business or affairs of Owner since the date of preparation of this brochure. All zoning information, including but not limited to, use and buildable footage must be independently verified.

3 area map A S K I N G P R I C E : $1,995,000 For further information or inspection, pl ease contact Exclusive Agents: JOSH LIPTON First Vice President of Sales jlipton@masseyknakal.com ANDREW ELMORSHEDY Licensed Salesperson aelmorshedy@masseyknakal.com

4 TA B L E O F C O N T E N T S EX E C U T I V E S U M M A RY... 1 P R O P ERT Y I N F O R M AT I O N... 4 F I N A N C I A L OV ERV I EW... 5 P R O P ERT Y P H O T O S... 7 D U E D I LI G EN C E M A P S N EI G H B O R H O O D D ESCRIP T I O N... 14

E X E C U T I V E S U M M A R Y Overview Massey Knakal Realty Services has been retained on an exclusive basis for the sale of 533 West 144th Street, a unique investment opportunity to own

5 E X E C U T I V E S U M M A R Y Overview Massey Knakal Realty Services has been retained on an exclusive basis for the sale of 533 West 144th Street, a unique investment opportunity to own approximately 7,172 sq. ft. of residential space just off the Broadway retail corridor in West Harlem. The property is a walk-up, five story building located on the north side of West 144th Street between Broadway and Amsterdam Avenue. It is comprised of six (6) units, one of which is a gut-renovated onebedroom basement apartment. Of the remaining residential units, four (4) are three-bedroom units and one (1) is a four-bedroom apartment. Units 1 and 5 have a washer/dryer. Two (2) of the units are rent-stabalized, and the remaining units are free market apartments, each with month-to-month tenants. FOR FURTHER INFORM ATION OR I NSPECTION, PLEA SE CONTACT EXCLUSIV E AGENTS: The property is well-located on a beautiful tree-lined street within walking distance from both Riverbank State Park and Jackie Robinson Park. In addition, the building benefits from its proximity to both the 145th Street and Broadway retail corridors, the A, B, C and D subway stop on 145th Street and St. Nicholas Avenue, as well as the 1 subway line on 145th Street and Broadway. JOSH LIPTON First Vice President of Sales jlipton@masseyknakal.com ANDREW ELMORSHEDY Licensed Salesperson mjecklin@masseyknakal.com Financial Summary Asking Price: $1,995,000 GRM: Cap Rate: 4.77% 1

E X E C U T I V E S U M M A R Y Location e Hamilton Heights neighborhood surrounding the Broadway retail corridor in the 140s has experienced extensive gentri cation since the mid-2000s.

6 E X E C U T I V E S U M M A R Y Location e Hamilton Heights neighborhood surrounding the Broadway retail corridor in the 140s has experienced extensive gentri cation since the mid-2000s. e neighborhood s brownstones, spacious pre-war apartments, and elegant townhomes had been home to Latino and African- American families during the past several decades; however, the recent in ux of young professionals, artists, and newly formed families of various backgrounds have further diversi ed the neighborhood and raised its average household incomes a phenomenon that has been witnessed in much of West Harlem. e Hamilton Heights Historic District, traditionally bounded by 135th Street and 155th Street, has an architectural history worth preserving and protecting. e historic district has also been extended into Sugar Hill creating the Hamilton Heights/Sugar Hill Historic District Extension. e Twelfth Avenue retail corridor, one of Manhattan s most unique emerging locales, sits between West 125th and West 135th Street not too far from the retail strip on Broadway. Previously a manufacturing and industrial district, the small enclave has recently taken on a mixed-use identity and has emerged as one of the neighborhood s premier restaurant and retail strips. Successful tenants already calling the corridor home include Fairway Market, Dinosaur Bar-B-Que, Covo Restaurant, e Phuket Lounge and the Hudson River Café. Higher end retail and restaurant options are following the in ux of higher income residents. is trend is expected to continue and, as a result, will positively impact the retail along the Broadway corridor and the surrounding area and further drive retail rents. Columbia University Manhattanville Expansion 2 A few blocks South of 533 West 144th Street is the Columbia University Expansion project, which has transformed the West Harlem neighborhood forever. Started in 2009, the Columbia University Manhattanville Expansion is a 17-acre planned development just north of Columbia s historic Morningside Heights campus. e site sits on four large blocks from West 129th to West 133rd Streets between Broadway and 12th Avenue, including the north side of West 125th Street, as well as three properties on the east side of Broadway from West 131st to West 134th Streets. Construction is scheduled to be completed in phases over the course of the next 144th Street

E X E C U T I V E S U M M A R Y twenty years, and will feature more than 6.

e rst phase, which comprises approximately 1.

e expansion seeks to carefully integrate an urban academic environment into the fabric of the surrounding community.

space for numerous local businesses, bringing needed amenities and jobs to the area.

grounds-keepers, mechanics, lab technicians, library assistants, and cooks providing a mix of jobs for people of all demographic

By completion, approximately $11 billion in local economic activity is expected to be generated due to the expansion.

7 E X E C U T I V E S U M M A R Y twenty years, and will feature more than 6.8 million square feet of state of the art teaching and research facilities, as well as parking, support services and retail. e rst phase, which comprises approximately 1.0 million square feet of new facilities, is expected to be completed by the summer of e expansion seeks to carefully integrate an urban academic environment into the fabric of the surrounding community. It will add approximately 94,000 square feet of publicly accessible space consisting of ground oor retail and community facility space for numerous local businesses, bringing needed amenities and jobs to the area. In total, it is estimated that 6,000 new jobs will be created and 3,300 of these jobs will include, among others, aides, grounds-keepers, mechanics, lab technicians, library assistants, and cooks providing a mix of jobs for people of all demographic backgrounds. By completion, approximately $11 billion in local economic activity is expected to be generated due to the expansion. Columbia University Manhattanville Construction West Harlem Piers Park Officially opened in 2009, the two-acre park is located on the site of a former parking lot. e park connects West Harlem to the Hudson River and has become a neighborhood xture. Along with views of the New Jersey shoreline and the George Washington Bridge, the park features a shing pier, boat dock, kayak launch, bicycle and pedestrian paths. West Harlem Piers Park Columbia University Manhattanville Expansion Overview 3

WEST HARLEM 6 UNIT MULTIFAMILY WALK UP BUILDING FOR SALE Property Info rmation: Location: Block / Lot: 2076

92 Lot Area: 1,665 Stories: 5 Building Size: 17 x 75 Gross Square Footage: 7,172* Residential Units: 6

00 Assessment 14/15 : $68,953 Taxes (14/15): $9,789 *Includes gut-renovated basement space. (approx.

) Financial Summary Asking Price: $1,995,000 Adjusted Gross Revenue: $129,956 Expenses: $34,707 NOI: $95,249

77% PPSF: $278 PROPERTY DESCRIPTION: Massey Knakal A Realty Services has been retained on a co-exclusive

ft. of residential space just off the Broadway retail corridor in West Harlem.

Of the remaining residential units, four (4) are three-bedroom units and one (1) is a four-bedroom apartment.

Two (2) of the units are rent-stabilized, and the remaining units are free market apartments, each with

1 A s k i n g P r i c e : $ 1, 9 9 5, 0 0 0 4 The information contained herein has either been given to us

8 WEST HARLEM 6 UNIT MULTIFAMILY WALK UP BUILDING FOR SALE Property Info rmation: Location: Block / Lot: 2076 / 19 On the north side of West 144th Street between Broadway and Amsterdam Avenue. Lot Size: x Lot Area: 1,665 Stories: 5 Building Size: 17 x 75 Gross Square Footage: 7,172* Residential Units: 6 Zoning/FAR: R7A / 4.00 Assessment 14/15 : $68,953 Taxes (14/15): $9,789 *Includes gut-renovated basement space. (approx.) (approx.) (approx.) (approx.) Financial Summary Asking Price: $1,995,000 Adjusted Gross Revenue: $129,956 Expenses: $34,707 NOI: $95,249 CAP: 4.77% PPSF: $278 PROPERTY DESCRIPTION: Massey Knakal A Realty Services has been retained on a co-exclusive basis for the sale of 533 West 144th Street, a unique investment opportunity to own approximately 7,172 sq. ft. of residential space just off the Broadway retail corridor in West Harlem. The property is a walk-up, five story building located on the north side of West 144th Street between Broadway and Amsterdam Avenue. It is comprised of six (6) units, one of which is a gut-renovated one-bedroom basement apartment. Of the remaining residential units, four (4) are three-bedroom units and one (1) is a four-bedroom apartment. Units 1 and 5 have a washer/dryer. Two (2) of the units are rent-stabilized, and the remaining units are free market apartments, each with month-to-month tenants. 1 A s k i n g P r i c e : $ 1, 9 9 5, 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 verifi ed. 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.

WEST HARLEM 6 UNIT MULTIFAMILY WALK UP BUILDING FOR SALE FINANCIAL OVERVIEW Unit Rooms Regulation Actual Rent Basement 1 FM $1,750 First Floor 3 FM $2,700 Second Floor 3 RS $307 ird Floor 3 FM $2,800

Average Monthly Rent Per Unit: $1,861 Average Rent Per Net Square Foot: $28.

$3,600 Management @ 3% $3,899 Total: $34,707 1-Bedroom Income REVENUE SUMMARY Gross Annual Resi

9 WEST HARLEM 6 UNIT MULTIFAMILY WALK UP BUILDING FOR SALE FINANCIAL OVERVIEW Unit Rooms Regulation Actual Rent Basement 1 FM $1,750 First Floor 3 FM $2,700 Second Floor 3 RS $307 ird Floor 3 FM $2,800 Fourth Floor 3 RS $508 Fifth Floor 4 FM $3,100 Expenses and NOI as a Percentage of Adjusted Gross Income 76% 24% Monthly Residential Revenue: $11,165 Gross Annual Residential Revenue: $133,980 Average Monthly Rent Per Unit: $1,861 Average Rent Per Net Square Foot: $28.22 ESTIMATED EXPENSES Taxes (14/15): Actual $9,789 $700 / Unit $4,200 $400 / Unit $2,400 $1.25 / Sq. Ft. $6,981 $0.15 / Sq. Ft. $838 $500 / Unit $3,000 $300 / Mo. $3,600 3% $3,899 Total: $34,707 1-Bedroom Income REVENUE SUMMARY Gross Annual Residential Income: $133,975 Vacancy 3% $4,019 Adj. Gross Annual Res. Revenue: $129,956 LESS Annual Expenses: $34,707 NET OPERATING INCOME: $95,249 5 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 verifi ed. 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.

9 9 5, 0 0 0 6 The information contained

owner of the property or obtained from sources

We have no reason to doubt its accuracy but we

All zoning, buildable footages and uses must

Vacancy factors used herein are an arbitrary

It does not necessarily relate to actual

The value of this investment is dependent upon

10 WEST HARLEM 6 UNIT MULTIFAMILY WALK UP BUILDING FOR SALE A s k i n g P r i c e : $ 1, 9 9 5, 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 verifi ed. 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.

11 P R O P E R T Y P H OTO S Commercial Kitchen Washer/Dryer in Unit Common Space Bathroom 7

12 P R O P E R T Y P H OTO S Residential 8

13 9 P R O P E R T Y P H OTO S

14 D U E D I L I G E N C E - R E A L E S TAT E TA X B I L L 10

15 D U E D I L I G E N C E - R E A L E S TAT E TA X B I L L D U E D I L I G E N C E - Z O N I N G 533 West 144th Street is zoned R7A R7 districts are medium-density apartment house districts mapped in much of the Bronx as well as the Upper West Side in Manhattan and Brighton Beach in Brooklyn. The height factor regulations for R7 districts encourage lower apartment buildings on smaller zoning lots and, on larger lots, taller buildings with less lot coverage. As an alternative, developers may choose the optional Quality Housing regulations to build lower buildings with greater lot coverage. * Max Allowed FAR: 4.0 FAR as Built*: 3.35 *Doesn t include gut-renovated basement. 11

16 M A P S - T R A N S P O R TAT I O N Bus Map 533 West 144th Street Subway Map 12

17 MAPS- AERIAL VIEW & NEIGHBORHOOD 533 West 144th Street 13

18 N E I G H B O R H O O D D E S C R I P T I O N - W E S T H A R L E M West Harlem has experienced signi cant gentri cation since the mid- 2000s. e neighborhood s history, culture, and attitude coupled with its ongoing resurgence make for an exciting time to be part of the West Harlem community. At the western boundary of the West Harlem lies Riverside Park. Riverbank State Park houses a variety of athletic facilities for community use. ese include a football eld, basketball and tennis courts, a skating roller rink, an 800-seat theater, a track, an Olympic-sized swimming pool, and a softball eld. Dividing the neighborhood is the twenty-three acre St. Nicholas Park which has been transformed in recent decades from an unsafe public space to a beautifully manicured and treasured local amenity. Its facilities include basketball courts, playgrounds, handball courts and a dog park. At the northern most section of the park lies Alexander Hamilton s historic farmhouse, the Hamilton Grange a national memorial and historic landmark which was recently relocated and restored. THE HAMILTON GRANGE Also calling St. Nicholas Park home is the neighboring City College of New York. Founded in 1847, the campus stretches along Convent Avenue from West 130th Street north to West 141st Street overlooking parts of eastern Harlem. A majority of the campus was designed in a neo- Gothic style by George Brown Post and has since been landmarked by the city. In 2001, the City College of New York launched the Macaulay Honors College which has helped to draw better students uptown who wish to remain in the New York City area. ere are approximately 16,000 students that attend City College and live in the surrounding areas helping to fuel and revitalize the neighborhood economy. 14 ST. NICHOLAS HISTORIC DISTRICT e renowned Strivers Row is located on West 138th and West 139th Streets between Adam Clayton Powell Jr. Boulevard and Frederick Douglass Boulevard. e landmarked neighborhood was comprised of adjoining row houses constructed between As white New Yorkers began to move south out of Harlem at the turn of the century, the houses became vacant and the ownership would not sell to African Americans. After sitting empty for many years, the houses were made available to African Americans at a premium price and they attracted

19 N E I G H B O R H O O D D E S C R I P T I O N - W E S T H A R L E M hard-working professionals or strivers, who gave the houses their current name. e houses sit back to back with each other and share rear courtyards which, at one time, stabled horses but are now used to park cars making Strivers Row some of the few residences left in Manhattan in which cars can be parked. Today, numerous brownstones on Strivers Row have been converted to condominiums and they continue to sellout at impressive gures as the area s notoriety and luxury easily draw attention from all over the city. Hall. e proposal, which has since passed, affects approximately 90 blocks north of 125th Street bounded by West 155th Street, Riverside Drive and Edgecombe, Bradhurst and Convent Avenues. e zoning proposal facilitates opportunities for affordable housing by including inclusionary bonuses into revised zoning districts, especially in the West 145th Street corridor which has experienced signi cant up-zoning. e proposal also incorporates mixed-use development in the existing manufacturing district located between West 126th Street and West 130th Street between Amsterdam and Convent Avenues. Coupled with Columbia University s expansion to the south, the rezoning is expected to have signi cant short and long term bene ts for the West Harlem neighborhood. THE CITY COLLEGE OF NEW YORK STRIVERS ROW Less than two years after the rezoning of 125th Street, e West Harlem Zoning Proposal was presented at the West Harlem Rezoning Town 15

com ANDREW ELMORSHEDY Licensed Salesperson 212.589.

20 533 ASKING PRICE: $1,995,000 JOSH LIP TON First Vice President of Sales ANDREW ELMORSHEDY Licensed Salesperson Madison Avenue 3rd Floor New York, NY

3111 NEW HYDE PARK RD

3111 NEW HYDE PARK RD North Hills, NY 11040 FULLY LEASED 26,690 SF MEDICAL OFFICE BUILDING CLOSE PROXIMITY TO NORTHERN STATE PARKWAY AND LONG ISLAND EXPRESSWAY ASKING PRICE: $18,000,000 FOR FURTHER INFORMATION