100 WIDE, ~40,000 SF BUILDABLE SITE STRIVERS DEVELOPMENT SITE FOR SALE
PROPERTY OVERVIEW PROPERTY FEATURES Located on the south side of 15th Street between Frederick Douglass and Adam Clayton Powell Boulevards Block / Lot 1940 / 60 Zoning / FAR C1-4/R7-2 Lot Dimensions 100' x 99.92' (approx.) Lot Size 9,992 Total Comm. BSF 19,984 (approx.) Total Resi. BSF 9,968 (approx.) Assessment (16/17) $60,259 Taxes Before Expt. (16/17) $64,28 ICIP Exemption $4,409 Taxes (16/17) $29,874 ASKING PRICE: $10,000,000 PPBSF: $250 CURRENT INCOME TENANT SF EXPIRATION RENT ANNUAL RENT AVG. RPSF Master Lease 9,992 09/0/2025 $21,917 $26,004 $26.2 *No Demolition Clause exists on the property West 14th Street PROPERTY DESCRIPTION 266 West 15th Street is a 100 wide, 9,968 buildable square foot development site located on the south side of 15th Street between Frederick Douglass and Adam Clayton Powell Boulevards in West Harlem.The site is centrally located between Strivers Row, Harlem Hospital, City College and Columbia University, and has access to the 125th Street retail corridor. The owner master leases the property for $26,004/year which increases % annually and expires in 2025. Future ownership will benefit from the neighborhood s increasing varierty of development, insitutions and national and local retail. New construction condominium sellouts are achieving approximately $1,00 per square foot. Public transportation is easily accessible via the A, C, B, 2 and train stations located within two blocks on Malcolm X Boulevard and St. Nicholas Avenue, and the numerous bus lines that service the neighborhood. ACP Blvd For more information please contact: ROBERT M. SHAPIRO Executive Managing Director 212 660 7717 robert.shapiro@cushwake.com West 15th Street ERIC ROTH 212 660 7757 eric.roth@cushwake.com FD Blvd NATHANIEL RAHIMZADA 212 660 772 nathaniel.rahimzada@cushwake.com CUSHMAN & WAKEFIELD 2
MASTER LEASE SUPER KINGDOM LAUNDROMAT Super Kingdom Laundromat has the master lease on the property and sublets out space to 266 West 15th Street Deli & Grocery Corp., Abyssinia Ethiopian Restaurant and Uptown Slices. Super Kingdom Laundromat has been in the space since October 1, 2005 where it paid a fixed annual rate for one year, and then an annual % rent increases. GROSS LEASABLE AREA 9,992 COMMENCEMENT DATE 10/1/2005 EXPIRATION DATE 9/0/2025 RENEWAL OPTIONS none Years Monthly Rent Annual Rent RPSF BASE RENT 10/1/2016 9/0/2017 $21,917 $26,004 $26.2 10/1/2017 9/0/2018 $22,575 $270,895 $27.11 10/1/2018 9/0/2019 $2,252 $279,021 $27.92 10/1/2019 9/0/2020 $2,949 $287,92 $28.76 10/1/2020 9/0/2021 $24,668 $296,014 $29.6 10/1/2021 9/0/2022 $25,408 $04,894 $0.51 10/1/2022 9/0/202 $26,170 $14,041 $1.4 10/1/202 9/0/2024 $26,955 $2,462 $2.7 10/1/2024 9/0/2025 $27,764 $,166 $.4 CAM REAL ESTATE TAXES Absolute Net Lease Absolute Net Lease CUSHMAN & WAKEFIELD
STRIVER S ROW AND SURROUNDING NEIGHBORHOOD Developed by David H. King, Jr. in the late 19th Century, Striver s Row is one of Northern Manhattan s most sought after places to reside. The row houses built back to back were intended to create an upper-middle-class neighborhood autonomous to its surroundings. The gated alley, once intended for horse stables, is private parking exclusively for owners. Striver s Row has been a seed leading to a lot of growth in the area. In the last decade there have been multiple new developments in the immediate vicinity. The Striver s Gardens Condominium, built in 200, houses 169 units that are currently selling for double their original sellouts. One Strivers Row, built in 2006, houses 14 luxury units and are also selling for double their original sellouts. Just three years later a 12 unit condominium was built at 29 West 15th Street. Striver s Row benefits from its close proximity to multiple subway and bus lines as well as its close proximity to 125th Street making the area eye catching to both developers and homeowners. Striver s Row 29 West 15th Street Striver s Garden Condominium CUSHMAN & WAKEFIELD 4
NEIGHBORHOOD MAP Strivers Row Strivers Gardens Condominium 29 West 15th Street Harlem Hospital 266 West 15th Street Columbia University - Manhattanville Campus 125th Street Retail Corridor CUSHMAN & WAKEFIELD 5
TRANSPORTATION MAP 157 ST 155 ST BX19 W 145TH ST 102 148 ST 11 5 4 101 100 10 2 7 1 145 ST 145 ST 145 ST 1 A C B 266 WEST 15TH STREET W 15TH ST BX W 19TH S D 17 ST 15 ST 15 ST 2 BX15 DR MARTIN LUTHER KING BLVD 10 125 ST 125 ST 125 ST 5 4 104 60 11 104 W 125TH ST DR MARTIN LUTHER KING BLVD W 116TH ST 101 ADAM CLAYTON POWELL JR BLVD (7 AVENUE) 60 100 7 102 MALCOLM X JR BLVD BX15 116 116 ST 116 ST 116 ST E E D CUSHMAN & WAKEFIELD 6
For more information, please contact: ROBERT M. SHAPIRO Executive Managing Director 212 660 7717 robert.shapiro@cushwake.com ERIC ROTH 212 660 7757 eric.roth@cushwake.com NATHANIEL RAHIMZADA 212 660 772 nathaniel.rahimzada@cushwake.com CUSHMAN & WAKEFIELD 275 Madison Ave, rd Fl, New York, NY 10016 phone: +1 212 696 2500 nyinvestmentsales.com Cushman & Wakefield Copyright 2016. 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.