341 E 62nd
100.42 341 E 62ND 16 Unit Residential Property Value Add Opportunity PROPERTY FEATURES Address: Location: 341 East 62nd Street Year Built / Renovated: 1910 / 1997 Block / Lot: 1437 / 17 Lot Dimensions: 34' x 100.42' Lot Area: 3,414 Stories: 6 + Penthouse Building Dimensions: 34' x 100.42' On the north side of East 62nd Street between First & Second Avenues SQUARE FOOTAGE OVERVIEW Residential Units: 16 Zoning: R8B FAR: 4.0 (C2-5 Comm. Overlay) Gross SF Above Grade: 15,243 Gross SF Below Grade: 2,332 Total Gross SF: 17,575 Net Residential SF: 12,750 Total Buildable SF: 13,656 Existing SF: 17,575 Additional Air Rights: Overbuilt Assessment (17/18): $1,428,658 Taxes (17/18): $184,183 *All SF measurements are via Archidata as of 11/11/16 and must be independently verified TAX MAP SECOND AVE EAST 63RD ST 1437 100.42 17 FIRST AVE ASKING PRICE: $12,875,000 EAST 62ND ST 34 45 2
341 E 62ND PROPERTY DESCRIPTION Cushman & Wakefield was retained on an exclusive basis to arrange for the sale of a 17,575 gross square foot elevator serviced apartment building located at 341 East 62nd Street. The six-story building with a penthouse features 34 of frontage on the north side of 62nd Street between First and Second Avenues. FINANCIAL SNAPSHOT Effective Gross Income: $666,976 Less Expenses: $258,333 Net Operating Income: $408,643 In total, there are 16 market rate apartments that are currently renting at an average of $56 per square foot. The unit mix includes 9 studios, 5 two-bedrooms, and 2 three-bedroom penthouse duplex units. The layouts feature spacious studios as well as large two-bedroom apartments that could be further expanded into one and three-bedroom units upon renovation. Due to the below market in-place rents as well as near term upside through unit renovation and repositioning this represents a substantial value-add investment opportunity. Furthermore, entirely market rate tenancy provides the ability for a user to occupy units in the near future. CURRENT UNIT MIX Unit Type # of Units 31% Size 13% Monthly Rent 56% RPSF Studio 9 477 $2,395 $60 2 Bed 5 1,045 $4,877 $56 3 Bed 2 1,340 $5,679 $51 Total: 16 762 $3,581 $56 CURRENT UNIT TYPE Studio 2 Bed 3 Bed Ideally located at the nexus of Manhattan s Upper East Side and Midtown East, 341 East 62nd Street benefits from close proximity to a variety of transportation options and local attractions. Access to the and W subway lines is just 5 blocks away at Lexington Avenue and 59th Street as well as the and lines at 63rd Street and Lexington Avenue. AVG. MONTHLY RENT $6,000 $5,000 $4,877 $4,000 $3,000 $2,000 $2,395 $1,000 $5,679 $- Studio 2 Bed 3 Bed 3
341 E 62ND GUGGENHEIM MUSEUM 64 LOCATIONS LOCATION ON THE UPPER EAST SIDE METROPOLITAN MUSEUM OF ART JOHN JAY LENOX HILL HOSPITAL CENTRAL FRICK COLLECTION MARYMOUNT MANHATTAN COLLEGE 341 E 62nd HUNTER COLLEGE ROCKEFELLER UNIVERSITY CENTRAL ZOO BLOOMINGDALE'S QUEENSBORO BRIDGE CARNEGIE HALL 4
341 E 62nd 16 Unit Residential Property Value Add Opportunity For more information, please contact: Clint Olsen Executive Managing Director (212) 660 7747 clint.olsen@cushwake.com Alex Woodlief Associate (212) 660 7713 alex.woodlief@cushwake.com William Conrad Associate (212) 660 7740 william.conrad@cushwake.com For more information on possible financing, please contact: Garrett Thelander Executive Managing Director, EDSF (212) 660 7733 garrett.thelander@cushwake.com 275 Madison Ave, Fl 3 New York, New York 10016 phone: (212) 696 2500 nyinvestmentsales.com