EXCLUSIVE OFFERING MEMORANDUM 202 Eighth Avenue
Prime Chelsea - Avenue Property 8 Apartments Ground Floor Retail Tremendous Residential Upside Besen & Associates, as exclusive agent for Ownership, is pleased to offer for sale 202 Eighth Avenue, New York, NY 10011 (The Property ) situated mid-block on the east side of Eighth Avenue between West 20 th and West 21 st Streets. Built circa 1900, the Property consists of a 5-story walkup building with eight apartments and one restaurant, totaling 6,200± SF. The 23rd Street/Eighth Avenue [C & E] subway station is located two blocks north of the property. Asking Price: $8,850,000 202 Eighth Avenue Neighborhood Chelsea Block/Lot 770 / 03 Lot & Built Size 20 x 75 (Built 69 ) 202 Eighth Avenue Stories 5 Square Feet Total Apartments Zoning 6,200± SF 8 One-Bedrooms C1-6A FAR (built / allowed) 4.13 / 4 Tax Class Assessment / Taxes (2018/2019) 2B $361,280 / $45,951
INVESTMENT HIGHLIGHTS Excellent Location The Property is well-located amongst the bustling retail corridor in the heart of Manhattan s trendy Chelsea district, just five blocks north of Google HQ at 111 Eighth Avenue. It is surrounded by a blend of trendy eateries and national retailers, and in close proximity to the Flatiron and Meatpacking Districts. Chelsea Piers, a $100 million entertainment and recreation destination stretching from 17 th Street to 23 rd Street along the Hudson River and West Side Highway, along with the High-Line and Chelsea Market, are all within walking distance of the Property. Tremendous Upside Potential In-place residential rents for the 8 one-bedroom rent-stabilized units are extremely below-market at $843/month ($17/SF), where market rates for one-bedroom units are in excess of $3,000/month ($60/SF). The Property offers significant upside potential through future repositioning efforts. Retail Component Intermezzo Restaurant, a neighborhood favorite and well-established long-term tenant since 1990, is leased until 2026 with 3% annual increases, providing stable cash-flow for new ownership. The lease includes a Personal Guaranty, with an unconditional guarantee of rent payment by the tenant. Capital Improvements & Low Expenses 2016 building-wide improvements include a new boiler, new hot water heater, painted hallways, and new plumbing & electric work, requiring minimal capital improvements and low maintenance costs. Tax Class 2B preserves a low and stable expense ratio, as well as capping increases in assessed values. Convenient Transportation Access The residents are well served by public transportation, with the C,E subway stations at West 23 rd Street/8 th Avenue and the 1 subway station at West 23 rd /West 18 th Streets and 7 th Avenue within three blocks of the Property. There is also a network of bus lines available throughout the neighborhood, including the north/south M20 bus stop which is directly in front of the property, and the M14 & M23 which run along 14 th Street and 23 rd Street, respectively, providing access to the east and west sides of Manhattan.
RETAIL MAP 202 Eighth Avenue
INTERMEZZO was started in 1990 by Besim Kukaj, and after 17 years of restaurant experience, Besim Kukaj has created an at home Italian feeling for your dining experience. Intermezzo continues to impress every guest with traditional Italian flavors complimented only by the freshest ingredients and attention to detail all in NYC's very own Chelsea location at 202 8 th Avenue. Besim Kukaj
PROPERTY PHOTOS