6 Stone Street Financial District Manhattan, New York, NY
OfferingThis information has beenMemorandum secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & p. 1 Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. Activity ID: Z0330538 © 2018 Marcus & Millichap. All rights reserved Non-endorsement Notice 6 Stone Street
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
All property showings are by appointment only. Please consult your Marcus & Millichap agent for more details.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 2 Services of New York, Inc. © Activity ID: Z0330538 2018 Marcus & Millichap. All rights reserved Pricing and Financial Analysis 6 Stone Street - Financial District Manhattan, NY Pricing and Financial Analysis 6 Stone Street Financial Overview Value Indicators Annual Income Pro Forma
Price $7,500,000 Residential Gross Potential Income $144,000
Gross Square Feet 8,605 Other Income $0
# Units 5 Retail Gross Potential Income $363,000
Price Per SF $871.59 Expense Reimbursements $0
Price Per Unit $1,500,000 Vacancy/Collection Loss (3%) ($15,210)
Proforma Cap Rate 4.54% Effective Gross Income $491,790
Proforma GRM 14.79 Annual Expenses Pro Forma
Property Taxes $110,902
Building Delivered Vacant Fuel $9,000
Water & Sewer $2,500
Insurance $8,500
Repairs & Maintenance $2,500
Common Area Electric $1,361
On Site Payroll $1,500
Management Fee (3%) $15,210
Total Expenses $151,473 Net Operating Income $340,317
Unit Mix Analysis Unit Type No. of Units Average Rent Avg Rent PSF Monthly Rent FM Retail/Comm. Retail 1 $25,000.00 $96.77 $25,000.00 N/A 1 Office 2 $2,625.00 $40.58 $5,250.00 N/A 2 1 Bedroom Apartment 2 $6,000.00 $46.45 $12,000.00 2 N/A Total 5 $42,250 2 3
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 4 Services of New York, Inc. © Activity ID: Z0330538 2018 Marcus & Millichap. All rights reserved Pricing and Financial Analysis 6 Stone Street Rent Roll 6 Stone Street, Financial District, Manhattan, NY
Retail Unit Tenant Approx SF Pro Forma Rent Pro Forma Rent PSF Lease Expiration Ground & 2nd Floor Retail Murphy’s Tavern 3,100 $25,000.00 $96.77 12/31/2020 (NNN) 3rd Floor Office - 550 $1,850.00 $40.36 - 3rd Floor Office - 1,000 $3,400.00 $40.80 -
Retail Monthly Income $30,250.00
Apartments Unit Bedrooms Approx SF Status Pro Forma Rent Pro Forma Rent PSF 4th Floor 1 1,550 FM $6,000.00 $46.45 5th Floor 1 1,550 FM $6,000.00 $46.45
Residential Monthly Income $12,000.00
Total Annual Income $507,000
Building Delivered Vacant
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 5 Services of New York, Inc. © Activity ID: Z0330538 2018 Marcus & Millichap. All rights reserved Pricing and Financial Analysis 6 Stone Street Income & Expenses
Building Gross Square Footage 8,605
Number of Units 5
Commercial Units 3
Residential Units 2
Approximate Available Air Rights (SF) 0
Current Potential Income Pro Forma %PGI Per SF
Retail Gross Potential Income $363,000 71.60%
Vacancy/Collection Loss (3%) ($10,890)
Expense Reimbursements $0
Retail Effective Gross Income $352,110
Residential Gross Potential Income $144,000 28.40%
Vacancy/Collection Loss (3%) ($4,320)
Other Income $0
Residential Effective Gross Income $139,680
Total Effective Gross Income $491,790
Expenses Pro Forma %EGI Per SF
Property Taxes $110,902 22.55% $12.89
Fuel $9,000 1.83% $1.05
Water & Sewer $2,500 0.51% $0.29
Insurance $8,500 1.73% $0.99
Repairs & Maintenance $2,500 0.51% $0.29
Common Area Electric $1,361 0.28% $0.16
On Site Payroll $1,500 0.31% $0.17
Management Fee (3%) $15,210 3.09% $1.77
Total Expenses $151,473 30.80% $17.60
Net Operating Income $340,317
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 6 Services of New York, Inc. © Activity ID: Z0330538 2018 Marcus & Millichap. All rights reserved Property Description 6 Stone Street - Financial District Manhattan, NY Property Description 6 Stone Street Investment Overview
Investment Highlights Marcus & Millichap is pleased to offer 6 Stone Street New York, New York 10004 located between • Rare Prime Stone Street Mixed-Use Building Broadway and Broad Street in the Financial District section of Manhattan, New York. • Building Delivered Vacant 6 Stone Street is a five-story mixed-use building • One-Block to “4” & “5” Subway Lines that consists of one-retail unit, two-residential units and two-office units. The property is built irregular, • There is 24 Feet of Retail Frontage on Stone Street approximately 24 feet by 80 feet and sits on a 24.5- foot by 80-foot-lot with approximately 9,075 gross • Two Free Market Apartment Lofts, Two Offices, and a square feet. The property is zoned C5-5/LM (Block: 10, Lot: 32)
Restaurant This property offers investors the rare opportunity to purchase a mixed-use building in the Financial District section of Manhattan, New York.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 8 Services of New York, Inc. © Activity ID: Z0330538 2018 Marcus & Millichap. All rights reserved Property Description 6 Stone Street Property Summary
The Offering
Property Address 6 Stone Street New York, NY 10004 Accessor’s Parcel Number 00010-0032 Zoning C5-5/LM
Site Description
Number of Units 5 Number of Buildings 1 Number of Stories 5 Year Built 1910 Gross Square Feet 9,075 Lot Size 24.5 FT x 77.83 FT Type of Ownership Fee Simple
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 9 Services of New York, Inc. © Activity ID: Z0330538 2018 Marcus & Millichap. All rights reserved Property Description 6 Stone Street Maps
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 10 Services of New York, Inc. © Activity ID: Z0330538 2018 Marcus & Millichap. All rights reserved Property Description 6 Stone Street Aerial View
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 11 Services of New York, Inc. © Activity ID: Z0330538 2018 Marcus & Millichap. All rights reserved Property Description 6 Stone Street Neighborhood Overview
The Financial District, also commonly referred to as FiDi, is a neighborhood located at the southern tip of the borough of Manhattan in New York City, which comprises the offices and headquarters of many of the city’s major financial institutions, including the New York Stock Exchange and the Federal Reserve Bank of New York.
The Financial District is South of Chambers Street and the Brooklyn Bridge. Wall Street hustle and bustle may rule the streets by day, but come happy hour and weekends, the waterfront-adjacent neighborhood is gaining a reputation as a fun place to take it easy. Battery Park City and the South Street Seaport are outdoor concert and food festival destinations for all of New York. Stone Street Tavern is a must for burger, beer, and comfort-food lovers. And posh hotels and shopping spots like The Setai and Tiffany offer plenty of retail therapy.
Financial District is home to the “1”, “2”, “3”, “4”, “5”, “9”, “A”, “C”, “E”, “J”, “M”, “R”, “W”, and “Z” trains.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 12 Services of New York, Inc. © Activity ID: Z0330538 2018 Marcus & Millichap. All rights reserved Property Description 6 Stone Street Surrounding Developments
Madison Equities and Pizzarotti Madison Equities and Pizzarotti-IBC have released the renderings of an 86-story, 245-unit residential tower at 45 Broad Street, in the Financial District. CetraRud- dy has designed the 1,100-foot building. The first five floors will be dedicated to commercial space and the residential units will come in studio, one-, two-, and three-bedroom configurations. The project also includes a pool, a fitness center, and an outdoor garden.
World Trade Center The $3.9 billion World Trade Center Transportation Hub in the Financial Dis- trict has recently opened to the public in early March. This Santiago Calatrava designed structure will have 365,000 square feet of retail space. This new transit hub will now serve as the connection point for 11 subway lines, the Path Train, multiple bus lines, as well as ferry service to New Jersey.
FXFOWLE FXFOWLE Architects and Trinity Place Holdings have partnered together to create a 35-story, 85-unit mixed-use tower at 77 Greenwich Street in the Finan- cial District. A 476-seat elementary school will take up the first nine floors of the building with roughly 85 condominium units and 7,000 square feet of retail space above the school which will offer expansive waterfront views. Some of the air rights from 85 Greenwich Street are being used for the project
118 Fulton Street The renderings for 118 Fulton Street in the Financial District have re- cently been released to the public. Camel Partners bought the lot from Lightstone group last September for $171 million. Once finished, the building will have 49,941 square feet of commercial space and 470,896 square feet of residential space. Gerner Kronick + Valcarcel were chosen to design the building.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment p. 13 Services of New York, Inc. © Activity ID: Z0330538 2018 Marcus & Millichap. All rights reserved Offering Memorandum 6 Stone Street - Financial District Manhattan
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