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Income Producing Retail Condo INCOME PRODUCING RETAIL CONDO MIDTOWN MANHATTAN PROPERTY OVERVIEW OWNERSHIP REQUESTS PROPOSALS PROPERTY FEATURES: PROPERTY OVERVIEW: Address: 940 8th Avenue, New York, NY 10019 Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of a ground floor Located on the east side of 8th Avenue between retail condominium at 940 8th Avenue. The retail condo is approximately 4,500 SF and features two (2) Location 55th and 56th Street tenants; indikitch occupying 2,750 SF until April 2024 and Lenwich occupying 1,750 SF until May 2024. The subject property also includes 5,000 SF of basement space currently used by both Lenwich and indikitch. Block & Lot: 1027 / 63 Lot Dimensions: 50' x 100' Indikitch, also known at Deep Indian Kitchen, is a quick-service-restaurant featuring 4 locations in Manhattan Lot Size: 5,000 SF and 4,800 employees globally. They also sell frozen food and have approximately 30% of the global market Building Dimensions (SF): 50' x 95' share. Indikitch has exercised their five-year option with 3% annual rent escalations. Ground Floor: 4,500 SF (approx.) Lenwich was established in 1989 and has 17 locations across Manhattan with an 18th opening soon. They Basement 5,000 SF (approx.) are well-known for their hot sandwiches and serve over 5 million customers annually. Lenwich has exercised Building Size: 18,600 SF (approx.) their five-year option in 2019 and also pay a 3% annual rent escalation. Retail Tenants: 2 The opportunity at 940 8th Avenue gives a potential purchaser a cash flowing asset just blocks away from Zoning: C6-4, MiD Columbus Circle and Central Park. The property is in close proximity to the 57th Street and Columbus Tax Class 4 Circle Subway Stations with access to the N, R, Q, W, A, C, B, D lines and experiences heavy foot traffic Assessment (19/20): $3,160,617 throughout the day due to well-known retailers located in the surrounding area. Taxes (19/20): $332,307 Taxes (25% allocated for ground floor): $83,077 TAX MAP WEST 56TH STREET BROADWAY 63 EIGHTH AVENUE BLOCK: 1027 WEST 55TH STREET 2 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 3 PROPERTY HIGHLIGHTS ASKING PRICE: SUBMIT PROPOSALS INCOME PRODUCING ASSET: LOCATED IN THE HEART OF MIDTOWN MANHATTAN JUST 3 BLOCKS SOUTH OF COLUMBUS CIRCLE 50' OF PRIME FRONTAGE CEILING HEIGHTS: 11.52' NO USE RESTRICTIONS: ALLOWS AN INVESTOR/ USER FLEXIBILITY TO FILL THE SPACE UPON LEASE EXPIRATION HIGH FOOD EXPENDITURE: CONSUMERS SPEND ON AVERAGE $4,000+ ANNUALY ON FOOD AWAY FROM HOME ON THIS BLOCK LOW EXPENSES: TENANTS ARE RESPONSIBLE FOR A MAJORITY OF THE EXPENSES INCLUDING THEIR OWN UTILITIES AND THEIR SHARE OF REIMBURSEMENT OF REAL ESTATE TAXES INCLUDES 5,000 SF OF BASEMENT SPACE LONG-STANDING AND WELL-ESTABLISHED "QUICK SERVICE RESTAURANT" TENANTS OCCUPY BOTH RETAIL COMPONENTS UNTIL 2024 TRANSPORTATION: WITHIN WALKING DISTANCE TO 57TH STREET AND COLUMBUS CIRCLE SUBWAY STATIONS WITH ACCESS TO THE A C B D N Q R W 4 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 5 INCOME & EXPENSES COMMERCIAL REVENUE: TAX BASE MONTHLY ANNUAL Commercial Gross Annual Income $951,942 TENANT EXP. INC. TAXES OPTION(S) SF RENT/SF YEAR RENT RENT Lenwich Tax Reimbursement $24,324 Lenwich May-24 3% 14.14% 2008/2009 None 1,750 $93 $34,219 $410,628 Basement 2,500 Included Deep Indian Kitchen Tax Reimbursement $31,148 Deep Indian Kitchen Apr-24 3% 33.33% 2014/2015 5 Yrs 2,750 $100 Adjusted Gross Annual Income $1,007,414 $45,110 $541,314 Basement 2,500 Included C&W Projected EXPENSES (ESTIMATED): TOTAL MONTHLY COMMERCIAL REVENUE: $79,329 2019/2020 (25% allocated for 940 8th Avenue Tax Expense $83,077 ground floor) GROSS ANNUAL COMMERCIAL REVENUE: $951,942 Insurance Projected - $1.25 per SF $5,625 CASH FLOW — 5 YEAR Management Fee Actual $15,000 Monthly Gross Annual Management Start Date End Date Re Taxes* Insurance* Reimbursements* NOI Rent Rent Fee* Fuel Tenant Pays $0 May-2019 May-20 $77,124 $925,490 $83,077 $5,625 $15,000 $55,472 $877,260 May-2020 May-21 $79,328 $951,936 $85,569 $5,794 $15,450 $57,136 $903,712 Electric Tenant Pays $0 May-2021 May-22 $81,595 $979,140 $88,136 $5,968 $15,913 $58,850 $927,973 May-2022 May-23 $83,927 $1,007,124 $90,780 $6,147 $16,391 $60,616 $954,422 Water/Sewer Tenant Pays $0 May-2023 May-24 $86,326 $1,035,912 $93,504 $6,331 $16,883 $62,434 $981,628 Total Expenses: $103,702 *ASSUMES 3% ANNUAL INCREASE ADJUSTED GROSS ANNUAL INCOME: $1,007,414 LESS EXPENSES: ($103,702) NET OPERATING INCOME: $903,712 6 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 7 7 LEASE ABSTRACT LENWICH DEEP INDIAN KITCHEN Tenant: Lenwich Tenant: Deep Indian Kitchen Address: 940 8th Avenue Address: 940 8th Avenue Lease Type: Net Lease Lease Type: Net Lease Gross Leaseable Area: 4,250 SF (approx.) Gross Leaseable Area: 5,250 SF (approx.) Floors: Ground Floor and Basement Floors: Ground Floor and Basement Commencement Date: May, 2007 Commencement Date: May, 2014 Expiration Date: May, 2024 Expiration Date: April, 2024 Renewal Options: NONE Renewal Options: YES Rent Escalation: 3% Lease Extension Option: May, 2028 Lease Extension Option: NONE Rent Escalation: 3% RE Taxes Base Year (2008/2009): $160,282 RE Taxes Base Year (2014/2015): $236,401 RE Tax Owed: 14.14% of the difference from RE Tax Owed: 14.14% of the difference from $24,324 $31,148 Current and Base Tax Year: Current and Base Tax Year: Utilities Passthrough: Direct Meter Utilities Passthrough: Direct Meter Security Deposit: Sum of 4 months Fixed Annual Rent of the subject lease year Security Deposit: $230,000 BASE RENT: BASE RENT: YEARS START DATE END DATE MONTHLY RENT ANNUAL RENT YEARS START DATE END DATE MONTHLY RENT ANNUAL RENT 1 May-19 Apr-20 $33,222 $398,659 1 May-19 May-20 $43,902 $526,826 2 May-20 Apr-21 $34,218 $410,619 2 May-20 May-21 $45,110 $541,314 3 May-21 Apr-22 $35,245 $422,938 3 May-21 May-22 $46,350 $556,200 4 May-22 Apr-23 $36,302 $435,626 4 May-22 May-23 $47,625 $571,495 5 May-23 Apr-24 $37,391 $448,695 5 May-23 May-24 $48,935 $587,221 8 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 9 LENWICH SANDWICH NEW YORK CITY'S "ULTIMATE SANDWICH" Established in 1989 17 Locations in NYC 18th Store Opening Soon 4 Million Sandwiches Sold each Year 5 Million Customers Served Annually No hokey sandwich names or any other gimmicks here - Lenny's prides itself on fresh ingredients and speedy service. - Time Out ... thrilled with our growth in response to record number, and, more importantly, consistently rave reviews in each of our 17 stores. - Lenny Chu, CEO & Chair 10 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 11 LENWICH INTERIOR 12 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 13 DEEP INDIAN KITCHEN FAMILY-OWNED INDIAN FOOD GIANT 4,800 Employees Worldwide ALWAYS MADE FROM SCRATCH Established over 40 Years Ago 5 Locations in NYC $100M in Projected Sales by 2025 65% Market Share - 2018 Total Sales: $153M Pre-Packaged Foods • 800 items in their portfolio • 60% market share in the frozen food market amongs ethnic retailers • 30% market share in indian frozen food offerings • Sold in over 11,000 retail stores including: Whole Foods, Kroger, Albertsons, Safeway, and Publix Fast-Casual Dining • "The Chipotle of Indian Food" - Business Insider • All-nautral, GMO-free ingredients and scratch kitchen • 5 Manhattan locations and plans for expansion across the Northeast 14 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 15 DEEP INDIAN KITCHEN INTERIOR DEEP INDIAN KITCHEN INTERIOR 16 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 17 CUSHMAN & WAKEFIELD 17 FLOOR PLANS LENWICH (GROUND FLOOR): 1,750 SF (approx.) BASEMENT: 5,000 SF (approx.) DEEP INDIAN KITCHEN (GROUND FLOOR): 2,750 SF (approx.) 18 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 19 CUSHMAN & WAKEFIELD 19 AMENITIES MAP E 66TH ST W 65TH ST !B E 65TH ST 2 3 !D W 64TH ST W 63RD ST4 E V A E 3 !F V W 62ND ST N A 1 4 O H S I T D 5 W 61ST ST A E 61S 5 M 1 W 60TH ST E 60 TH ST !R 2 6 !A 1 ! !Q 4 N 2 W 58TH ST W 58TH ST 3 9 1 0 1 5 57TH ST BR 57TH ST 6 25 8 7 O 14 18 A 23 31 W 56TH ST D W 2 22 30 W 56TH ST A 29 8 6 Y 12 W 55TH ST S ^_ A 7 13 C E 55TH ST 11 15 3 20 27 I 7 R 5 7 E E 5 V 4 M E W 54TH ST A A V E 54TH ST 17 6 H E A 8 T H 7 10 H T T 11 W 53R D ST F 0 !D !B !E !M 1 8 O !C 9 12 E 16 V 34 9 W 52ND ST A 19 26 33 ! 9 M 17 E 14 32 40 E 21 24 V W 51ST ST V 28 A 18 A H 11 16 H T 14 Z 36 T 10 8 35 L 5 P E W 50TH ST V 12 R A E E 42 !F L 13 V H 38 10 41 L A T W 49TH ST 39 E 9 37 H 13 !D F T 44 E 13 7 12 K ! C 11 W 48TH ST B O R 15 15 43 W 47TH ST E 47TH ST 16 !E AMENITIES WITHIN 0.5 MILES OF 940 8TH AVE 0 0.05 0.1 0.2 I Miles W 45TH ST Food 19 Totto Ramen 38 Key Food 12 Rochester Big & Tall 12 citizenM Times Square Hotel 1 Whole Foods Market 20 Tanner Smiths 39 Lillie's Victorian 13 CVS 13 Hilton Garden Inn Times Sq Establishment 2 Robert 21 K Rico Steakhouse 40 Chopt Creative Salad 14 The Men's Wearhouse 14 The Jewel Facing 43RD RSoTckefeller 3 Blue Ribbon Sushi Bar & 22 Dean & DeLuca 41 Hale and Hearty 15 Staples Grill 15 Renaissance Times 23 Indian Accent 16 Brooks Brothers Square Hotel 4 Marea 42 Au Bon Pain 24 Pure Thai Cookhouse 16 W - Times Square 5 D'Agostino 43 Trattoria Trecolori 17 American Girl 25 Burger Joint 44 Del Frisco's Double 6 Kashkaval Garden 18 Anthropologie Gyms Eagle Steakhouse 26 Danji 1 CrossFit SPOT 7 BarBacon Hell's Kitchen 46TH ST 27 Radiance Tea House and Books Retail Hotels 2 Row House 8 Guantanamera 28 B Side Pizza & Wine Bar 1 CVS 1 Trump Int'l Hotel & Tower 3 NY Sports Clubs 9 Patsy's Italian Restaurant 29 Chopt Creative Salad 2 Brooks Brothers 2 The Carnegie Hotel 4 YMCA 10 Basso56 30 Chipotle Mexican Grill 3 Bed Bath & Beyond 3 Dream Midtown 5 As One Fitness 11 Hale and Hearty 31 Hale and Hearty 4 Best Buy 4 Hilton Garden Inn Times Sq.
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