VACANT RETAIL CONDO FOR SALE
CONFIDENTIAL OFFERING MEMORANDUM
ASKING PRICE OWNERSHIP REQUESTS PROPOSALS
Cushman & Wakefi eld has been exclusively engaged to market the 10,000 square foot retail condo at 27 West 72nd Street. The condominium features 14’ vaulted ceilings, full restaurant ventilation, and no use restrictions. The listing is off ered at $14,250,000 or $1,425 per square foot.
The unique location of 27 West 72nd Street provides the opportunity to capture foot traffi c all year long. Central Park, which welcomes 37.5M visitors annually, is just a half block away. The C and B subway lines are directly on 72nd Street, as well as the 1, 2, and 3 trains on 72nd and Broadway. Most importantly, this retail space is located in the prestigious Upper West Side neighborhood, with a median household income of $123,000.
Tourists come to the Upper West side for its fi ne dining and renowned cultural institutions. Local residents value the convenient and quality medical care available along with the numerous fi tness concepts such as SoulCycle, Equinox, and Barry’s Bootcamp.
27 West 72nd Street is available for immediate occupancy and is a perfect fi t for numerous user groups. Please contact our sales team for more information or to schedule a tour.
WILL CONRAD ANDREW BERRY JONATHAN GARFINKEL [email protected] [email protected] jonathan.garfi [email protected] Direct: 212.660.7740 Direct: 212.589.5124 Direct: 212.660.7713 PROPERTY INFORMATION
Address: 27 West 72nd Street, New York, NY 10023 Location: North side of West 72nd Street between Columbus Avenue and Central Park West Block / Lot: 1125 / 1201 Lot Dimensions: 75' x 200.83' Lot Size: 12,553 SF (approx.) Stories: 2 Upper Floor SF: 7,500 Lower Floor SF: 2,500 Gross SF: 10,000 Gross SF From Condo Declaration: 10,007 Zoning: R10A, R8B Annual Common Charges: $45,108 Tax Class: 4 Annual Taxes 2019: $320,384.96
FINANCIAL SUMMARY
$755,945 5.3% $1,425
PROJECTED NOI PROJECTED PRICE PER CAP RATE SQUARE FOOT
01 / 27 WEST 72ND STREET ASSET HIGHLIGHTS
• No Use Restrictions • Central Park Location • Access to C, B, 1, 2, and 3 Subway Lines 14’ • $123k Median Household Income Ceilings • Immediate Occupancy • Fully Vented Restaurant Space • Entrances on 72nd and 73rd Streets
POTENTIAL USE GROUPS
Restaurant Medical Government & Fitness Groups Practices Non-Profi ts Concept
Religious Educational Cultural Grocery/ Health Groups Foods Store
CUSHMAN & WAKEFIELD / 02 03 / 27 WEST 72ND STREET N WALK-IN FREEZER WALK-IN FREEZER
GAS METER
WALK-IN FREEZER BOD = 9'-0"
EXIT TO STREET UP 8'-4 WALK-IN FREEZER NO ACCESS
BOD = 9'-0" TILE FLOOR
KITCHEN BOD = 9'-10" TILE FLOOR STORAGE 125'-4"
STORAGE BOD = 9'-10" TILE FLOOR
1 23'-10 2"
BOD = 9'-0" TILE FLOOR
OFFICE BOD = 9'-0" CONCRETE FLOOR N WALK-IN FREEZER WALK-IN FREEZER
GAS FLOOR PLAN METER
CL WALK-IN FREEZER BOD = 9'-0" HVAC
EXIT TO STREET UP 8'-4 WALK-IN FREEZER NO ACCESS
DN OFFICE BOD = 9'-0" BOD = 9'-0" TILE FLOOR 3'-4" BOC = 7'-2" UP CARPET FLOOR 6'-5"
UP 3'-4" DN 2'-7" UP 2'-7" ELEVATOR PIT NO ACCESS KITCHEN BOD = 9'-10" TILE FLOOR SUREMEASURE STORAGE SEATING ELEVATOR PIT BOD = 10'-4" NO ACCESS CARPET FLOOR 1165 East 54 St, Suite 3G 1 125'-4" 21'-4 4" BOD = 14'-2" Brooklyn, NY 11234 STORAGE TILE FLOOR BOD = 9'-10" TILE FLOOR
UP 8" UP 23'-101 " ELEVATOR PIT 2 2'-7" NO ACCESS T 646.937.9974 BOC = 9'-0" CARPET FLOOR 38'-8" E [email protected] ELEVATOR PIT NO ACCESS
BOD = 9'-0" TILE FLOOR PROJECT:
OFFICE BOD = 9'-0" VACANT SPACE CONCRETE FLOOR BOC = 7'-8" HOTEL UP 27 WEST 72nd ST. 3 BOC = 5'-9" 28'-11 4" LOBBY 3'-3" CL
HVAC " 2 1 NEW YORK, NY
BOC = 6'-1" UP 74'-3 1'-11" OFFICE 16'-3" DN BOD = 9'-0" SEATING 3'-4" BOC = 7'-2" UP CARPET FLOOR 6'-5" BOD = 14'-2" CARPET FLOOR " " 4 2 SEATING 1 1 DN 6'-9" TO BOC = 9'-2" UP UP 6'-9" TO 3'-4" DN BOD = 11'-2" LOWER2'-7" UP
38'-8 MAIN FLOOR BOC = 6'-7" 6'-10 2'-7" CARPET FLOOR ELEVATOR PIT LEVEL DRAWING TITLE: CARPET FLOOR NO ACCESS SUREMEASURE SEATING ELEVATOR PIT BOD = 10'-4" EXISTING FLOOR PLANS NO ACCESS MEN CARPET FLOOR 1165 East 54 St, Suite 3G 1 21'-4 4" BOC = 7'-5" SEATING DN BOD = 14'-2" 3 Brooklyn, NY 11234 TILE FLOOR 46'-3 4" WOMEN TILE FLOOR 5" BOC = 7'-5" UP 8" ISSUE DATE: UP TILE FLOOR ELEVATOR PIT 2'-7" NO ACCESS T 646.937.9974 02/04/15 BOC = 9'-0" CARPET FLOOR 38'-8" E [email protected] ELEVATOR PIT NO ACCESS UP UP 1'-11" SURVEY TEAM: 3'-7" PROJECT: VACANT SPACE N.B.
BOC = 7'-8" HOTEL UP 27 WEST 72nd ST. SCALE: 3 BOC = 5'-9" 28'-11 4" LOBBY 3'-3" "
BOC = 9'-1" 2 1 NEW YORK, NY BOD = 14'-2" 1/8" = 1'-0" BOC = 6'-1" UP 74'-3 1'-11" 16'-3" SEATING BAR CARPET FLOOR LOCKERS BOD = 14'-2" CARPET FLOOR " " 4 2 SEATING 1 1 DN 6'-9" TO BOC = 9'-1" BOC = 9'-2" UP 6'-9" TO LOWER BOD = 11'-2"
38'-8 MAIN FLOOR TILE FLOOR BOC = 6'-7" 6'-10 CARPET FLOOR LEVEL CARPET FLOOR DRAWING TITLE: EXISTING FLOOR PLANS MEN SEATING BOC = 7'-5" 3 DN 46'-3 4" 0 4' 8' 16' TILE FLOOR 5" NO ACCESS WOMEN ISSUE DATE: TO HOTEL BOC = 7'-5" TILE FLOOR SILL = 6'-7" SILL = 6'-7" SILL = 4'-8" 02/04/15 SILL = 5'-8" SEALED HEAD = 12'-0" HEAD = 12'-0" HEAD = 12'-0" HEAD = 8'-6" WINDOW UP UP 1'-11" SURVEY TEAM: 3'-7" N.B. SCALE: BOC = 9'-1" BOD = 14'-2" 1/8" = 1'-0" BAR CARPET FLOOR LOCKERS BOC = 9'-1" TILE FLOOR 72ND STREET 0 4' 8' 16' NO ACCESS TO HOTEL SILL = 6'-7" SILL = 6'-7" SILL = 4'-8" SILL = 5'-8" SEALED HEAD = 12'-0" HEAD = 12'-0" HEAD = 12'-0" HEAD = 8'-6" WINDOW
A LOWER FLOOR PLAN B MAIN / KITCHEN FLOOR PLAN
AREA 2,335.0 SQ FT 72ND STREET AREA 7,150.0 SQ FT
A LOWER FLOOR PLAN B MAIN / KITCHEN FLOOR PLAN EX-1 AREA 2,335.0 SQ FT AREA 7,150.0 SQ FT CUSHMAN & WAKEFIELD / 04 EX-1 RETAIL LEASING COMPARABLES
ADDRESS: TENANT: BUSINESS TYPE: TOTAL SF: ASKING RENT: 1865 Broadway Fidelity Financial Services 7,242 $445 140 West 72nd Street Trek Bikes Miscellaneous 7,800 $115 2062 Broadway Cafe Metro Food 2,375 $282 158 West 72nd Street Seven Hills Grill Food 1,800 $133 274 Columbus Avenue Black Press Coff ee Food User 750 $305 105 West 72nd Street Dashing Diva Personal Service 1,450 $281 279 Amsterdamn Avenue Blue Bottle Coff ee Food User 1,750 $270 2020 Broadway Shakespeare & Co Miscellaneous 2,850 $154 194 Columbus Avenue Deciem Cosmetics 256 $468 158 West 72nd Street Turkish Grill Food User 1,800 - 215 West 75th Street Night Owl Cafe Food User 765 $173 329 Columbus Avenue Tessa Food User 6,586 - 2040 Broadway Spring Communications/Electronics 850 $329 2103 Broadway Sephora Cosmetics 7,000 $325 185 Columbus Avenue Warby Parker Accessories 1,137 $431 222 Columbus Avenue Floga Apparel 320 $360 270 Columbus Avenue Johnny Was Apparel 1,137 $250 72 West 69th Street Barry’s Bootcamp Health Clubs 5,700 $105 67 West 71st Street Heyday Personal Services 3,800 $140 235 West 75th Street Spear Physical Therapy Personal Services 3,104 $77 2040 Broadway Roche Bobois Home Decor 3,525 $142 166 West 72nd Street My Pie Food User 720 $183
05 / 27 WEST 72ND STREET MANHATTAN PROPERTY SALES REPORT
MANHATTAN PROPERTY SALES REPORT OFFICE PROPERTIES Office Average Price Per SF vs. Dollar Volume AVERAGE PRICE PSF VS. DOLLAR VOLUME OFFICE PROPERTIES Office • Dollar volume through 1H19 was $7.3B, down 7% YOY $35 Dollar Volume $1,200 $1,092 Average Price Per SF vs. Dollar Volume $30 Price PSF $1,060 $1,100 • 32 properties were sold through 1H19, up 52% from 1H18 AVERAGE PRICE PSF VS. DOLLAR VOLUME $25 $28.6 $1,000 • Dollar volume through 1H19 was $7.3B, down 7% YOY $35 Dollar Volume $1,200 • Cap rates averaged 4.83%, up 56 bps from YE18 $20 $900 $1,092 $30 Price PSF $1,060 $1,100 $14.6* $15 $800 • 32 properties were sold through 1H19, up 52% from 1H18 • Price psf averaged $1,060, up 18% from YE18 $25 $28.6 $1,000 $10 $700 • Cap rates averaged 4.83%, up 56 bps from YE18 $20 $900 $5 $529 $600 $14.6* • Price psf averaged $1,060, up 18% from YE18 $15 $800 $0 $500 $10 $700
*Annualized $5 $529 $600 HIGHLIGHTED Q2 TRANSACTIONS *Annualized $0 $500 ADDRESS/PORTFOLIO NAME PRICE GROSS SF $/SF Cap Rate *Annualized 1 30 Hudson Yards—Time Warner $2,200,000,000 1,463,234 $1,504 — © Cushman & Wakefield | 9 *Annualized 2 451 W. 14th Street—Milk Building $591,800,000 281,000 $2,106 — HIGHLIGHTED Q2 TRANSACTIONS 3 511-541 W. 25th Street $155,000,000 185,000 $882 — ADDRESS/PORTFOLIO NAME PRICE GROSS SF $/SF Cap Rate 1 30 Hudson Yards—Time Warner $2,200,000,000 1,463,234 $1,504 — © Cushman & Wakefield | 9 Office Condo 2 451 W. 14th Street—Milk Building $591,800,000 281,000 $2,106 — Office Condo Properties Average Price PSF 3 511-541 W. 25th Street $155,000,000 185,000 $882 — AVERAGE PRICE PSF • Dollar volume through 1H19 was $202M, down 31% YOY $1,400 $1,284 Office Condo $1,200 • 32 properties were sold through 1H19, down 30% YOY Office Condo Properties Average Price PSF $1,000 $957 AVERAGE PRICE PSF • Price psf averaged $957, down 5% from YE18 $761 • Dollar volume through 1H19 was $202M, down 31% YOY $800 $1,400 $1,284 $600 • 32 properties were sold through 1H19, down 30% YOY $1,200 $400 $1,000 $957 • Price psf averaged $957, down 5% from YE18 $200 $800 $761 $0 $600 $400 HIGHLIGHTED Q2 TRANSACTIONS RETAIL SALES COMPARABLES $200 ADDRESS/PORTFOLIO NAME PRICE GROSS SF $/SF $0 1 420 Fifth Avenue #5 $27,300,000 ADDRESS: 33,058 DATE: $826 TOTAL SF: PRICE: PRICE/ABOVE GRADE SF
2 420 Fifth Avenue #14 $25,100,000 49 West 64th Street 33,058 7/25/2019 $759 © Cushman6,462 & Wakefield | 12 $14,500,000 $2,244 HIGHLIGHTED Q2 TRANSACTIONS 3 375 Greenwich Street #3 $6,100,000 421 West 54th Street #C36,068 4/18/2018 $1,005 10,426 $15,840,000 $1,519 2021 Broadway 2/22/2018 17,514 $39,000,000 $2,227 ADDRESS/PORTFOLIO NAME PRICE GROSS SF $/SF 210 West 77th Street 7/12/2017 2,046 $3,900,000 $1,906 1 420 Fifth Avenue #5 $27,300,000 33,058 $826 RETAIL/RETAIL CONDO PROPERTIES 2 420 Fifth Avenue #14 $25,100,000 33,058 $759 © Cushman & Wakefield | 12 Retail 3 375 Greenwich Street #3 $6,100,000 6,068 $1,005 Number of Properties Sold vs. Average Price Per SF NUMBER OF PROPERTIES SOLD VS. AVERAGE PRICE PSF • Dollar volume through 1H19 was $3.0B, up 476% YOY NUMBER OF PROPERTIES SOLD VS. AVERAGE PRICE PSF
100 # of Properties Sold $4,000 • 45 properties were sold through 1H19, up 25% YOY $3,767 90* RETAIL/RETAIL CONDO PROPERTIES Avg. $/SF $3,500 Retail 80 $3,079 • Cap rates averaged 4.17%, down 119 bps from YE18 $3,000 Number of Properties Sold vs. Average Price Per SF 60 $2,500 • Dollar volume through 1H19 was $3.0B, up 476% YOY NUMBER OF PROPERTIES SOLD VS. AVERAGE PRICE PSF • Price psf averaged $3,079, up 18% from YE18 100 # of Properties Sold $3,767 $4,000 40 $2,000 • 45 properties were sold through 1H19, up 25% YOY 90* Avg. $/SF $3,500 $1,266 $1,500 80 $3,079 20 $1,000 • Cap rates averaged 4.17%, down 119 bps from YE18 $3,000 60 $2,500 0 $500 • Price psf averaged $3,079, up 18% from YE18 40 $2,000 *Annualized $1,500 HIGHLIGHTED Q2 TRANSACTIONS $1,266 *Annualized 20 ADDRESS/PORTFOLIO NAME PRICE • DollarGROSS volume SF through 1H19 was $30B, up$/SF 476% YOY $1,000 1 Vornado Retail Portfolio $2,522,424,000 • 45 properties816,000 were sold through 1H19, up$6,809 25% YOY 0 $500 © Cushman & Wakefield | 10 2 106-112 Spring Street #1 $79,451,010 • Cap rates5,936 averaged, 4.17%, down 119 bps$13,385 from YE19 3 145-157 E. 42nd Street^ $75,500,000 • Price psf —averaged $3,079, up 19% from YE19— *Annualized ^Ground Lease HIGHLIGHTED Q2 TRANSACTIONS *Annualized ADDRESS/PORTFOLIO NAME PRICE GROSS SF $/SF Cushman & Wakefield© 2019 1 Vornado Retail Portfolio $2,522,424,000 816,000 $6,809 CUSHMAN & WAKEFIELD / 06 © Cushman & Wakefield | 10 2 106-112 Spring Street #1 $79,451,010 5,936 $13,385 3 145-157 E. 42nd Street^ $75,500,000 — — ^Ground Lease
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07 / 27 WEST 72ND STREET I CUSHMAN & WAKEFIELD / 08 CERTIFICATE OF OCCUPANCY
09 / 27 WEST 72ND STREET R10A ZONING
CUSHMAN & WAKEFIELD / 10 PROPERTY TAX BILL
11 / 27 WEST 72ND STREET CONDO DECLARATION
CUSHMAN & WAKEFIELD / 12 WILL CONRAD [email protected] Direct: 212.660.7740
ANDREW BERRY [email protected] Direct: 212.589.5124
JONATHAN GARFINKEL jonathan.garfi [email protected] Direct: 212.660.7713