45-50 48Th Street Sunnyside, Ny
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EXCLUSIVE OFFERING MEMORANDUM 45-50 48TH STREET SUNNYSIDE, NY FOR SALE 35-UNIT ELEVATOR BUILDING QUEENS BOULEVARD 46TH ST/ BLISS ST 4,303,987 Annual Riders 45-50 48TH STREET VIEW FACING NORTHWEST FOR FURTHER INFORMATION OR INSPECTION, KINDLY CONTACT EXCLUSIVE AGENTS THEO E. KONTIS VINCENZO AMATO ADRIANA CONTAVALLE Partner Partner Associate 718.204.6611 718.204.6511 718.204.6411 [email protected] [email protected] [email protected] 45-50 48TH STREET VIEW FACING SOUTHWEST INVESTMENT SUMMARY TEK Realty Advisors LLC (“TEKRA”) is thrilled to present the exclusive offering of 45-50 48th Street, a 40’ wide elevator apartment building located on the west side of 48th Street between 47th Avenue and Queens Boulevard, steps away from the 46th Street/Queens Boulevard No. 7 subway station. Built in 1935, 45-50 48th Street rises six (6) stories and contains thirty-five (35) apartments, of which twenty-three (23) are Studios and twelve (12) are 1-Bedrooms. The B and E lines are 1-Bedrooms and the remaining lines are Studios. Additionally, there is a super’s unit located in the cellar. The current ownership installed two (2) new hot water tanks and a separate gas-fired boiler for the building’s hot water system, and converted the existing oil boiler into a dual fuel system in mid-2017. There is a 2,000 gallon oil storage tank located in the cellar. The building offers exceptional light and air and benefits from being well-located one block south of Queens Boulevard and a four minute walk to the No. 7 subway station at 46th Street, a 26-minute ride into Grand Central Terminal and near all of Sunnyside’s shopping and dining options. Sunnyside’s already diverse and established retail corridor has welcomed new and exciting local eateries such as Sidetracks, Doma, Senso Unico, Sanger Hall, The Skillman and Thai Diva. Major retailers already in the area include Starbucks, Chase Bank, Bank of America, TD Bank, Caffe Bene, CVS Pharmacy and Duane Reade. Bordered by Long Island City, Astoria and Woodside, Sunnyside is one of the most ethnically diverse urban areas in New York City. Considered a hidden gem and dubbed a “Pre-Gentrified Williamsburg” by Curbed, Sunnyside is a well-established neighborhood and is best-known for its commitment to the community and exceptional location. New and exciting developments in the area include The Sunnyside, a new twelve-story mixed-building located at 38-01 Queens Boulevard, set to include Regal Cinemas theater, 115,000 SF of medical offices and a 100+ space underground parking garage. A nearly complete four-story building situated on the corner of Greenpoint Avenue and 48th Street will contain ten (10) luxury apartments, a medical provider on the second floor and grade-level retail space. Strong demand for rentals and sales continues to drive the residential market in Sunnyside, offering investors the opportunity to acquire an asset with considerable upside. 45-50 48th Street is an ideal opportunity for an incoming owner to capitalize on the large amount of below market rents and remaining capital improvement opportunities. HIGHLIGHTS • Located in Sunnyside, one of Queens most desirable neighborhoods • Two-thirds of the tenants are paying below market rents — Monthly rent averages $1,037.40 • Tremendous upside in the rents and MCI opportunities remaining • New hot water heaters and gas boiler installed mid-2017 • Additional revenue from (3) rooftop cell antennas • (7) apartments renovated within the last 5 years • Less than 12 minutes by subway into Court Square, Long Island City TEK REALTY ADVISORS LLC | 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 | T 718.204.0900 | TEKRANY.COM PROPERTY SPECIFICATIONS PROPERTY ADDRESS: 45-50 48th Street • Sunnyside, Queens, NY LOCATION: West block between Queens Boulevard and 47th Avenue BLOCK, LOT: 151 / 54 LOT DIMENSIONS: 40 FT. x 95 FT. LOT AREA: 3,800± SF BUILDING DIMENSIONS: 40 FT. x 75 FT. (Approximate) BUILDING AREA: 16,800± SF (Approximate) YEAR BUILT: 1935 NUMBER OF STORIES: 6 + Cellar NUMBER OF UNITS: 35 + 1 Cellar Level Super’s Apt. Studio 23 (A, C, D and F Lines) UNIT MIX: 1-Bedroom 12 (B and E Lines) NYC BUILDING CLASS: D1 — Elevator Apartments (Semi-Fireproof without Stores) ZONING DISTRICT: R6A MAXIMUM ZFAR: 3.00 AS BUILT ZFAR: 4.33 ASSESSMENT (2018/19): $457,022 REAL ESTATE TAXES $67,183 (2018/19): ($16,325) J51 Tax Abatement (Expires June 30, 2032) $50,858 Tax Bill after J51 Tax Abatement TEK REALTY ADVISORS LLC | 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 | T 718.204.0900 | TEKRANY.COM TRANSPORTATION DISTANCE FROM 45-50 48TH STREET STATION TRAVEL TIME Court Square/23rd Street (LIC) 12 Min. Grand Central 22 Min. Times Square/42nd St 23 Min. Hudson Yards 27 Min. Penn Station/34th St 29 Min. Union Square/14th St 32 Min. LIRR @ Woodside/61st St 8 Min. 45-50 48TH STREET Ferry @ Hunters Point South 24 Min. LONG ISLAND CITY 45-50 48TH STREET IS 12 MINUTES AWAY FROM COURT SQUARE BY SUBWAY TEK REALTY ADVISORS LLC | 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 | T 718.204.0900 | TEKRANY.COM PROPERTY TAX MAP 45-50 48TH STREET AERIAL VIEW 45-50 48TH STREET TEK REALTY ADVISORS LLC | 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 | T 718.204.0900 | TEKRANY.COM 46TH ST/BLISS ST STATION NEIGHBORHOOD PRESS August 10, 2018 — Construction is imminent on a new twelve-story mixed-use building at 38-01 Queens Boulevard in Sunnyside, Queens, and today YIMBY has the first renderings for the project. SBLM Architects is responsible for designing the building, dubbed The Sunnyside. The façade has a mix of curtain wall and steel paneling throughout, employing a blend of various architectural styles. Permits for the site were filed in October 2016, touting a 136-foot tall structure. Updated figures show the building will yield about 115,000 square feet for medical offices, with leasing handled by Wexler Healthcare Properties. The facilities have been designed for dentists, doctors, therapists, radiology, and more. Three to four outdoor terraces will be created from the building’s setbacks. 40,350 square feet will be included for a new Regal Cinemas theater, and a one-hundred car garage will be included in the basement. As YIMBY reported in 2016, the project is about twice as large as it would have been if it only contained commercial or industrial space. The medical offices function as a zoning bonus on top of the allowed commercial space. This area of Sunnyside is zoned M1-4 for low-density factories and warehouses, but all kinds of commercial development are allowed. Curbcut Urban Partners is responsible for the development. Foundation is already underway with steel expected to start arriving by the end of next month. The building will start rising this fall, and completion is expected by the spring of 2019. Source: New York YIMBY — https://newyorkyimby.com/2018/08/renderings-revealed-for-regal-retail- complex-38-01-queens-boulevard-sunnyside-queens.html TEK REALTY ADVISORS LLC | 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 | T 718.204.0900 | TEKRANY.COM NEIGHBORHOOD PRESS Amazon Set to Lease 1M Square Feet at One Court Square in Long Island City November 13, 2018 — Amazon plans to lease one million square feet of office space at Savanna’s One Court Square in Long Island City, Queens, the landlord announced in a press release today. The e-commerce company signed a letter of intent to lease a million square feet in the 1.4-million- square-foot tower as it formally announced its intent to build a new headquarters on Plaxall Realty’s Anable Basin site on the Long Island City waterfront. There has been rampant speculation over the past week that Amazon would take space in the 50-story building, which is one of the few office towers in the neighborhood large enough to accommodate the tech giant. Citigroup, the building’s anchor tenant since it was constructed in 1990, plans to move most of its employees out and vacate a million square feet across 31 floors in 2020. The bank has the option to consolidate its footprint into the remaining 400,000 square feet in the property after 2020, but it hasn’t said whether it will do so, The Wall Street Journal reported last week. Citi separately announced today that it would move 1,100 workers out of the building over the first half of 2019 to make way for Amazon and into the company’s newly renovated 38-story headquarters at 388 Greenwich Street in Tribeca. The company currently has 3,000 workers in the glass-clad skyscraper next to the Court Square subway station. “We have committed to vacate certain floors at One Court Square early and move about 1,100 of the colleagues who presently work there to alternate locations, including in Long Island City and our Tribeca headquarters,” Citi CEO Michael Corbat said in a press release. Savanna wouldn’t comment on the transaction beyond what was included in its announcement. “We’re thrilled that Amazon selected One Court Square as a critical component of its HQ2 plans for Long Island City,” said Nicholas Bienstock, a managing partner at Savanna, in prepared remarks. “It’s truly a privilege for Savanna to have the opportunity to partner with Amazon in a transaction that has the potential for tremendous job creation for New York City, and we look forward to a successful execution that will bring extraordinary benefits to the neighborhood, the city and region as a whole.” Source: Commercial Observer — https://commercialobserver.com/2018/11/amazon-finalizes-plans-for- 1m-square-feet-at-one-court-square-in-long-island-city/ 45-50 48TH STREET IS 12 MINUTES AWAY FROM COURT SQUARE BY SUBWAY TEK REALTY ADVISORS LLC | 35-10 BROADWAY, SUITE 204, ASTORIA, NY 11106 | T 718.204.0900 | TEKRANY.COM NEIGHBORHOOD PRESS On May 3, 2018, the City of New York and Amtrak announced the Sunnyside Yard master planning process will begin in summer 2018 with a newly formed steering committee that includes community leaders, regional thought leaders, and planning experts.