107-109 Hester St, New York, NY 10002 Chinatown WELCOME to 107-109 Hester St, New York, NY 10002 Chinatown
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EXCLUSIVE OFFERING MEMORANDUM EXCLUSIVE WELCOME TO 107-109 Hester St, New York, NY 10002 Chinatown WELCOME TO 107-109 Hester St, New York, NY 10002 Chinatown 3 | The Offering 4 | The Property 13 | Transportation Map 15 | Area Attractions 16 | Area Developments 19 | Neighborhood THE OFFERING Douglas Elliman is pleased to offer 107-109 Hester St, located in Chinatown, New York. The property is currently configured as 17 residential unit and 3 Commercial Retails. This property offers investors the rare opportunity to purchase a 4.9% Cap rate. LIST PRICE | $5,950,000 3 THE PROPERTY INFORMATION Address: 107-109 Hester St, New York, NY 10002 PROPERTY Neighborhood: Chinatown Cross Streets: Eldridge St Block-Lot: 00306-0035 Lot Size: 45 ft x 50 ft BUILDING INFORMATION Building Class: Over Six Families with Stores (C7) Tax Class: 2 Building Size: 45 ft x 50 ft Residential Units: 17 Commercial Units: 3 Residential SF: 8,335 Retail SF: 1,900 ZONING INFORMATION Zoning: C6-1G Unused FAR: 2,508 Allowed usable floor area: 12,750 TAX INFORMATION Property Tax: $62,819 4 REVENUE & REVENUE Annual: Residential 17 Units $301,299 Commercial 3 Stores $134,400 EXPENSES TOTAL: $ 435,699 GROSS ANNUAL INCOME $435,699 EXPENSES (EST.) Annual Exp: Real Estate Taxes: $62,819 Insurance: $15,000 LESS Common Area $2,500 EXPENSES Heating $25,000 Water/Sewer: $35,000 $140,319 TOTAL: $140,319 NET OPERATING INCOME NET OPERATING INCOME $295,380 Gross Annual Income: $435,699 Expenses: $140,319 CAP RATE NET OPERATING INCOME: $ 295,380 4.9% 5 RESIDENTIAL Monthly Rent: COMMERCIAL Monthly Rent: Unit D $1,400.00 Unit A $3,000.00 Unit E $573.40 Unit B $5,200.00 Unit F $2,500.00 Unit C $3,000.00 $1,184.33 Unit G TOTAL: $11,200.00 Unit H $2,400.00 Unit I $1,394.30 Unit J $1,294.62 Unit K $670.88 Unit L $1,318.33 Unit M $1,600.00 Unit N $1,624.00 Unit O $620.41 Unit P $1,044.96 Unit Q $1,700.00 Unit R $2,200.00 Unit S $1,607.44 Unit T $741.40 Unit U $1,234.19 TOTAL: $25,108.26 6 107-109 Hester St, New York, NY 10002 AERIAL Property is located in Chinatown MAP 7 PROPERTY PHOTOS 8 9 NEAREST TRANSPORTATION RIDERSHIP OVERVIEW Grand St - B & D train Delancey St - Essex St - F, M, J & Z train East Broadway - F train 10 10 9 AREA 8 ATTRACTIONS 1 | Hou Yi Hot Pot 2 | Museum at Eldridge St 11 7 3 | Clandestino 6 4 | Seward Park 5 5 | Essex Market 6 | Hotel Chantelle 7 | Attaboy 8 | Sonnyboy 12 1 9 | Mr Purple 10 | Katz’s Delicatessen 2 11 | Sohotel 3 4 12 | Bowery Beer Garden 11 NEARBY DEVELOPMENT 12 88 LEONARD 352 UNITS I 21 STORIES I BUILT IN 2017 88 Leonard Street is a 21-story tower offering 352 homes in studio, Newly Renovated Amenities package includes 24/7 Attended one-, and two-bedroom configurations. Features white oak flooring, Lobby, top-notch resident lounge with flat screen TVs, billiards, modern privacy shades, and select residences have floor-to-ceiling and coffee bar. Garden terrace that includes a pool and outdoor fireplace. Roof Terrace, Hello Alfred concierge services, tool windows. The gourmet kitchens feature granite countertops, lending library, large load laundry room and more. concrete tile floors and full-size stainless steel appliances including dishwasher. The elegant bathrooms feature custom stainless steel Located in vibrant TriBeCa and yards from every train downtown vanity mirrors and marble tile floors. NYC offers. 13 208 DELANCEY STREET 85 UNITS I 12 STORIES I BUILT IN 2021 Introducing 208 Delancey, a one-of-a-kind building whose curved furnished common courtyard, resident lounge, state-of-the-art exterior, rounded corner windows, and spacious balconies bring gym, landscaped rooftop with grills, dining area and a fireplace. light, air, and views to everyday life. Designed by award-winning Plus, a bike room, pet grooming spa, package room and architect, ODA New York, this urban sanctuary offers a collection of parking/storage available. Each residence is flooded with natural 85 residences ranging from studios to three-bedroom condominium, light from expansive windows and offers a modern open plan along with a collection of distinctive Penthouses. design, bringing a subtle blend of natural materials, custom millwork, and premium finishes to elevate daily life. The kitchens Situated in the heart of the Lower East Side, 208 Delancey offers a feature marble countertops, custom oak cabinetry, backsplashes, holistic living experience with an array of indoor and outdoor and island waterfalls. amenities including an attended lobby, fully landscaped and 14 91 LEONARD 111 UNITS I 19 STORIES I BUILT IN 2016 Combining inspiration from Tribeca’s rich architectural heritage with nearly floor-to-ceiling windows that bring in abundant natural a confidently modern point of view, 91 Leonard offers the best of all light. The kitchens boast a handsome palette of oak cabinetry by worlds – brand-new construction in a legendary landmark Poliform, blackened steel backsplashes, honed Tundra Gray marble countertops, and a suite of Gaggenau appliances. neighborhood. Developed by Toll Brothers City Living and designed Residents will enjoy an expansive range of amenities, including a by renowned architects Skidmore Owings & Merrill, and Hill West, the 24/7 attended lobby, residents’ lounge with secluded area and distinguished 19-story building, with 111 condominium residences, courtyard, pool, sauna, steam room, fitness center, children’s conveys a feeling of refined luxury infused with an industrial spirit. playroom, screening room, and rooftop terrace, elevates The residences are a nod to an iconic Tribeca loft style, with slender full-service living to new heights in Tribeca. whitewashed oak floor planks and generous room heights with 15 30 ORCHARD ST 9 UNITS I 11 STORIES I BUILT IN 2013 30 Orchard Street is a boutique condominium development with only nine units by the award winning team at Ogawa Depardon Architects (ODA). Vertical and contemporary in this low rise and tenement streetscape, the 30 Orchard Condominium is a standout. The premier block on Orchard Street, this location is convenient to several galleries, and neighbors great restaurants and nightlife like Fat Radish, Scarr’s Pizza and Bar Belly. 16 ONE ESSEX CROSSING 83 UNITS I 14 STORIES I BUILT IN 2021 Discover the quintessential downtown condominium at One Essex One Essex Crossing offers a considered, contemporary and Crossing, where the unmistakable rhythm of the Lower East Side uplifting approach to living at Essex Crossing on the Lower East meets modern city living. Thoughtfully designed by CetraRuddy Side. Designed inside and out by CetraRuddy, One Essex Crossing around a verdant elevated garden to bring abundant light into smart, fuses fine materials with soaring architectural volumes. versatile layouts, life at One Essex Crossing is an experience unlike any other—in the heart of New York City’s most dynamic and A contextually-inspired façade weaves together panels of warm authentic neighborhood. brick and Italian terracotta while a sunlit suite of light-filled amenities, surrounding an expansive garden, offers uplifting Home to just 83 elegantly smartly designed residences, ranging from indoor and outdoor spaces for work, play, and relaxation. versatile studios to stylish three bedrooms and penthouses, 17 THE ROLLINS 211 UNITS I 16 STORIES I BUILT IN 2018 Imagine living in a place where diverse shops, eateries, parks, Outdoor spaces feature a rooftop terrace lounge seating entertainment, and cultural attractions are all just an elevator ride throughout, dining tables, grills, and sweeping views of away. At The Rollins, located at 145 Clinton Street, residents will be Manhattan. Additional outdoor space includes a residents’ among the first renters to move into the highly anticipated Essex elevated garden terrace and a public landscaped plaza just Crossing development, seamlessly fitting in with the essence of the outside the lobby. The fully equipped state-of-the-art fitness Lower East Side. The building comes fully equipped with first-class center features Peloton bikes, a Wellbeats studio with on-demand amenities including an attended lobby, concierge service, a fitness classes, and Activ Virtual Personal Trainer. The building is resident’s lounge with billiards and shuffleboard tables, a reservable also pet friendly and features a pet spa, along with a children’s private dining space and meeting room, TV lounge, built in playroom and bicycle storage. banquette, and work stations. 18 NEIGHBORHOOD 19 CHINATOWN NEIGHBORHOOD: Get to know Chinatown For many New Yorkers, the main draws of the area are the shops along Canal Manhattan’s Chinatown has been surpassed in population by others in Brooklyn Street and its endless dining opportunities. For residents, Chinatown offers a and Queens, but it remains the city’s first. While it is difficult to date its exact chance to live in the heart of one of lower Manhattan’s most interesting beginning, Chinatown continues to thrive, and is even expanding beyond its neighborhoods, with Little Italy, SoHo, and the Financial District all nearby. historic borders into adjacent neighborhoods. 20 Commerce & Culture: Despite its name suggesting otherwise, Chinatown boasts a convergence of cuisines that’s hardly singular — it’s a regular orbit for foodies from up the block or halfway around the globe. Mainstays like Nom Wah Tea Parlor, a Doyers Street staple since 1920, balance out more avant-garde alternatives, tag teaming with rooftop lounges, mixology bars, matcha cafes, and basement speakeasies. Galleries and pop-up design shops round out a retail landscape that’s still primarily dominated by independent businesses, many of them family-owned and around for decades. 21 THANK OFFERING MEMORANDUM EXCLUSIVE YOU The information provided herein has either been given to us by the owner of the property or was obtained from sources we deem reliable.