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410 WEST 36TH STREET 6 STORY, 23 UNIT MIXED-USE BUILDING 20 Residential Units & 3 Commercial Units

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410 WEST 36TH STREET 6 STORY, 23 UNIT MIXED-USE BUILDING 20 Residential Units & 3 Commercial Units 410 WEST 36TH STREET 6 STORY, 23 UNIT MIXED-USE BUILDING 20 Residential Units & 3 Commercial Units. 410 WEST 36TH STREET 1 410 WEST 36TH STREET - PROPERTY FEATURES Penn Station Madison Square Park The Highline ASKING PRICE: $10,250,000 Property Features: Location: The south side of West 36th Street between 9th & 10th Avenues. Block & Lot: 733-44 Lot Dimensions: 25' x 98.75' Lot Square Footage: 2,469 sq ft (approx.) Building Dimensions: 25' x 87' Building Square Footage: 11,455 sq ft (approx.) Stories: 6 Residential Units: 20 Commercial Units: 3 Total Units: 23 Gross Residential Square Footage: 9,546 sq ft (approx.) Net Square Footage: 8,114 sq ft (approx.) less 15% loss factor Avg. Net Unit Size: 406 sq ft (approx.) Gross Commercial Square Footage: 1,909 sq ft (approx.) Zoning: C1-7A / HY Residential FAR: 6.02 (Wide Street) Total Buildable Sq. Ft.: 14,863 sq ft (approx.) Minus Existing Structure: 11,455 sq ft (approx.) Available Air Rights: 3,408 sq ft (approx.) Assessment (17/18): $1,185,615 Taxes (17/18): $152,849 Financial Summary: GROSS ANNUAL REVENUE: $732,043 PRICE PER SQUARE FOOT: $895 VACANCY LOSS & EXPENSES: $240,171 PRICE PER UNIT: $445,652 NET OPERATING INCOME: $491,872 CAPITALIZATION RATE: 4.80% 2 PROPERTY OVERVIEW Property Description Cushman and Wakefield, Inc. has been retained on an exclusive basis to arrange for the sale of 410 West 36th Street, a 6-story mixed-use walkup located in Hudson Yards, one of the most dynamic neighborhoods in Manhattan. With record levels of equity pouring into real estate in the immediate neighborhood, this is a rare investment opportunity to purchase a well maintained, core Manhattan multifamily property that has potential to capitalize on upside in both residential and commercial rents. The 6-story building contains two (2) commercial units on the ground floor, an office space on the second floor and 20 one-bedroom units above. Of the 20 one-bedroom residential units, two (2) are rent controlled, eight (8) are rent stabilized and 10 are free market. The average apartment in the building is 406 square feet and rents at approximately $72 per net square foot in a market that can achieve close to $90. One of the commercial tenants has a lease in place until July 2020. The building is also collecting antenna revenue of $41,400 annually. The immediate neighborhood surrounding 410 West 36th Street has recently emerged as one of Manhattan’s most desirable residential enclaves due to over $27 billion in recent public and private investments including Hudson Yards, the High Line, Manhattan West, Hudson Yards Boulevard & Park and the recently opened 7 Subway extension line, all of which are within short walking distance of the subject property. With many new companies opening up office and retail spaces in Hudson Yards including Coach, L’Oreal, Time Warner, Wells Fargo Securities, Whole Foods, Equinox and more, demand for housing in the neighborhood has been on the rise and is expected to continue as more developments welcome new workers to the area. Coupled with heavier foot traffic in the neighborhood, retailers have been scrambling for space in the immediate area with a limited number of retail spaces available making this an attractive investment. Highlights • $27 billion in recent public and private investments including Hudson Yards, the High Line, Manhattan West, Hudson Yards Boulevard & Park • 20 residential units, 2 commercial units, one office space • 13 recently renovated units (8 fully renovated and 5 partially renovated) • All efficiently laid out one-bedroom floor plans • Approximately three blocks from the new 7 train 34th Street station 410 WEST 36TH STREET 3 410 WEST 36TH STREET - RESIDENTIAL REVENUE UNIT ROOMS STATUS EXP. LEGAL RENT PREF. MONTHLY RENT 1FE 3 FM Jun-18 $2,950 1FW* 3 RS Vacant $2,800 1RE 3 FM Jul-18 $2,940 1RW 3 FM Jun-18 $3,000 2FE 3 RS Jun-18 $3,036 ($76) $2,960 2FW 3 RS Jan-18 $2,231 $2,231 2RE 3 RS Sep-18 $1,788 $1,788 2RW** 3 RS Mar-18 $1,871 $1,871 3FE 3 FM Jun-18 $2,600 3FW 3 RC $230 $230 3RE 3 FM Jun-18 $2,740 3RW 3 FM Jun-18 $2,740 4FE 3 RS Dec-18 $3,019 ($169) $2,850 4FW 3 RC $241 $241 4RE 3 FM Vacant $2,800 4RW 3 FM Apr-18 $2,750 5FE 3 FM Jun-18 $3,000 5FW 3 RS Jan-18 $3,261 ($411) $2,850 5RE 3 RS Dec-17 $3,560 ($710) $2,850 5RW 3 FM $2,800 $2,740 *Tenant has agreed to vacate effective May 1st **Tenant has agreed to a buyout effective date pending GROSS MONTHLY RESIDENTIAL RENT: $48,932 GROSS ANNUAL RESIDENTIAL RENT: $587,181 AVERAGE RENT PER UNIT: $2,447 AVERAGE RENT PER NET SQUARE FOOT: $72.37 4 CUSHMAN & WAKEFIELD COMMERCIAL & COMBINED REVENUE UNIT TENANT UNIT TYPE EXP. TAX REIMB. BASE YEAR MONTHLY RENT COM-GFE Ali Darr Retail Jul-20 $2,122 COM-GFW Vacant Retail $4,000 COM-GRE Vacant Office $2,500 ROOF Sprint Nextel Antenna Jun-29 $3,450 GROSS MONTHLY RETAIL RENT: $12,072 GROSS ANNUAL RETAIL RENT: $144,862 AVERAGE RENT PER SQUARE FOOT*: $54.20 * Antenna Rent not included in the Average Rent Per Square Foot. GROSS MONTHLY COMBINED RENT: $61,004 GROSS ANNUAL COMBINED RENT: $732,043 410 WEST 36TH STREET 5 410 WEST 36TH STREET - RESIDENTIAL REVENUE COMBINED REVENUE Gross Annual Residential Revenue: $587,181 Gross Annual Commercial Revenue: $144,862 Vacancy Allowance @ 3% of Gross Annual Income: ($21,961) Effective Gross Annual Combined Revenue: $710,081 EXPENSES (ESTIMATED) CW PROJECTED Adjusted Taxes (17/18) Actual $152,849 Tax Reimbursements Actual ($4,061) Water & Sewer @ $600 / Resi. Unit $12,000 Insurance @ $400 / Unit $9,200 Fuel (Gas) Actual 2017 $7,700 Common Electric @ $0.15 / GSF $1,718 Repairs & Maintenance @ $500 / Unit $11,500 Super @ $500 / Month $6,000 Management @ 3.0% / EGR $21,302 Total Expenses: $218,209 EFFECTIVE GROSS ANNUAL COMBINED REVENUE: $710,081 LESS EXPENSES: ($218,209) NET OPERATING INCOME: $491,872 6 NEIGHBORHOOD MAP $27 BILLION IN CAPITAL INVESTMENT IN THE SURROUNDING NEIGHBORHOOD PORT AUTHORITY BUS TERMINAL • $7-10 billion overhaul pending approval. HUDSON BLVD & PARK • Design winner to potentially be chosen by September 2016. • Approx. 4 acres of outdoor space TIMES • Phase 1 was completed and SQUARE opened in July 2015 • $30 Million Investment 9TH AVE JAVITS CENTER • Renovation includes 110,000 square feet expansion for busiest convention center in the U.S. • $463 Million Investment THE HUDSON YARDS VORNADO’S PENN • 17 million square feet of PLAZA MASTER PLAN 410 WEST 36TH STREET commercial and residential space • Overhaul 9 million SF of • 5 state-of-the-art towers properties in Penn Plaza • 5,000 residences • Several hundred milliion dollars NO. 7 SUBWAY • $15 Billion Investment committed to the project EXTENSION • Completed Sept. 2015 • $2.4 Billion Investment PENN STATION MANHATTAN FARLEY WEST BUILDING MADISON SQ. GARDEN NEW EMPIRE STATE COMPLEX THE HIGH LINE • Runs from Gansevoort Street to West 34th Street • Final phase completed in 2014 • $240 Million Investment MANHATTAN WEST FARLEY BUILDING MADISON • 7 million square feet of premier • 2.5 Million SF of air rights available SQUARE GARDEN office, residential, retail, and • New train hall expected to open by • Completed $1 Billion outdoor space Dec 2018 transformation in 2013 • $4.5 Billion Investment • Train hall will service Amtrak, LIRR, NJ Transit, and AirTrain 410 WEST 36TH STREET 7 410 WEST 36TH STREET - THE NEIGHBORHOOD Hudson Yards 410 West 36th Street is ideally located just four blocks from the Hudson Yards, the largest mixed-used development project in New York City history. Hudson Yards is one of the most highly anticipated projects across the globe, which is expected to attract more than 24 million individuals every year. Upon completion of the $15 billion project, the new neighborhood will have over 17 million square feet of world-class commercial and residential space. The master development consists of two phases, the first of which consumes the Eastern Rail Yard and will feature 5 state- of-the-art commercial and residential towers, over 1 million square feet of coveted retail and fine dining, a unique cultural hub and over 14 acres of public parks. The second phase will be developed on top of the 13-acre Western Rail Yard and include an additional 2 million square feet of office, 4 million square feet of residential and 100,000 square feet of retail space. Plans also call for the creation of a 120,000 square foot public school. Phase 1 is well underway as the first completed office tower, 10 Hudson Yards, has officially opened on May 31st, 2016 with full tenancy. Among the prominent office tenants that have already signed leases in Hudson Yards include Coach, L’Oreal USA, Vayner Media, Boston Consulting Group, technology giant SAP, KKR & Co, and Boise, Schiller & Flexner LLP. The bases of these towers will contain a Fairway Market and a food hall opened by the famed Danny Meyer. The project will also feature an Equinox branded luxury hotel, and a 7-story retail complex to be anchored by Neiman Marcus’ first Manhattan location along with luxury stores such as Louis Vuitton, Coach, Chanel, and Ferragamo. This complex will also boast fine dining establishments backed by renowned restaurateurs Thomas Keller and Kenneth Himmel. Each of these projects represent the future of Manhattan’s sophisticated lifestyle combining unparalleled amenities and convenient access for residents, businesses, and visitors. The High Line The High Line’s transformation from an abandoned elevated railway into a state-of-the-art park that spans nearly 1.45 miles was completed in September of 2014.
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