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Home , Flatiron Building, Flatiron District, Manhattan Mall, Midtown South

~10,000 BSF CORNER DEVELOPMENT SITE Commercial Development Opportunity In NoMad PROPERTY OVERVIEW

ASKING PRICE: $7,500,000

PROPERTY INFORMATION:

Address: 836 Avenue Of The Americas, , NY 10001

Location Located on the northeast corner of & West 29th Street.

Block & Lot: 831-1

Lot Dimensions: 24.67' x 40.33'

Lot SF: 996 SF (approx.)

Zoning: C6-4X (R10X)

Residential & Commercial FAR: 10.00

Total Buildable SF (As-of-Right): 9,960 SF (approx.)

Assessment (19/20): $351,000

Annual Property Tax (19/20): $36,904

Tax Rate: 10.5140%

Tax Class: 2

TAX MAP: West 30th Street

Broadway Avenue Of TheAvenue Americas

West 29th Street

2 836 AVENUE OF THE AMERICAS EXECUTIVE SUMMARY

THE OPPORTUNITY:

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 836 Avenue of Americas. The subject property is a development site located on the northeast corner of Sixth Avenue and West 29th Street. This property is zoned C6-4X which has a commercial and residential FAR of 10.00 which equates to 9,960 buildable square feet. This site provides future ownership with an extremely rare opportunity to develop a retail or office building in one of the most coveted neighborhoods in .

Sixth Avenue is home to an abundance of restaurants, offices, hotels, and luxury condominiums. The property also benefits from its close proximity to an array of transportation options. The area is canvassed by a variety of subway lines, including the N R F M ^ & ! trains, as well as Path and multiple bus lines. The plethora of transportation options provides seamless access to those who work, live, and shop in all areas of . Additionally, the area is also located within walking distance to both Penn Station and Grand Central station, the busiest transportation hubs in the eastern United States. This presents a unique opportunity to develop a building in a prime neighborhood with unparalleled growth potential.

PROPERTY HIGHLIGHTS:

Premiere Location: Prime corner location featuring 65’ of wrap-around frontage on Sixth Avenue and West 29th Street.

Optimal Size Development: The site is ideal for a boutique development that can seize on an underserved segment of the market and benefit from the surrounding bustling retail environment.

Creating a Presence: The site appeals to single tenant occupiers who value the kind of presence and amenities occupying their own building offers.

Flexible Zoning: The site is zoned a C6-4X (R10X) allowing a developer to be able to build an array of different uses, such as retail, office, residential or community facility.

Vacant Possession: The property is fully excavated vacant land with no building needing to be demolished, saving significant time and money during pre-construction.

What’s Around: The site is located right across the street from Hotel Eventi & on the same block as the brand-new Virgin Hotel. Additionally, the site is located on the same block as the proposed 26-Story AC Marriott and a block north of the Ritz Carlton. There are many new office, residential and hotel towers being newly developed in the immediate neighborhood.

Transportation: Within close proximity to a variety of subway lines, including the N R F M ^ & ! trains. Additionally, the site is within walking distance to both Penn Station and Grand Central station.

CUSHMAN & WAKEFIELD 3 ZONING INFORMATION

C6 ZONING:

C6 districts permit a wide range of high-bulk commercial uses requiring a central ­location. Most C6 districts are in Manhattan, and Downtown Jamaica; a C6-3D district is mapped in the Civic Center area of . Corporate headquarters, large hotels, department stores and entertainment facilities in high-rise mixed buildings are permitted in C6 districts.

& & C6-1, C6-2 and most C6-3 districts, typically mapped in areas outside central business cores,  & & (  0 such as the Lower and Chelsea, have a commercial floor area ratio (FAR) of 6.0; the  & 67 $9( 67 C6-3D $9(district has an FAR of 9.0. C6-4 through C6-9 districts, typically mapped within the & &<25. & & city’s*$/9,1 major business districts, have a maximum FAR of 10.0 or 15.0, exclusive of any applicable  =21,1*0$3 bonus. Floor area may be increased by a bonus for a public plaza or Inclusionary Housing.  & 7+(1(:<25.&,7<3/$11,1*&200,66,21 &/  ('.2&+ 0 48((16%252  352/ :(67 & 3. %5,'*(  &/   & 3. &/0L' 0DMRU=RQLQJ&ODVVLILFDWLRQV C6-2A, C6-3A, C6-3X and C6-4A are contextual districts with maximum building heights. C6-    7$ 3$5. ($67   3D and C6-4X districts allow towers above a building base; special rules determine the tower’s  %/9' 5 &0 3$5. height and articulation. All other C6 districts allow towers to penetrate a sky exposure plane %/9'

: 5$ $9( +8'621 & and do not require a contextual base.  3$5. & :  7+ &   7+ /,1(

& 52$' 3$5. 0 &$ C6 districts are widely mapped within special& districts. C6-4.5, C6-5.5, C6-6.5 and C6-7T 5 : /  7+  3$5. districts are mapped only within the Special Midtown District and have unique floor area 65, +8'621 &

/223 ratios and bonus rules. C6-1G, C6-2G, C6-2M and C6-4M districts are mapped in Chinatown 0L'  &0   0 and Chelsea and in the Special Garment Center District, and have rules for the conversion of  %8/.+($' :(67 ( 67 & 5' non-residential space to residential use. '$9,'%(1  6287 52$'  9$1'(5%,/7  *85,21 + /223 *& 3/ /223 7 5' & ($6

+< 38%/,&3/ C6 districts are well served by mass transit, and off-street parking is generally not required, $1' 5 except within the C6-3D district. /,1( : 7+ (  & 0  -2(/28,63/$=$ 5'      %8/.+($'  3(115567$7,21  3,(5+($'   (IIHFWLYH'DWH V RI5H]RQLQJ 7$  $1'   0L' & 1(/621   :,11,( 67 )5$1./,1'5226(9(/7,6/$1' 0$1'(/$    0 &  &251(5 3,(5+($'  86 &; : 0$5<2  1' &211253/*' 0' 9,1&(17)$/%$12 0 & $/%$12648$5(  86  6SHFLDO5HTXLUHPHQWV  67 67 %/9' 67  67 67 7+ ( $9(  6(59,&( 67 5' 67 5$

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

18 FAR mixed building

12 FAR residential tower

Portion of building higher than 85’ must be set back at least 10’ when facing a wide street or 15’ when facing a narrow street Base height: Minimum: 60’ Maximum: 85’ 120’ maximum building height

C6–2A (Residential district equivalent: R8A)

6 FAR commercial base

Floor area of building can be increased if public plaza or C6–6 affordable housing is provided (Residential district equivalent: R10)

C6 Commercial Districts C6– C6– C6– C6–1 C6–1A C6–2 C6–2A C6–3 C6–3A C6–3X C6–4 C6–5 C6–6 C6–7 C6–8 C6–9 3D 4A 4X Commercial FAR6.04 6.04 6.04 6.06.04 6.09.0 6.010.04 10.0 10.04 10.04 15.04 15.04 10.04 15.04

Residential FAR 0.87–3.441 0.78–2.432,5 0.94–6.023,5 6.025 0.99–7.525 7. 525 9.05 9.010.04,5 10.05 10.05 10.04,5 10.05 10.05 10.04,5 10.05

Residential R7 R6 R8 R8AR9R9A R9DR9X R10R10AR10XR10 R10R10 R10R10 District Equivalent 1 4.0 FAR on wide streets outside the Manhattan Core under Quality Housing Program 2 3.0 FAR on wide streets outside the Manhattan Core under Quality Housing Program 3 7.2 FAR on wide streets outside the Manhattan Core under Quality Housing Program 4 FAR bonus of up to 20% for a public plaza 5 Increase in FAR with Inclusionary Housing Program bonus

CUSHMAN & WAKEFIELD 5 THE NEIGHBORHOOD

NoMad

NoMad, or the area known as “North of Madison Square Park” is a neighborhood centralized around the Madison Square North Historic District, extending from 25th street to 32nd street, between the Avenue of the Americas and . The district is situated amongst some of the best areas in NYC, including Chelsea to the west, to the northwest, Murray Hill to the northeast, and the to the south. NoMad is an interesting area as it has an identity of its own, but is the artery that connects the hustle and bustle of and the Macy’s area with the more subdued, but prominent Flatiron district.

The history of the NoMad starts with a discussion of Madison Square Park, which is the major landmark of the area. Once a military parade ground, Madison Square Park offers a public space to the area that anchors the community. In its history, the park has been used as a potter’s field, an army , and as a facility for the city. In the mid-nineteenth century, New Yorkers began to establish themselves as residences of the area, and private brownstones and mansions were built surrounding the perimeter of the park. Once the area was known for its tremendous prestige and wealth, the families who lived there nurtured the life of the neighborhood, and promoted a commercial boom that led to hotels, restaurants, office buildings, and entertainment venues being built all along and the surrounding area. It is these buildings and businesses that are still there today that make the NoMad district such a coveted destination for travelers and New Yorkers alike.

6 836 AVENUE OF THE AMERICAS CUSHMAN & WAKEFIELD 7 THE NEIGHBORHOOD

EV W B D F M N Q R W S(39,000,352T E ANNUAL RIDERSHIP) MADDEN

W 33RD STREET SQ. GREELY

MANHATTAN MALL N Q R W B D F M

PENN STATION W 32ND STREET BROADWAY 6TH AVENUE SPEEDY’S DONG CHONG

MADISON SQUARE GARDEN MADISON SQUARE HONG

W 31ST STREET

1241 BROADWAY DEVELOPMENT 7TH AVENUE

(OFFICE) W 30TH STREET

W 29TH STREET TO BE

1 W 28TH STREET

8 836 AVENUE OF THE AMERICAS RETAIL MAP

EV W 34TH STREET B D F M N Q R W S(39,000,352T E ANNUAL RIDERSHIP) MADDEN

W 33RD STREET SQ. GREELY

MANHATTAN MALL N Q R W B D F M W 32ND STREET BROADWAY 6TH AVENUE 5TH AVENUE SPEEDY’S DONG CHONG HONG

W 31ST STREET

1241 BROADWAY DEVELOPMENT

(OFFICE) W 30TH STREET

W 29TH STREET TO BE

1 W 28TH STREET

NoMad Hotel

CUSHMAN & WAKEFIELD 9 NEIGHBORING DISTRICTS

FLATIRON

836 Avenue of the Americas is located near of Madison Square Park. Today, the park is the a sub district of Midtown South known the focal point of the area, with beautiful as the “Flatiron District.” The area gets landscaping, historic sculptures and a full its name from the , one schedule of art, music, and food events that of New York City’s most unique and iconic provide tremendous vitality throughout landmark structures that received its name the year. Since its resurgence, the area has for resembling a cast-iron clothes iron. evolved into one of the city’s most vibrant The neighborhood is anchored by Madison business, retail, and entertainment districts. Square Park, and surrounded by some of It is now a first look for creative companies, the city’s most architecturally significant trendy new restaurants and wealthy residents, buildings, including The Metropolitan Life drawn to the area to experience a blend of Insurance Company Clock Tower, 11 Madison, rich history, premium amenities, and cultural 10 Madison Square West, and The Grand attractions that have made the Flatiron Mansion at 225 . Over the past District one of the most desirable live/work/ decade, the district has experienced a major play neighborhoods in Manhattan. transformation following the revitalization

CHELSEA

Chelsea is one of the city’s most dynamic district to the east, and the industrial neighborhoods, with a rich history, diverse district to the west. The eastern portion of culture, and booming social life that define the neighborhood is characterized by a mix the modern Manhattan neighborhood. The of historic tenements, apartment blocks, area stretches from to 30th Street and brownstones along beautiful tree-lined west of Sixth Avenue to the . streets, with street retail along the avenues. The adjacent neighborhoods include the The western portion of the neighborhood is Meatpacking District and home to a large stock of newly rehabilitated to the south, Midtown West and Hudson industrial buildings and more recently, a flurry Yards to the north, and Flatiron, Gramercy of new luxury condominiums. Additionally, and Union Square to the east. Additionally, Chelsea’s is home to the High Line, Penn Station adds additional accessibility to an elevated public park that has become an an already prime central location. icon of the area and a catalyst for ongoing development in the neighborhood. Historically, the neighborhood has been divided into two factions: the residential

10 836 AVENUE OF THE AMERICAS NEIGHBORING DISTRICTS

KOREATOWN (K-TOWN):

Koreatown, or “K-Town”, is an ethnic Korean the Korean mindset is all about location. Even enclave in described as the though Koreatown doesn't have a lot of real "Korean " and has emerged as the estate, it's a big tourist attraction, thanks international economic outpost for the Korean to its central location and densely packed chaebol. Koreatown is a tiny slice of New York restaurants, bars, karaoke clubs, and spas. where Korean culture is dominant and Korean- owned businesses are booming. The heart of There's not much residential space on the the small neighborhood is Korea Way, the strip K-Town strip, and many of New York's 140,000 of W. 32nd Street between Broadway and Fifth or so Korean residents live in the outer boroughs, Avenue, just a block away from Madison Square especially in Flushing, Queens. But visit the Garden and Penn Station where thousands street and you'll see groups of Korean teens pass through on a daily basis. and businessmen who, along with the tourists, come for the Korean barbecue chicken, sugary Much like in Seoul, the businesses in K-Town pastries, and raw fish. are all stacked on top of each other, because

CUSHMAN & WAKEFIELD 11 12 836 AVENUE OF THE AMERICAS THE NEIGHBORHOOD

PREMIER HOTELS

The Broadway corridor extending from growth of this trend. Notable hotels include Madison Square Park towards 34th street is The Ace Hotel and The Nomad Hotel, which currently one of the top hotel development helped transform the neighborhood when areas in Manhattan. Positioned directly they opened in 2010. Upcoming venues, such adjacent to several major tourist destinations as Virgin Hotel Group’s 300-room hotel and and transit stations, the district has become a Ian Schrager’s Edition Hotel conversion in central hub for both New Yorkers and tourists the old MetLife Clock Tower, will bring highly alike. The influx of new businesses and retail demanded luxury hotel product into the area. tenants further supports the continued

NEW DEVELOPMENTS

The biggest development to come to the retail that will activate a block NoMad that NoMad area will be undertaken by developer has long been forlorn. This project, along Jon Lam. LAM Development group has broken with the opening of the Ace, NoMad, and ground on what will be a 38- story 460-room Flatiorn Hotels, as well as the planned 153,199 Virgin Hotel that Virgin Founder and CEO square foot hotel at 1185 Broadway are great Richard Branson promises will be, “beautiful developments for the community, and will and irresistible”. However, the buildings most only increase the attractiveness of the district significant contribution will be at street level, as a destination and neighborhood. where plans call 100,000 square foot of

TOURISM

The NoMad district has recently become In addition to these features, there are a favorite for residents of the city because plentiful shopping options for the residents it provides a flourishing area that is rich in or tourists. Herald Square is the hub of retail restaurants and shopping. These attributes, for this area, headed by Macys, “ the biggest coupled with the plethora of hotels available department store in the world.” From Macy’s has mad the NoMad district a common down to the Flatiron building, Broadway destination for travelers coming to New York is covered in stores and shops for the day City. The hotel restaurants of the area anchor shopper to explore. the district’s lively night life, making the area a favorite of travelers and locals alike. But the In addition to Broadway, near by at Sixth restaurants are not the only feature available Avenue and 33rd Street is the Manhattan Mall to visitors. While in the area, tourists often which is home to typical mall retailers like frequent the, Eately, antique galleries, home Aerospatiale and Express. Outside of the mall, furnishing boutiques, Jay-Z’s 40/40 club, the there are several other big shopping vendors, rooftop bar at 230 Fifth Avenue, and many of stretched along 34th street from Madison the other notable hot-spots in the area. Square Garden to the .

CUSHMAN & WAKEFIELD 13 THE NEIGHBORHOOD

BUILDINGS AND ARCHITECTURE

Within the NoMad district there are several buildings and is now home to Tiffany and major architectural attractions for visitors and Company’s corporate office. On the north side residents to appreciate. First, we can point of Madison Square Park is 225 Fifth Avenue, out the NoMad Hotel, which was originally originally the Brunswick Building, which is a the Johnston Building, built in 1900. The face landmarked historic building that has been of this building is all limestone with beautiful used as a hotel, a warehouse, and sales show exterior decoration that is a visual attraction rooms. It has since been renovated and has along Broadway. been converted into a luxury condominium. Finally, at the south side of the NoMad district, In addition, there is the Toy Building at 200 as you go along Broadway, the Flatiron building fifth avenue that had long been a hub for has become the most famous architectural toy manufacturers and distributors, but has feature of the area. been purchased and made into luxury office

PARKS & RECREATION

Madison Square Park provides the NoMad Along the park’s grounds there are many district one of the most desirable destinations pieces of artwork that give the park an in New York City. The spacious park is situated interesting mix between natural beauty, and in the heart of the NoMad district between Fifth monuments and art pieces of local artists. Avenue and Madison, from to 26th During the summer the city puts on Madison street. The park offers residents and visitors Square kids Concerts, and Madison Square an opportunity to escape the busy midtown Music puts on concerts of all genres for area, whether it is walking the dog, going for adults. The last feature of the park is the a run, taking the kids to the playground, or Shake Shack that is situated within the park sunbathing in the grassy fields. In addition, itself. It is open all year round, and members the park is equipped with free Wifi access that of the community flock there to indulge in the allows business professionals, students, and the delicious hamburgers, milkshakes, and fries. afternoon sun-seeker the opportunity to work, study, or lounge on their electronic devices.

A VIBRANT BUSINESS DISTRICT

Over the past decade, Flatiron District city’s top talent and professionals. The largest has transformed into a bustling business influx of new tenants over recent years has destination, attracting both emerging startups been from fashion companies and firms in the and established international companies. The TAMI sector (technology, advertising, media, area has benefitted tremendously due to an and information services). Recent transplants unprecedented demand for office space in to the area include many of New York’s top Midtown South from tenants in a variety of companies, including Sony, Porcelanosa, Vera industries. Today, the area is considered to Wang, Grey Advertising and Tiffany & Co. be one of the best places to work, due to along with a growing number of large tech its unparalleled accessibility and a growing firms, joining the ranks of veteran tenants menu of premium amenities that appeal to the such as New York Life and Credit Suisse.

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OFFERING MEMORANDUM DISCLAIMER

This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the “Confidentiality Agreement”) signed by you and constitutes part of the Confidential Information (as defined in the Confidentiality Agreement). It is being given to you for the sole purpose of evaluating the possible investment in 836 Avenue of the Americas (the “property”), and is not to be used for any other purpose or made available to any other party without the prior written consent of KC836 LLC (“Owner”), or its exclusive broker, Cushman & Wakefield. This Memorandum was prepared by Cushman & Wakefield based primarily on information supplied by Owner. It contains select information about the Project and the real estate market but does not contain all the information necessary to evaluate the Project. The financial projections contained herein (or in any other Confidential Information) are for general reference only. They are based on assumptions relating to the overall economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. While the information contained in this Memorandum and any other Confidential Information is believed to be reliable, neither Cushman & Wakefield nor Owner guarantees its accuracy or completeness. Because of the foregoing and since the investment in the Project is being offered on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solely to facilitate the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding the investment in the Project without reliance on this Memorandum or any other Confidential Information. Although additional Confidential Information, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither Cushman & Wakefield nor Owner guarantees the accuracy or completeness of the information contained in this Memorandum or any other Confidential Information provided by Cushman & Wakefield and Owner. Owner expressly reserves the right, at its sole discretion, to reject any offer to invest in the Project or to terminate any negotiations with any party at any time with or without written notice. Owner shall have no legal commitment or obligations to any prospective investor unless and until a written sale agreement has been fully executed, delivered and approved by Owner and any conditions to Owner’s obligations thereunder have been satisfied or waived. Owner has retained Cushman & Wakefield as its exclusive broker and will be responsible for any commission due to Cushman & Wakefield in connection with a transaction relating to the Project pursuant to a separate agreement. Cushman & Wakefield is not authorized to make any representation or agreement on behalf of Owner. Each prospective investor will be responsible for any claims for commissions by any other broker in connection with an investment in the Project if such claims arise from acts of such prospective investor or its broker. This Memorandum is the property of Owner and all parties approved by Owner and may be used only by parties approved by Owner. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement. FOR MORE INFORMATION, PLEASE CONTACT:

JOHN F. CIRAULO ROBERT M. SHAPIRO (212) 660-7700 (212) 660-7717 [email protected] [email protected]

CRAIG M. WAGGNER JORDAN SUTTON (212) 660-7744 (212) 589-5101 [email protected] [email protected]

JOHN PAUL WILL (212) 660-7718 [email protected]

Cushman & Wakefield Copyright 2019. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

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