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TABLE OF CONTENTS EXECUTIVE SUMMARY FINANCIAL OVERVIEW LOCATION OVERVIEW ZONING OVERVIEW BESEN ADVISORY TEAM Shallini Mehra Senior Director (212) 951-8414 [email protected] Amit Doshi Executive Director (212) 951-8401 [email protected] Paul J. Nigido Senior Financial Analyst (646) 424-5350 [email protected] Jared Rehberg Marketing Manager (646) 424-5067 [email protected] Carine Citadelle Marketing Associate (646) 472-8750 [email protected] Besen & Associates 381 Park Avenue South 15th Floor New York, NY 10016 (212) 689-8488 EXECUTIVE SUMMARY EXECUTIVE SUMMARY Besen & Associates, as exclusive agent for Ownership, is pleased to offer for sale 245 Eldridge Street, New York, NY 10002 (the “Property”), a 37-foot wide, six-story building with ten free market units and two retail spaces. The Property was built in the early 1900’s and the previous ownership gut-renovated the building in 1982. Current ownership purchased the Property in 1992 and has updated and renovated all of the apartments. This 14,161± SF property is located between East Houston Street and Stanton Street in Manhattan’s Lower East Side (“LES”), one of the city’s trendiest and most desirable neighborhoods for millennials, students, and young professionals as well as a primary destination for culture, entertainment and nightlife. 245 Eldridge Street offers tremendous upside to an investor. The residential units at the Property feature generous layouts and are currently renting at rates which are 25% below market. In addition, the two retail tenants are renting at rates that are 40% below market. The Flower Girl shop crafts striking flower arrangements and bouquets for an array of fashionable clientele (i.e. Vogue, Chanel, Marc Jacobs). Award-winning bartender Kenta Goto opened Bar Goto in 2015 and the bar has since been featured in The New York Times and The Food Network, among other prominent outlets. Together, these spaces occupy 2,360± of prime ground floor retail space. The LES is rich with history and for most of the 20th Century, the LES was the first stop for immigrants looking for affordable accommodations in tenements. Over the past 20 years, the neighborhood has seen widespread gentrification, with new rental and condo developments, hip bars and restaurants, chic hotels, independent boutiques and art galleries. Part of the LES charm and attraction has been its ability to maintain it’s “edge,” and hang on to its vibrant past with its old-school eateries, retro businesses, and preserved public spaces. As the LES continues to develop, 245 Eldridge Street is well positioned to take advantage of the continued high demand for this neighborhood, the increasing market rents, and the opportunity for an investor to reposition the building and capture the significant upside potential. ASKING PRICE: $18,400,000 INVESTMENT HIGHLIGHTS FREE MARKET BUILDING 245 Eldridge Street is a free market building giving an investor a great deal of flexibility. There is strong demand for boutique buildings which offer amenities and privacy. Condos prices continue to be strong downtown with average prices in the $1,800-$2,000± per square foot range. The combination of the spacious units and prime location make the Property an excellent candidate for a condo conversion. SIGNIFICANT RENTAL UPSIDE The Property’s residential units have an average rent per square foot of $51±. The average market rent per square foot is approximately $65-$75± resulting in rental upside of 30-40%. The apartments have spacious layouts with the capacity to add bedrooms in all of the apartment lines. In addition, an investor could reconfigure the basement space and add convenient amenities including a gym and/or a bike room. The stores have an average rent per square foot of $45±. The average market retail rent per square foot is approximately $65-$80± resulting in rental upside of 45-65% upon lease expiration. TENANT PASS-THRU EXPENSES The property features individual gas heating systems for each apartment. The residential tenants pay for their own heat resulting in lower operating expenses for the owner. The commercial tenants pay 5% of the total real estate tax bill in addition to gas, water & sewer, heat, and electricity. EXCELLENT LOCATION Located at the nexus of Manhattan’s Lower East Side (LES) and East Village (EV), 245 Eldridge Street is situated just south of East Houston Street. The LES is a magnet for millennials, students, and young working professionals. The neighborhood is filled with hip restaurants and bars, eclectic shops, chic boutiques, music venues and art galleries. The LES has gentrified significantly over the past ten years with many new residential developments including Essex Crossing, a new unprecedented development which will spread over 1.9 million square feet and will include 1,000± new residences, 450,000± square feet of retail, 400,000± square feet of office space, community attractions, and green spaces. The development is expected to be completed by 2024. CONVENIENT TRANSPORTATION ACCESS The Property is within walking distance of the 2nd Avenue subway [F & M] trains, the B, D, F, M on Broadway and Lafayette, the N,Q,R,W on Prince Street, the 4 & 6 trains on Spring Street, the F train on Delancey Street, and the J, M, Z on Essex Street. Crosstown MTA buses along East Houston include the M9, M15, & the M21. Additionally, the Property provides easy access to the FDR Drive, the Williamsburg Bridge and the Brooklyn Bridge. 245 Eldridge Street, New York NY 10002 | 11 PROPERTY OVERVIEW – 245 ELDRIDGE STREET Neighborhood Lower East Side, NYC Block / Lot 422 / 57 Lot & Built Size 37’x 100’ & 37’x 84’ Gross Building Area ±14,161 SF Stories 6-Story Walkup Total Apartments & Rooms 10 Apartments & 2 Stores Apartment Layout 1/6, 6/5, 3/4 Zoning C4-4A FAR (built / allowed) 3.83 / 4 Year Built Circa 1900 and Renovated in 1982 Assessment & Taxes (17/18) $879,883 / $113,435 LOCATION MAP Sunshine Cinema Sara D. Roosevelt Park Rockwood Music Hall The Meatball Shop Vandals Pianos Bowery Ballroom 245 Eldridge Street Tenement Museum 245 Eldridge Street, New York NY 10002 | 13 FINANCIAL OVERVIEW INCOME & EXPENSE REVENUE: ACTUAL PROFORMA Residential Income $673,740 * $903,000 Commercial Income $105,550 ** $153,400 Tenant Reimbursements $14,640 $16,775 Vacancy & Credit Loss @ 2.0% ($15,880) ($21,475) EFFECTIVE GROSS INCOME: $778,050 $1,051,700 EXPENSES: Real Estate Taxes (17/18) $113,450 $153,800 Water & Sewer $10,250 $10,250 Payroll (Visiting Super) $12,000 $12,000 Management Feet (3%) $23,500 $31,500 Fuel (Gas) TENANTS PAY TENANTS PAY Insurance $8,500 $8,500 Utilities $6,500 $6,500 Repairs, Maintenance & Supplies $13,000 $13,000 TOTAL EXPENSES: $187,200 $235,550 NET OPERATING INCOME: $590,850 $816,150 * Residential Income projected at $70 PSF ** Commercial Income projected at $65 PSF RESIDENTIAL RENT ROLL APT # TENANT BEDROOMS SQ FT (±) BATHS RENT / MONTH LXP STATUS 1R VACANT 3 2,150 2 $10,000 Projected FM 2F Tenant 2 3 1,250 1 $5,050 7/31/2018 FM 2R Tenant 3 3 900 1 $5,400 7/31/2018 FM 3F Tenant 4 3 1,250 1 $4,750 4/30/2018 FM 3R Tenant 5 2 900 1 $4,450 4/30/2018 FM 4F Tenant 6 3 1,250 1 $5,350 5/31/2018 FM 4R Tenant 7 2 900 1 $3,900 4/30/2018 FM 5 Tenant 8 4 2,150 2 $7,995 6/30/2018 FM 6F Tenant 9 3 1,250 1 $4,750 7/31/2018 FM 6R VACANT 2 900 1 $4,500 Projected FM Total Monthly Income: $56,145 Total Annual Income: $673,740 245 Eldridge Street, New York NY 10002 | 19 RESIDENTIAL RENT ANALYSIS (By Apartment) TOTAL AVERAGE # OF UNIT LAYOUT MONTHLY MONTHLY TOTAL SF± RENT PSF UNITS % RENT RENT 2BR 3 30% $12,850 $4,283 2,700 $57.11 3BR 6 60% $35,300 $5,883 8,050 $52.62 4BR 1 10% $7,995 $7,995 2,150 $44.62 Total/Average: 10 100% $56,145 $5,615 12,900 $52.25 RESIDENTIAL RENT ANALYSIS (By Room) TOTAL MONTHLY AVERAGE RENT / LAYOUT # OF ROOMS ROOM % RENT ROOM 2BR 12 25% $12,850 $1,071 3BR 30 63% $35,300 $1,177 4BR 6 13% $7,995 $1,333 Total/Average: 48 100% $56,145 $1,170 COMMERCIAL RENT ROLL ANNUAL UNIT TENANT RENT / MONTH LXP TERM INCREASES North Store (1) Flower Girl $3,000 3% 08/31/2022 5 Years South Store (2) Bar Goto Restaurant $5,796 3% 12/31/2029 15 Years Commercial Monthly Income: $8,796 Commercial Annual Income: $105,552 Notes: (1) Includes 100 SF of basement storage space. Tenant pays $75/month for Water & Sewer. (2) Year 10 of the lease states a 6% rent increase, 3% thereafter. Tenant pays $200/month for Water & Sewer. Real Estate Tax Reimbursement: Commercial tenants pay 5% of the total real estate tax bill per annum, as well as gas, heat, and electricity. FLOWER GIRL BAR GOTO RESTAURANT “…with creations ranging from Vintage Find, which “A Tokyo native and Pegu Club vet is behind fills a vintage tin from the company’s collection with this “lovely” LES bar offering divine” Japanese- various rustic selections, to The Boho Chic City Hall inspired cocktails and “delicious” izakaya bites, Bride full of unexpected flora, to Il Tropicale using including okonomiyaki pancakes that are “a true modern glassware and eclectic colors, Flower Girl revolution starter”; fans can also leave the “small NYC is anything but basic.” but lovely” surrounds without having spent a fortune.” - Time Out - Zagat 245 Eldridge Street, New York NY 10002 | 21 LEASE ABSTRACT – FLOWER GIRL Tenant Name (Per Lease): Flower Girl, LLC Lease Commencement Date: September 1, 2013 Lease Renewal Date: September 1, 2017 Personal Guarantee: Denise Porcaro Tenant Location: North Store, Ground Floor, + Basement (Limited Use) Security Deposit: 3 Months Use: Florist Shop Rental Information LEASE YEAR MONTHLY RENT ANNUAL RENT BASE MONTHLY RENT ANNUAL INCREASE TERM 2017 $3,000 $36,000 $3,000 3% 5 Years 2018 $3,090 $37,080 Notes: 2019 $3,183 $38,192 Ground floor includes basement with 100 SF 2020 $3,278 $39,338 limit for storage.
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