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1986000 ($475000) $1511000 0000 5% $30000000 72-74 & 104 Forsyth Street Lower East Side, New York Avison Young, as exclusive listing agent, is pleased to offer for sale three mixed-use multifamily and retail properties located at 72, 74 and 104 Forsyth Street (the “Portfolio” or “Properties”) in the Lower East Side neighborhood of Manhattan near the border of Chinatown. The Portfolio is located on the east side of Forsyth Street, overlooking the 7.8 acre Sara Delano Roosevelt Park, offering superior light and air and a variety of park amenities. Excellent transportation access, a cultural melting pot and a significant public and private investment in the neighborhood anchor the Portfolio’s long-term desirability for residences and retailers alike. The Portfolio consists of two adjacent properties and a third located one block north totaling 33,941± square feet. The three buildings contain a total of 63 units, 7 are retail units and 56 are residential units, of which 38 are free-market or first tenant regulated under the Altman Rule. The in-place rents offer an investor upside compared to similar nearby units. Current Ownership recently addressed several deferred maintenance issues including roof, façade and hallway repairs, but a more comprehensive renovation could bring substantially higher rents in line with the neighborhood. The free market units, all of which are two bedroom, have an average monthly rent of $3,232, a 21% discount to the Lower East Side market in which two bedroom units command $3,900 per month. In addition, the retail rents offer upside and income from storage space further increases the potential revenue. The Portfolio, which has an in-place NOI of $1.5 million, is $35,000,000 72 & 74 Forsyth Street 104 Forsyth Street being offered for sale at a price of $30 million, or a 5% cap rate. $30,000,000 INVESTMENT HIGHLIGHTS: ASKING PRICE • 5% cap rate, $1.5 million in-place NOI 5% • Multiple value-add options CAP RATE • Below market rents to comparable REVENUE AND EXPENSES buildings $1,986,000 • Stabilized units offer future upside RENTAL INCOME • No deferred maintenance ($475,000) • Overlooking 7.8 acre Sara Roosevelt Park TOTAL EXPENSES • B,D trains access across the 1-block park, J,M,Z,F trains within a handful $1,511,000 of blocks NOI *Round figures 72-74 & 104 Forsyth Street Lower East Side, New York AVERAGE MONTHLY INCOME BY UNIT TYPE Type 72 Forsyth Street 74 Forsyth Street 104 Forsyth Street Average % of Income FM $3,343 $3,290 $3,119 $3,232 61% RS $1,031 $866 $888 $929 10% RC - - $242 $242 0% ARS $3,469 $3,483 $3,300 $3,427 14% Retail $4,906 $2,896 $2,932 $3,481 15% * ARS represents Rent Stabilized units under the Altman Rule UNIT SUMMARY Type 72 Forsyth St. 74 Forsyth St. 104 Forsyth St. Total % 7 Units FM 8 10 13 31 49% FM RS 6 7 4 17 27% 7 Units RS 1 Unit RC 0 0 1 1 2% 31 Units RC ARS ARS 2 3 2 7 11% 17 Units RETAIL Retail 2 3 2 7 11% Total 18 23 22 63 100% ANNUAL RENT BY UNIT TYPE Type 72 Forsyth St. 74 Forsyth St. 104 Forsyth St. Total % FM $320,940 $394,740 $486,600 $1,202,280 61% $292,387 FM RS $74,204 $72,768 $42,636 $189,608 10% RS RC $0 $0 $2,904 $2,904 0% $287,856 $1,202,280 RC ARS ARS $83,256 $125,400 $79,200 $287,856 14% $2,904 $189,608 RETAIL RETAIL $117,751 $104,268 $70,368 $292,387 15% Total $596,151 $697,176 $681,708 $1,985,820 100% FORSYTH STREET 6 7 34 306 418 GRAND STREETGRAND HESTER STREETHESTER BROOME STREETBROOME ELDRIDGE STREET For more information, please contact: James Nelson Brandon Polakoff David Shalom Mitchell Levine Philip Bowman Principal, Director, Director, Director, Associate, Head of Tri-State Investment Sales Multi-Family/Mixed-Use Multi-Family/Mixed-Use Multi-Family/Mixed-Use Multi-Family/Mixed-Use 212.729.6585 212.230.5998 212.230.5948 212.230.5999 212.230.5995 [email protected] [email protected] [email protected] [email protected] [email protected] © 2018 Avison Young – New York, LLC. This information has been obtained from sources believed reliable. We have not verified 1166 Avenue of the Americas, 15th Floor | New York, NY 10036 it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a T 212.729.7140 | F 917.591.9300 | avisonyoung.com careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs..
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