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Bankruptcy Sale: 55-59 Chrystie Street, Nyc

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Bankruptcy Sale: 55-59 Chrystie Street, Nyc BANKRUPTCY SALE: 55-59 CHRYSTIE STREET, NYC 46,365 SQ. FT. Vacant Elevator Building Stunning Upgrades | 75’ of Frontage 1 Outdoor Patio and Roof Deck JERSEY CITY One World Trade Center Marketplace Brookfield 28 Place New York by Gehry Woolworth Building LOWER MANHATTAN City Hall TRIBECA TWO New York County Supreme Court Canal St BRIDGES 1 2 3 Canal St A C E Columbus Park Canal St N Q Canal St R W Canal St SOHO 4 5 6 6 Canal St J Z CHINATOWN LOWER LITTLE EAST SIDE Sara D. ITALY Spring St Roosevelt 4 5 6 6 Park Grand St B D 2 3 TABLE OF CONTENTS 6 EXECUTIVE SUMMARY 9 PROPERTY OVERVIEW 11 FINANCIAL OVERVIEW 19 PROPERTY PHOTOS 47 eVENTS/PHOTO SHOOTS 61 PROPERTY SPECIFICS 73 FLOOR PLANS 6 47 EXECUTIVE SUMMARY EVENTS/PHOTO SHOOTS TAX ASSESSMENT Address 55 Chrystie Street City, State New York, NY Block 303 Lot 27 Year Built 1900 NRA 39,547 ASSESSED $ $3,282,290 ASSESSED $/SF $87.53 TOTAL TAXES $348,567 TAXES PER SF $9.30 FINANCIAL OVERVIEW 11 19 FLOOR PLANS 73 4 PROPERTY PHOTOS 5 EXECUTIVE SUMMARY R osewood Realty is pleased to present the opportunity to joint venture or purchase 55-59 Chrystie Street, a 6 story elevator office/retail building currently in Bankruptcy. The 46,365 square foot property, located in the up-and-coming Lower Manhattan area, is architecturally significant and boasts 75 feet of frontage. The ground floor is comprised of two retail spaces, and the second through sixth floors consist of office/commercial. Just 3 minutes from the Grand Street subway station the property has stunning vaulted ceilings, original beams, modern upgrades, and outdoor patio and roof deck, providing sweeping views of Manhattan and Brooklyn. Built in 1900, the building underwent significant capital improvements in 2014 and 2016, modernizing while accentuating the character of the existing structure. $1,900,000 was spent on updates to the common areas, loft, and office spaces. 55-59 Chrystie will attract a diverse office tenant roster across an array of industries, both established and startup, such as media, tech, art, health & wellness, fashion, and finance, thereby insulating an owner from industry specific risk. The Property, in part or in entirety, can also be used as a luxury gallery or high end event space. This deal presents investors the opportunity to purchase a unique mixed-use asset with incredible upside. Due to its vacancy, it is a blank slate. Whereas the property is currently in Chapter 11 and is slated for sale, ownership is also actively seeking joint venture proposals. 6 7 JERSEY CITY One World Trade Center Marketplace Brookfield 28 Place New York by Gehry Woolworth Building LOWER MANHATTAN City Hall TRIBECA PROPERTY OVERVIEW • 46,365 square foot office and retail property rising six stories • 75’ of frontage divided into two retail units • $1.9 Million of recent renovations (2014 and 2016), which include upgrades to lobby, common New York County corridors, and loft/office spaces. TWO Canal St Supreme Court • Patio and roof deck lounge provides sweeping views of New York City BRIDGES 1 2 3 • Located between Canal & Hester Street, just 3 minutes from the Grand Street subway station • Perfect for an array of office tenants: media, tech, art, health & wellness, fashion,Canal and financeSt A C E Columbus • In addition to office & retail, the property can be used as luxury gallery / event space Canal St Park Property SNAPSHOT N Q Property NAME 55-59 Chrystie Street Canal St Property TYPE Office-Retail R W ADDRESS 55-59 Chrystie St, New York, NY 10002 MARKET Downtown Canal St SOHO Soho SUBMARKET 4 5 6 6 ASSESSOR PARCEL Block 303, Lot 27 LOT SQ. FT. Canal St 7, 50 0 LOT DimensionsJ Z 75 x 100 ft GROSS SQUARE FOOTAGE 46,365 SF AVAILABLE AIR RIGHTS 7, 50 0 SF CHINATOWN YEAR BUILT/RENOVATED 1900, 2014 & 2016 NUMBER OF STORIES 6-Stories, plus Basement LOWER ZONING DISTRICTS C6-1G OWNERSHIP LITTLEFee-Simple Interest EAST SIDE STRUCTURAL/MECHANICAL OVERVIEW Sara D. ITALY Spring St EXTERIOR Brick masonry with stucco 4 5 6 6 Roosevelt HEATING Split system heat pumps and a packaged RTU Park AIR-CONDITIONING Split system air conditioner and a packaged RTU ELECTRICAL WIRING Copper Grand St ELEVATORS One cable passenger unit B D ROOF Built-up with aluminum coating and granular cap sheet FIRE SPRINKLER 100% coverage 8 9 FINANCIAL OVERVIEW 10 11 FINANCIAL OVERVIEW FINANCIAL OVERVIEW Historical Stabilized 2014 2015 2016 2017 Pro Forma PROPER TY PRO-FORMA TAX ASSESSMENT Revenue: Address 55 Chrystie Street Base Rental Revenue (i): $1,690,322 $1,885,971 $2,133,575 $1,743,803 $2,766,179 City, State New York, NY Expense Reimbursement Revenue: $91,920 $41,416 $65,606 $52,870 $70,000 Block 303 Potential Gross Revenue: $1,782,242 $1,927,387 $2,199,181 $1,796,673 $2,836,179 Lot 27 Vacancy & Collection Loss (ii): ($141,809) Year Built 1900 Effective Gross Revenue: $1,782,242 $1,927,387 $2,199,181 $1,796,673 $2,694,370 ASSESSED $ $3,282,290 ASSESSED $/SF $87.53 Operating Expenses: RE Taxes (iii): $237,110 $268,865 $297,294 $320,494 $365,361 TOTAL TAXES $348,567 Utilities: $80,330 $81,547 $73,134 $65,374 $80,000 TAXES PER SF $9.30 Contract Services: $8,264 $7,740 $9,014 $8,326 $7,000 Payroll & Associated Benefits: $23,920 $24,700 $27,825 $27,820 $25,000 Repairs and Maintenance: $12,625 $2,426 $7,371 $17,505 $10,000 TAX INFORMATION (2018/2019) TAX YEAR Insurance: $33,225 $39,228 $45,063 $49,995 $45,000 Assessor’s Parcel No. Block 303, Lot 27 Management Fees (iv): $35,645 $38,548 $43,984 $35,933 $53,887 Tax Code Area City of New York Miscellaneous: $4,310 $9,992 $5,124 $6,113 $5,000 Tax Rate 10.5140% Total Operating Expenses $435,429 $473,046 $508,809 $531,560 $591,249 Tax Class 4 Tax Assessment Transitional Net Operating Income (NOI): $1,346,813 $1,454,341 $1,690,372 $1,265,113 $2,103,121 Estimated Market Value $7,737, 0 0 0 ASSESSED VALUE NOI Margin %: 75.6% 75.5% 76.9% 70.4% 78.1% Actual Transitional Notes To Financials: Land $ 387,9 0 0 $ 387,9 0 0 (iii) Pro Forma Vacancy & Collection Loss @ 5% of PGR. (iii) Pro Forma RE Taxes assume 6 months of taxes incurred based on FTY 19/20 Dept. Of Finance Billing and 6 months with 3% inflation (H2 2020). Improvements $3,093,750 $2,894,390 (iv) Pro Forma Mgmt. Fee @ 2% of EGR. Total Assessed Value $3,481,650 $2,894,390 Floor Gross SF Rentable SF* PPSF Monthly Rent Annual Rent Taxable Assessed Value $3,282,290 Cellar 7,528 SF 7,461 SF $40.00 $24,871.20 $298,454.40 Base Tax $345,100 1st Floor 7,545 SF 6,645 SF $110.00 $60,910.58 $730,926.90 ADDITIONAL CHARGES/ABATEMENTS/EXEMPTIONS 2nd Floor 7,550 SF 6,842 SF $60.00 $34,210.80 $410,529.60 Bldg-Hazardous Re-Inspection Fee $85.00 3rd Floor 7,550 SF 7,223 SF $55.00 $33,104.09 $397,249.05 Chinatown BID $3,382.16 4th Floor 7,550 SF 7,366 SF $55.00 $33,760.38 $405,124.50 Total Additional Charges $3,467 5th Floor 7,550 SF 6,887 SF $65.00 $37,306.26 $447,675.15 TOTAL BASE TAX & ADDITIONAL CHARGES $348,567 6th Floor 1,092 SF 1,173 SF $65.00 $6,351.64 $76,219.65 TOTAL 46,365 SF 43,597 SF $63.45 $230,514.94 $2,766,179.25 *Rentable SF assumes REBNY Add on Factor. 12 13 Property SALE ComparaBLES AUCTION DETAILS Address: Sub Market Sale Price Sale Date Office SF Retail SFGLA (SF) Class Built/Renovated PPSF 149 Canal Street Chinatown $7,300,000 10/10/19 5,764 1,441 7,205 C 1910 $1,013 United States Bankruptcy Court Southern District of New York - In Re: C.T.W. REALTY 53 E Broadway Two Bridges $5,500,000 1/11/19 5,127 1,709 6,836 C 1915 $805 CORP., - Case # 19-11425-mkv 161 Bowery Lower East $24,300,000 8/30/18 13,921 5,073 18,994 C 1920/1989 $1,279 Side INFORMATION PROVIDED AT: www.55Chrystie.com 135 Bowery Lower East $24,300,000 8/29/18 18,750 2,557 21,307 B 2015 $1,140 Side 139 Mott Street Little Italy $6,800,000 8/24/17 4,900 2,430 7,330 C 1910 $928 Should a private sale or joint venture not be consummated by January 24th, 2020, 30-32 Howard Street Soho $46,000,000 1/9/18 42,407 0 42,407 B 1910/2018 $1,085 the following dates will apply: 85 Worth Street TriBeCa $21,000,000 8/4/17 5,000 20,000 25,000 C 1920 $840 174-178 Mott Street* NoLiTa $44,000,000 12/15/16 39,998 8,190 48,188 B 1920/2015 $913 29, 31 Leonard Street, Tribeca $24,500,000 7/11/18 29,400 0 29,400 C 1920 $833 BID DEADLINE: 198 W Broadway th 79 Walker Street Chinatown $19,000,000 9/29/16 21,582 0 21,582 C 1920/2016 $880 January 28 , 2020 35-37 East Broadway Chinatown $20,200,000 3/14/18 24,157 9,000 33,157 C 1910/1985 $836 • All offers are requested on or before the offer due date by 5:00 PM EST.
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