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404 West 40Th Street 8 Free Market Apartments for Sale Asking Price: $3,500,000 Table of Contents

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404 West 40Th Street 8 Free Market Apartments for Sale Asking Price: $3,500,000 Table of Contents 404 WEST 40TH STREET 8 FREE MARKET APARTMENTS FOR SALE ASKING PRICE: $3,500,000 TABLE OF CONTENTS PROPERTY INFO 5 PHOTOS 6 ZONING 8 FLOOR PLANS 10 MAPS 12 NEIGHBORHOOD 14 DOCUMENTS 16 EXPERIENCE 18 FOR MORE INFORMATION, PLEASE CONTACT EXCLUSIVE AGENT Christoffer Brodhead Partner/ Managing Director 646 933 2616 [email protected] 404 WEST 40TH STREET 3 CONFIDENTIALITY AGREEMENT ASKING PRICE: $3,500,000 The information contained in this offering memorandum (“Offering Memorandum”) is proprietary and strictly confidential. This Offering Memorandum was prepared by and is the property of B6 Real Estate PROPERTY INFORMATION Advisors LLC (“B6”) and has been reviewed by the owner (the “Owner”) of the Property. It is furnished solely for the purpose of review by a prospective Block / Lot 737/41 purchaser of the Property and is not to be used for any other purposes Lot Size 18’ x 98.75’ (Approx.) or made available to any person without the express written consent Lot Area 1,810 (Approx.) of the Owner or B6. By accepting this Offering Memorandum, the party Building Dimensions 18’ x 68’ (Approx.) in possession hereof agrees to return it to B6 immediately upon request of B6 or Owner. No portion of this Offering Memorandum may be copied Stories 4 or otherwise reproduced or disclosed to anyone without the prior written Gross SF 4,680 (Approx.) authorization of B6 and Owner. Each prospective purchaser and/or broker Units 8 proceeds at his, her or its own risk. Zoning (FAR) C1-7A/HY (6.02) Air Rights 6,217 (Approx.) You have the obligation to keep this Offering Memorandum, and any RE Assessment (18/19) $273,530 various papers, documents, legal instruments, studies, leases, brochures, computer output, and other materials concerning the Property (all of RE Taxes, (18/19) $34,790 the aforementioned information is collectively referred to as “Evaluation Material”) confidential. Certain Evaluation Materials, including the leases, are described in summary form. The summaries do not purport to be complete RENT ROLL AS OF 10/2018 nor accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Unit # Type Lease Type Lease Expiration Monthly Rent 1 1BR FM Month - Month $2,850 The information in this Offering Memorandum has been compiled from 2 2BR w/ Garden FM 7/31/19 $3,100 sources deemed to be reliable and does not purport to be all-inclusive or 3 1BR FM Month - Month $1,900 to contain all of the information which a prospective purchaser may desire. 4 2BR FM Month - Month $2,700 Neither B6 nor the Owner makes any representation or warranty whatsoever 5 1BR FM Vacant - Projected $2,400 regarding the accuracy, veracity, or completeness of the information provided herein and each of Owner and B6 (and their agents, advisors and 6 2BR FM Month - Month $1,500 representatives) expressly disclaim any and all liability for representations or 7 1BR FM Vacant - Projected $2,400 warranties, express or implied, contained in this Offering Memorandum or 8 2BR FM Vacant - Projected $2,700 the Evaluation Material or for omissions therefrom. Total Projected Monthly Revenue $19,550 Financial projections and information contained herein and in any Evaluation Total Projected Annual Revenue $234,600 Material, shall not be relied upon, are provided for general reference purposes only, and are based on assumptions relating to (and subject to) the general economy, market conditions, competition, and other factors beyond REVENUE control and, therefore, are subject to material change, volatility or variation. A prospective purchaser must make its own independent investigations, Gross Monthly Revenue $19,550 projections, and conclusions regarding the acquisition of the Property. Gross Annual Residential Revenue $234,600 This includes legal, tax, environmental, engineering and other as deemed Less Vacancy & Credit Loss 3% $7,038 necessary relative to a purchase of the Property. This Offering Memorandum Effective Gross Annual Revenue X $227,562 does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. This Offering Memorandum does not constitute an offer of securities. EXPENSES The Owner expressly reserves the right, at its sole discretion, to reject any R. E. Taxes (18/19) Actual $34,790 offer to purchase the Property or to terminate any negotiations with any Water & Sewer 2017 Actual + 3% $6,180 party, at any time, with or without written notice. The Owner and B6 reserve Gas & Electric 2017 Actual + 3% $10,538 the right to negotiate with one or more prospective purchasers at any Insurance 2017 Actual + 3% $6,333 time. This Offering Memorandum is subject to errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, Repairs and Maintenance Projected @ $900/unit $7,200 endorsement or advice as to the value of the Property by B6. Only a fully- Super Projected @ $500/month $6,000 executed real estate purchase agreement, approved by the Owner, and General & Administrative Projected @ $250/unit $2,000 Projected @ 4% of Gross executed and delivered to Owner and a prospective purchaser shall bind the Management $9,384 property. In no event shall a prospective purchaser have any claims against Monthly Revenue the Owner or B6 or any of their affiliates, officers, shareholders, owners, TOTAL ANNUAL EXPENSES Expenses Per Unit: $10,351 $82,426 employees, or agents for any damages, liability, or causes of action relating Exp / SF ex Taxes $10.25 to this solicitation process or the marketing or sale of the Property. Effective Gross Annual Revenue $227,562 The terms and conditions set forth above apply to this Offering Memorandum Less Expenses X% $82,426 in its entirety. Net Operating Income X $145,136 4 B6 REAL ESTATE ADVISORS 404 WEST 40TH STREET 5 COMMON AREAS APT 5 6 B6 REAL ESTATE ADVISORS 404 WEST 40TH STREET 7 ZONING INFORMATION New York City’s zoning regulates permitted uses of the property; the size of the building allowed in relation to the size of the lot (“floor to area ratio”); required open space on the lot, the number of dwelling units permitted; the distance between the building and the street; the distance between the building and the lot line; and the amount of parking required. The commercial district has eight different classifications. The manufacturing district has three different classifications. The residential district has ten different classifications. 404 West 40th Street are zoned C1-7A (R8A equivalent) . FAR: 6.02 (Residential) 404 West 40th Street The subject property is located on the south side of West 40th Street between Ninth and Tenth Avenue, east of the Dyer Avenue Lincoln Tunnel off-ramp. Block: 737 I Lot: 41 Excerpt From Department of City Planning 8 B6 REAL ESTATE ADVISORS 404 WEST 40TH STREET 9 GROUND FLOOR PLANS CELLAR FLOOR PLANS 10 B6 REAL ESTATE ADVISORS 404 WEST 40TH STREET 11 SUBWAY MAP BUS MAP 404 West 40th Street 404 West 40th Street 12 B6 REAL ESTATE ADVISORS 404 WEST 40TH STREET 13 NEIGHBORHOOD DESCRIPTION: HELL’S KITCHEN NEIGHBORHOOD MAP Considered one of Manhattan’s trendiest neighbor- both the avenues and many of the side streets are wide hoods, Hell’s Kitchen continues to grow and change assortment of cuisines from all over the world. One in ways that could not have been predicted 30 years particular street has become known as an epicenter ago. Located to the west of Eighth Avenue between for dining in Hell’s Kitchen. For over 100 years the 34th and 59th Street, the neighborhood has recently block of West 46th Street between Eighth and Ninth undergone a significant revitalization. Once known for Avenue has been home to some of the city’s finest being a haven for street gangs and mobsters, the area dining establishments. The street, dubbed “Restaurant has evolved into an epicenter for restaurants, night- Row” and officially dedicated by Mayor John Lindsey life, luxury condos and turn-of-the-century renovated in 1973, is currently the home to 34 restaurants. The townhouses. cuisine is as diverse as the clientele. Just as tourists arrive from all corners of the globe, the options on Throughout much of the last century, Hell’s Kitchen Restaurant Row are just as varied. From famed Italian was a melting pot. Home to immigrants of many restaurants such as Barbetta, to Thai cuisine of Bankok nationalities, the neighborhood was known for its House, to the Chilean restaurant Pomaire, Restaurant organized crime and violence. Although multiple Row’s diversity pleases all restaurant-goers. theories exist on how the name came to be, the most predominant recounts the story of a rookie cop telling BIG BUSINESS his veteran partner, “This place is Hell itself,” to which Broadway, Seventh, and Eighth Avenues in the mid- the veteran police officer replied, “Hell’s a mild climate. Fifties have become an international hub for numerous This is Hell’s Kitchen.” top-tier media companies including Time Warner, Random House, Viacom, and the Hearst Corporation. Although the Hell’s Kitchen moniker has lived long To the south, other media conglomerates such as past the rough-and-tumble days of the neighborhood, Conde Nast and Bertlesmann rub elbows with legal, many of the aspects have changed completely. Today, financial, and accounting giants such as Reuters, luxury condo buildings attract young professionals Morgan Stanley, Lehman Brothers, Skadden Arps, and and families. Restaurants dot the map with cuisines Ernst & Young. Each of these companies has taken up from all over the world, and bars and pubs attract residence in newly-minted office towers in the area. customers at all hours. These new high-rise developments and their high- powered tenants have transformed the area into a THE NEW FRONTIER premier business location.
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