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. In recent years, developers have been stampeding to the far west side of the neighborhood between Tenth TRANSPORTATION and Twelfth Avenues, an area considered one of the Hell’s Kitchen benefits from outstanding access to all city’s last frontiers. major forms of transportation due to its proximity to subway hubs at Columbus Circle and Times Square Built in 2013, Gotham West, is a four-tower which provide a direct link to the ACE, BDFQ, NR & 404 West 40th Street megaproject. Spanning the Western two-thirds of 1/2/3 subway lines. These lines afford quick access to the block bounded by Tenth and Eleventh Avenues both the east and west sides of Downtown Manhattan, between 44th and 45th Streets, this development the Bronx, Brooklyn, and Queens. boasts a 31-story tower, two 14-story towers, 1,240 residential units, 17,000 square feet of retail, a 200- In addition, the area is served by bus routes running car parking garage and a newly expanded school. On north and south on Tenth Madison (#2/3), Fifth (#2/3), the ground level is the Gotham West Market, a 10,000 Sixth (#5) and Seventh (#10) Avenues, as well as east square foot “luxury food court” featuring fine dining and west along 50th, and 57th Streets. and specialty food options from the city’s top-rated chefs. By car, there is easy access to the Westside Highway and cross-town via 57th and 42nd Streets. All major On West 42nd Street between Eleventh and Twelfth bridges and tunnels are easily accessible from the Avenues are several new, high-profile residential site. The three local airports are within easy reach: developments. On the north side of 42nd Street is LaGuardia Airport (35 minutes), John F. Kennedy the Atelier, a 478 unit, 46-story luxury condominium Airport (50 minutes), and Newark Airport (35 minutes). building developed by the Moinian Group. On the south side of 42nd Street, Silverstein Properties CONCLUSION recently finished the much heralded Silver Towers at No other micro-market in Manhattan enjoys Hell’s River Place. Both developments will assuredly bring Kitchen’s mix of character and convenience. The new residents to the community which is turn will neighborhood has a competitive advantage over other drive retail along the avenues. New York markets in its ability to capture a broad range of market demand segments. Demand for NIGHTLIFE investment and development caliber property in this No neighborhood in Manhattan offers a denser area has been on the increase over the past decade, collection of restaurants than Hell’s Kitchen. Lining and this pattern has shown no signs of stopping.

14 B6 REAL ESTATE ADVISORS 404 WEST 40TH STREET 15 TAX ASSESSMENT TAX BILL

16 B6 REAL ESTATE ADVISORS 404 WEST 40TH STREET 17 CERTIFICATE OF OCCUPANCY DEP’T OF BUILDINGS PROFILE

HPD PROFILE

18 B6 REAL ESTATE ADVISORS 404 WEST 40TH STREET 19 BACKGROUND PROPERTIES SOLD CHRIS BRODHEAD MANAGING DIRECTOR

A true believer in the “block-by-block, building-by-building” approach to sales, Christoffer “Chris” Brodhead is thrilled to captain B6 Real Estate’s sales efforts in the Hell’s Kitchen/Midtown West neighborhood.

An industry veteran, with nearly two decades of experience selling properties in the Hell’s Kitchen/Midtown West area, Chris has sold over 100 buildings in more than 80 transactions in this neighborhood. His expertise and understanding of this local market is unparalleled.

Previously, he was a Managing Director at Cushman & Wakefield and at Massey Knakal Realty Services, which was acquired by Cushman & Wakefield on December 31, 2014.

A native New Yorker, Chris grew up on Manhattan’s West Side and spent much of his youth playing basketball in the area’s parks and playgrounds, (Sadly, age has caught up with him, and his basketball game is now a shadow of its old self!) He received his Bachelor of Arts degree in International Relations from Brown University in Providence, Rhode Island, followed by a Master’s degree in Urban Planning and Development from the Institut Français d’Urbanisme in Paris, France. After working in France and Washington, D.C. for Special Olympics International, he joined Massey Knakal Realty Services in 1999.

When not walking and working the proverbial beat in Hell’s Kitchen/ Midtown West, Chris enjoys spending time with his wife and three sons, gardening, fishing, and volunteering as an EMT.

Affiliations Real Estate Board of New York

20 B6 REAL ESTATE ADVISORS 404 WEST 40TH STREET 21 B6 REAL ESTATE ADVISORS 1040 Avenue of the Americas, 8th Floor New York, NY 10018

FOR MORE INFORMATION, PLEASE CONTACT EXCLUSIVE AGENT

Christoffer Brodhead Partner/ Managing Director 646 933 2616 [email protected]