FOR SALE 257 WEST 12TH STREET New York, NY 10014

WEST VILLAGE APARTMENT BUILDING FOR SALE Property Information

Block / Lot 615 / 90

Lot Size 25' x 70'

Lot SF (Approx.) 1,755

Building Dimensions (Approx.) 25' x 59' Irr.

Building SF (Approx.) 8,100 (Includes Step-Down LL)

Stories 5 + Lower Level W/ Egress

Residential Units 11

Zoning R6

Residential FAR 2.20

Air Rights (Approx.) None

Historic District Greenwich Village

RE Assessment (17/18) $911,880 (Tax Class 2)

RE Taxes (17/18) $117,560 (Tax Class 2)

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a 25' wide, five-story plus lower level, walk-up apartment building located on the north side of West 12th Street between Greenwich Avenue and West 4th Street. The building has been owned and operated by current ownership for over 10 years. The property consists of 11 large railroad-style apartments of which nine are FM and two are RS. The average in-place rent is approximately $58 per square foot which is 40% below market. There is substantial upside in rents by renovating the common areas and converting the apartments into two-bedroom units (currently only four of them are two- bedrooms). Additionally, if the property can be vacated, it would make for an expansive single family townhouse conversion opportunity on a block that commands in excess of $2,200 per square foot for similar assets. It is located steps from popular neighborhood spots such as Wallflower, Monument Lane, Corner Bistro, and Beatrice Inn as well as area amenities such as Equinox, St. Vincent's Park, and Bleecker Playground. Additionally, it is three blocks south of the 14th Street stops to the A, C, E, L, 1, 2, and 3 trains. This is a rare opportunity to acquire an investment property with strong in-place cash flow and immediate upside in the rents with additional long-term upside as a single family conversion on one of the best blocks in the West Village.

ASKING PRICE James Nelson, Vice Chairman David Yaeli, Senior Associate 212.696.2500 x7710 // [email protected] 212.589.5116// [email protected]

$10,950,000 David Shalom, Director Mitchell Levine, Director 212.660.7767 // [email protected] 212.660.7761 // [email protected]

For Financing: Brandon Polakoff, Associate Director Carly Weinreb, Senior Associate Ryan Carlson, Equity & Debt Coordinator 212.660.7755 // [email protected] 212.589.5114 // [email protected] 212.660.7782// [email protected]

Cushman & Wakefield copyright 2017. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. FOR SALE 257 WEST 12TH STREET New York, NY 10014

FINANCIAL SNAPSHOT

RESIDENTIAL REVENUE

(1) UNIT STATUS TYPE NSF LXP MONTHLY RENT $/SF ANNUAL RENT MARKET $/SF MARKET ANNUAL

BE FM Studio 432 May-17 $2,350 $65 $28,200 $95 $41,040

1E FM 1 BR / 1 BA 615 Jun-17 $3,800 $74 $45,600 $95 $58,425 1 BR / 1.5 BA 1W FM 1,140 Jul-17 $4,900 $52 $58,800 $100 $114,000 + Garden 2E RS 1 BR / 1 BA 615 Oct-18 $1,075 $21 $12,896 $21 $12,896

2W FM 1 BR / 1 BA 615 Jun-17 $3,700 $72 $44,400 $95 $58,425

3E FM 2 BR / 1 BA 615 Oct-18 $3,300 $64 $39,600 $95 $58,425

3W FM 2 BR / 1 BA 615 Jun-17 $3,800 $74 $45,600 $95 $58,425

4E FM 1 BR / 1 BA 615 Jul-17 $3,500 $68 $42,000 $95 $58,425

4W FM 2 BR / 1 BA 615 May-17 $3,600 $70 $43,200 $95 $58,425

5E RS 1 BR / 1 BA 615 Nov-18 $1,026 $20 $12,313 $20 $12,313

5W FM 2 BR / 1 BA 615 Apr-17 $3,200 $62 $38,400 $95 $58,425

TOTAL 7,107 $34,251 $58 $411,009 $83 $589,224

*Yellow denotes projection at market rent (1) Pending DHCR reconciliation

EXPENSES METRIC AMOUNT AMOUNT

RE Taxes (17/18) Actual $117,560 $117,560

Common Electric Projected @ $0.25/SF $2,025 $2,025

Water & Sewer Projected @ $1.00/SF $8,100 $8,100

Insurance Projected @ $1.00/SF $8,100 $8,100

Fuel Projected @ $1.50/SF $12,150 $12,150

Repairs & Maintenance Projected @ $500/Unit $5,500 $5,500

Super Projected @ $300/Unit $3,300 $3,300

Management Projected @ 3% of EGI $12,330 $17,677

TOTAL $169,065 $174,411

Residential Income $411,009 $589,224

Less Expenses ($169,065) ($174,411)

Net Operating Income $241,945 $414,813

Cushman & Wakefield copyright 2017. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.