Stone Street Portfolio
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STONE STREET PORTFOLIO FREE MARKET MIXED-USE LOFT RESIDENTIAL BUILDINGS FOR SALE Page 2 EXECUTIVE SUMMARY Douglas Elliman Commercial, as exclusive agent for ownership, is pleased to offer for sale 52 Stone Street and 53-55 Stone Street, New York, NY. The Stone Street portfolio is comprised of three mixed used buildings centrally located on historic Stone Street in Manhattan’s famed Financial district. Stone Street is a long favored destination for downtown and Wall Street professionals, local residents and global tourists seeking the New Amsterdam inspired Manhattan of yore. These 3 elevator buildings (22,852 SF blended) offer a total of 10 free-market 2 & 3 bedroom loft rental residences and 3 operating restaurants and collectively generate approximately $1,464,685 in annual income. The offering presents an excellent opportunity to acquire a prize investment portfolio, or an ideal headquarters for an owner-operator. AREA MAP Page 3 PROPERTY INFORMATION 52 STONE STREET 53 - 55 STONE STREET 52 STONE STREET 85 PEARL STREET 53 STONE STREET 17 S. WILLIAM STREET 55 STONE STREET 15 S. WILLIAM STREET North side of the Building South side of the Building South side of the Building North side of the Building South side of the Building North side of the Building ADDRESS 52 Stone Street (85 Pearl) Street, New York, New York 53-55 Stone Street (15-17 William), New York, New York LOCATION Southeast side of Stone Street between William & Broad Streets North side of Stone Street between William & Broad Streets BLOCK & LOT 29/26 29/46 $ 47 LOT DIMENSIONS 24’ x15’ -1”X57’-11”X26”-10”X71”-4” 46’-6”x83’-1”x33’-11”x79’-3” LOT SIZE 1,928 SF 3,244 SF STORIES 4 5 TOTAL RESIDENTIAL UNITS 3 Units (6,234 SF) 7 Units (11,924 SF) TOTAL RETAIL UNITS 1 Unit (1,928 SF) 2 Units (2,766 SF) GROSS BUILDING FLOOR AREA CALCULATION FLOOR 5 1,713 SF FLOOR 4 MEZZANINE* 450 SF FLOORS 1-4 7,712 12,977 SF CELLAR* 1,928 SF 3,244 SF TOTAL BUILDING GROSS AREA 10,090 SF 17,934 SF ZONING C5-5, LM C5-5, LM RESIDENTIAL FAR 10 10 32,440 TOTAL BUILDING SF 19,280 AVAILABLE AIR RIGHTS 11,118 SF 17,750 SF TAX CLASS 2A 2A FULY SPRINKLERED YES YES ELEVATOR 1 1 HISTORIC STONE STREET DISTRICT YES YES *Mezzanine and Cellar is not counted toward the building’s gross area square footage Note: All square feet measurements are approximate ASKING PRICE $20,750,000 Page 4 PROJECTED REVENUE 52 STONE STREET Alternate Address: 85 Pearl Street Residential Units Rentable Square Feet Layout Status Occupied 2 1,500 2 Bedroom FM Leased 3 1,300 2 Bedroom FM Leased 4 2,200 3 Bedroom FM Leased Retail 1, Cellar 1,643 Leased Total Projected Annual Income $482,803 53-55 STONE STREET Alternate Address: 15-17 S. William Street 53 STONE STREET Alternate Address: 17 S. William Street Residential Units Rentable Square Feet Layout Status Occupied 2B 1,300 2 Bedroom FM Pending 3B 1,300 2 Bedroom FM Leased 4B 1,300 3 Bedroom FM Pending 5B 1,300 3 Bedroom FM Pending Retail 1B, LL 1,350 Leased Total Projected Annual Income $515,718 55 STONE STREET Alternate Address: 15 S. William Street Residential Units Rentable Square Feet Layout Status Occupied 2A 1,400 2 Bedroom FM Leaesd 3A 1,400 2 Bedroom FM Leased 4A 1,400 2 Bedroom FM Leased Retail 1A, Cellar 2,200 Leased Total Projected Annual Income $466,164 Page 5 EXPENSES ESTIMATED 52 STONE STREET 53 STONE STREET 55 STONE STREET 2020-21 Real Estate Taxes (Actual) $147,400 $154,862 $109,822 Insurance $9,267 $9,267 $9,267 Electric $4,812 $8,004 $1,680 Gas $4,140 $5,268 $2,064 Water/Sewer $20,616 $6,780 $6,780 Service Contracts $12,355 $6,861 $6,861 Repairs & Maintenance $7,332 $6,300 $3,192 Total Expenses $205,753 $197,122 $139,609 Gross Revenue $482,803 $515,718 $466,164 (Less Expenses) $205,753 $197,122 $139,609 NET OPERATING INCOME $277,050 $318,596 $326,555 INTERIOR Page 6 ZONING C5 -5 C5 is a central commercial district with continuous retail frontage intended for offices and retail establishments that serve the en- tire metropolitan region. Famous shopping streets, such as Fifth Avenue, Madison Avenue and East 57th Street are C5 districts. Parts of Lower Manhattan, Downtown Brooklyn and Long Island City are also within C5 districts. Department stores, large office buildings, and mixed buildings with residential space above office or commercial floors, are typ- ical C5 uses. Use Groups 5 (hotels), 6, 9 and 10 (retail shops and business services) and 11 (custom manufacturing) are permitted in C5 districts. Home maintenance services, auto rental establish- ments and other uses not in character with the district, including illuminated signs, are not permitted. The maximum commercial floor area ratio (FAR) ranges from 4.0 to 15.0, and the maximum residential FAR is 10.0. Floor area may be increased by a bonus for a public plaza or Inclusionary Housing. In the two contextual C5 districts—C5-1A and C5-2A—residential bulk and density are governed by R10A regulations. In non- contextual C5-2 through C5-5 districts, a building occupied by commercial, residential and/or community facility uses may be configured as a tower. A residential tower is also allowed in C5-1 districts. All commercial uses in C5 districts are exempt from off-street parking requirements because public transportation is easily accessible. Restricted Commercial District C5-3 C5 C5-1 C5-2 C5-5 C5-4 C5-1A C5-2A Commercial FAR 4.0 10.0 10.0 10.0 4.0 10.0 Residential District Equivalent R10 R10 R10 R10 R10A Required Accessory Parking PRC-B None Permitted Sign Regulations 3 X street frontage 3 X street frontage 3 X street frontage 5 X street frontage 3 X street frontage (200 sf total) (surface area) (200 sf total) (200 sf total) (200 sf total) (200 sf total) Page 7 ZONING LM SPECIAL LOWER MANHATTAN DISTRICT The Special Lower Manhattan District (LM) was established to enhance the vitality of Lower Manhattan, home of the city’s oldest central business district and a growing residential com- munity. The district regulations allow for the conversion of older commercial buildings to residential use and encourage a dynamic mix of uses in the area while protecting its distinc- tive skyline and old street patterns. The built character of the area is enhanced by heights and setback regulations and limitation on the dimensions of tall buildings. The pedestrian environment is enriched by requirements for retail continuity, pedestrian circulation space and subway station inprove- ments. The Special Lower Manhattan District covers the area south of Murray Street, City Hall Park and the approaches to the Brooklyn Bridge, excluding Battery Park City. Two subar- eas are located within the special district: the South Street Seaport Subdistrict and the Historic and Commercial Core. The South Street Seaport Subdistricts protects the scale and character of 18th and 19th century mercantile buildings by allowing the transfer of development rights to ensure that new development in the area bounded by Wall Street, Broad- way, Water Street and Whitehall Street will be compatible with existing buildings that line streets mapped in the Streetplan of New Amsterdam and Colonial New York, a street layout ac- corded landmark status by the NYC Landmarks Preservation Commission. A transfer of development rights (TDR) allows for the transfer of unused developments rights from one zoning lot to another in limited circumstances, usually to promote the pres- ervation of historic buildings, open space or unique cultural resources. For such purposes, a TDR may be permitted where the transfer could not be accomplished through a zoning lot merger. In the case of landmark building, for example, a transfer may be made by CPC specail permit from the zoning lot containing the designaged landmark to an adjacent zoning lot or one that is directly across a street or, for a corner lot, another corner lot on the same intersection. Page 8 Page 9 FOR FURTHER INFORMATION & INSPECTION, PLEASE CONTACT: MARC PALERMO Licensed Associate Real Estate Broker M: 646.285.6015 [email protected] LOUIS PUOPOLO Licensed Associate Real Estate Broker M: 917.374.0099 [email protected] This Offering Memorandum has been prepared exclusively by Douglas Elliman Commercial, LLC (“DEC”) on behalf of Ownership, the (“Owner”), regarding the purchase of the property described herein at 52 Stone Street, and 53-55 Stone Street New York (the “Property”). The materials and information contained in this Offering Memorandum do not purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All materials have been developed by DEC, the Owners and other sources and are subject to variation. No representation is made by DEC or the Owners as to the accuracy or completeness of the information contained herein and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, DEC and the Owners and their employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, DEC, the Owners and their employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient.