DOCSLIB.ORG

Hidden Asset Case Study

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Hidden Asset Case Study Hidden Asset Searching for Value Since 1975 In July of 1975, we profiled Tiffany & Company when its shares were trading at $7.50. The market capitalization of the entire company was approximately $30 million. The venerable Tiffany store located on the corner of Fifth Avenue and 57th Street, perhaps one of the most valuable real estate sites in the United States, was worth more than the entire market capitalization of the company. Consequently and investor was receiving the iconic Tiffany trademark, and its valuable inventory, including the renowned Tiffany Diamond for zero cost. In November of 1978, Avon Products purchased the company for $41.41 per share, or an increase of 452% from when we initially profiled the company.* We have found that one of the best hidden asset approaches has been investing in great consumer franchises that are masked by a corporate name. For example, years ago we profiled Stokley-Van Camp. We were attracted to Stokley not because we were enamored with their baked beans business, but because Stokley owned Gatorade, a valuable but relatively unknown business at the time. We believed the Gatorade brand was worth significantly more than the entire market value of the company. We wrote up Stokley in April of 1975 at $17.00 per share and it was acquired in 1983 by Quaker Oats for $77.00 per share, or a 352% return. In 1979 we profiled Binney & Smith the makers of the iconic Crayola Crayons at $19.00 per share, and in 1984 it was purchased by Hallmark Cards Inc. for $56.00 per share or a 194% return from our initial report. Published by: BOYAR'S INTRINSIC VALUE RESEARCH LLC 35 East 21 St. Suite 8E New York, NY 10010 Tel: 212-995-8300 Fax: 212-995-5636 www.BoyarValueGroup.com Asset Analysis Focus is not an investment advisory bulletin, recommending the purchase or sale of any security. Rather it should be used as a guide in aiding the investment community to better understand the intrinsic worth of a corporation. The service is not intended to replace fundamental research, but should be used in conjunction with it. Additional information is available on request. The statistical and other information contained in this document has been obtained from official reports, current manuals and other sources which we believe reliable. While we cannot guarantee its entire accuracy or completeness, we believe it may be accepted as substantially correct. Boyar's Intrinsic Value Research LLC its officers, directors and employees may at times have a position in any security mentioned herein. This is an example of a past success of Asset Analysis Focus. This may not be illustrative of all of our work, and past performance is no guarantee of future results. Boyar's Intrinsic Value Research LLC Copyright 2012. A current example of a company in our universe that has a “hidden asset,” is Madison Square Garden. MSG was initially probed in the March 2010 issue of Asset Analysis Focus. The stock price at the time of publication was $21.91 which represented/offered 112% upside to our then estimate of intrinsic or private market value. MSG boasts a number of trophy properties in the sports and entertainment industry including the legendary Garden arena, the NY Knicks and NY Rangers sports franchises, the MSG Cable Networks and Radio City Music Hall. In addition to its marquee assets, the Company owns significant air/development rights associated with the Garden arena. Those valuable assets are not on the company’s balance sheet. Vornado has long talked about its desire to turn the MSG/Penn Station area into a massive mixed-use development. The only thing that stands in their way is the Dolans, and we believe MSG’s air rights are worth substantially more in Vornado’s hands than they are in the Dolans’. As illustrated in the following map, Madison Square Garden (depicted as point “A” on the following maps) is situated right in the middle of a collection of Vornado owned properties. th Map Source: Mapquest.com 330 W. 34 Street Hotel Data Source: NY Observer Moynihan Station (Potential Pennsylvania Development) Manhattan Mall One Penn Plaza 11 Penn Plaza Two Penn Plaza 7 W. 34th Street To read an interview where Mark Boyar discussed his investment thesis on MSG, please visit: http://seekingalpha.com/article/247698-just-one-stock-the-sports-and-media-icon-that-could-go-private-at-a- premium. According to the above chart, there is limited new office capacity slated for Manhattan over the next five years, with no new supply targeted for midtown. As a result, we believe that despite the current demand/supply real estate imbalance in Manhattan, the current environment may present an opportunity for a long term oriented (and patient) investor such as Vornado. Furthermore, the Penn Station area is one of the few areas in Manhattan that has not seen a major redevelopment in recent years, and its proximity to a major transportation hub is appealing for developers. Given the Dolans’ history, it does not surprise us that the Company’s most valuable asset receives only a cursory mention in MSG’s 248 page Form 10, which was filed with the SEC in connection with the spinoff. The following are the limited details of MSG’s air/development rights, which are buried on page 48 of that filing: “We own the Madison Square Garden building, the platform on which it is built and certain development rights (including air rights) associated with the lot. Madison Square Garden sits atop Pennsylvania Station, a major commuter hub in Manhattan, which is owned by the National Railroad Passenger Corporation (Amtrak). While the development rights we own would permit us to expand in the future, any such use of development rights would require various approvals from the City of New York.” MSG Real Estate Valuation We believe that the Company’s real estate holdings could become increasingly valuable due to Vornado’s interest in redeveloping the area around Penn Station. While the Company has provided little disclosure about its exact real estate holdings, MSG is believed to hold ~1 million square feet of air/development rights directly above Madison Square Garden. In addition, we believe the Company also holds up to an additional 2.0 million-2.5 million square feet of air rights/development rights that could be unlocked, but are contingent on improvements MSG would have to make to the Penn Station transit hub. 1 Past performance is no guarantee of future results. .
Load more

Recommended publications
  • Vornado Completes Acquisition and Financing of Manhattan Mall
    Vornado Completes Acquisition and Financing of Manhattan Mall Company Release - 1/10/2007 PARAMUS, N.J.--(BUSINESS WIRE)-- Vornado Realty Trust (NYSE:VNO) announced today that it has completed its previously announced $689 million acquisition of the Manhattan Mall, a mixed use property located on the entire Sixth Avenue blockfront between 32nd and 33rd Streets in Manhattan. The property contains approximately 1.0 million square feet, including 812,000 square feet of oce space and 164,000 square feet of retail space. Included as part of the transaction are 250,000 square feet of additional air rights. The property is adjacent to the 1.4 million square foot Hotel Pennsylvania owned by Vornado. At closing, the Company completed a $232 million nancing of the property. The loan bears interest at LIBOR plus 0.55% and matures in February 2009 with three one-year extension options. Vornado Realty Trust is a fully-integrated equity real estate investment trust. Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially dierent from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, nancing commitments and general competitive factors. Source: Vornado Realty Trust Contact: Vornado Realty Trust Joseph Macnow, 201-587-1000 1.
    [Show full text]
  • Chapter 17: Socioeconomics
    Chapter 17: Socioeconomics 17.1 INTRODUCTION This chapter presents the analysis the FRA conducted to evaluate the potential effects of the No Action Alternative and Preferred Alternative on the social and economic conditions in the Study Area. The social and economic conditions include the people who live and work within the Study Area, including descriptions of employment, jobs, and housing, and the trade and economic characteristics of businesses located within the Study Area. The chapter also presents FRA’s evaluation of potential effects of the No Action Alternative and the Preferred Alternative on the elderly and persons with disabilities, as well as potential effects on community facilities and services. 17.2 REGULATORY CONTEXT FRA followed the 23 CFR Part 771 and relevant CEQ guidelines, CEQR Technical Manual methodology guidance, as well as the guidelines and standards from the American Disabilities Act (ADA) and Title VI of the Civil Rights Act of 1964 to prepare the analyses of the social and economic conditions. For additional details on the regulatory context, please refer to Chapter 14 of Appendix B, “Methodology Report.” 17.3 ANALYSIS METHODOLOGY This section describes the Study Area and data sources FRA used, as well as the analysis techniques utilized for each category of assessment presented in this chapter. 17.3.1 STUDY AREA The Study Area is inclusive of the Project Site, immediate routes for travel of construction workers, goods and services, and retail and commercial businesses readily accessible to both to construction and operation personnel. The size of the Study Area is based on consideration of potential Preferred Alternative impacts to socioeconomic conditions during construction, including the location of active construction in combination with the potential construction access routes, and during operation.
    [Show full text]
  • Active Corporations: Beginning 1800
    Active Corporations: Beginning 1800 DOS ID Current Entity Name 5306 MAGNOLIA METAL COMPANY 5310 BRISTOL WAGON AND CARRIAGE WORKS 5313 DUNLOP COAL COMPANY LIMITED 5314 THE DE-LON CORP. 5316 THE MILLER COMPANY 5318 KOMPACT PRODUCTS CORPORATION 5339 METROPOLITAN CHAIN STORES, INC. 5341 N. J. HOME BUILDERS CORPORATION 5349 THE CAPITA ENDOWMENT COMPANY 5360 ECLIPSE LEATHER CORP. 6589 SHERWOOD BROS. CO. 6590 BURLINGTON VENETIAN BLIND COMPANY 6593 CAB SALES COMPANY 6600 WALDIA REALTY CORPORATION 6618 GATTI SERVICE INCORPORATED 6628 HANDI APPLIANCE CORPORATION 6642 THE M. B. PARKER CONSTRUCTION COMPANY 6646 ALLIED BANKSHARES COMPANY 6651 SYRACUSE PURCHASING COMPANY, INC. Page 1 of 2794 09/28/2021 Active Corporations: Beginning 1800 Initial DOS Filing Date County Jurisdiction 06/08/1893 NEW YORK WEST VIRGINIA 05/16/1893 NEW YORK UNITED KINGDOM 09/17/1924 ERIE ONTARIO 09/18/1924 SARATOGA DELAWARE 09/19/1924 NEW YORK CONNECTICUT 09/12/1924 NEW YORK DELAWARE 10/27/1924 NEW YORK DELAWARE 10/27/1924 NEW YORK NEW JERSEY 10/24/1924 ALBANY OHIO 11/18/1924 NEW YORK NEW JERSEY 02/15/1895 ALBANY PENNSYLVANIA 02/16/1895 NEW YORK VERMONT 11/03/1927 NEW YORK DELAWARE 11/09/1927 NEW YORK DELAWARE 11/23/1927 NEW YORK NEW JERSEY 12/02/1927 NEW YORK DELAWARE 12/12/1927 NEW YORK OHIO 12/16/1927 NEW YORK NEW JERSEY 12/14/1927 NEW YORK GEORGIA Page 2 of 2794 09/28/2021 Active Corporations: Beginning 1800 Entity Type DOS Process Name FOREIGN BUSINESS CORPORATION EDWARD C. MILLER FOREIGN BUSINESS CORPORATION ALFRED HEYN FOREIGN BUSINESS CORPORATION DUNLOP COAL COMPANY LIMITED FOREIGN BUSINESS CORPORATION THE DE-LON CORP.
    [Show full text]
  • Student Guide 2018-19
    - -- NEW YORK LANGUAGE CENTER STUDENT GUIDE 2018-2019 New York Language Center Student Guide TABLE OF CONTENTS Welcome to NYLC 4 Mission Statement 4 Certifications and Affiliations 4 Our Facilities 5 Staff 6 Teaching Faculty 6 Teaching Method 6 Level Placement 6 Programs Offered 7 Proficiency Descriptors by Levels 10 Course Description – Daytime Programs 12 Change of Level Procedure 12 Change of Program Procedure 13 School Fees 13 Payments 13 Rules and Policies and Other Important Information 14 Attendance 14 Attendance Policy 14 Grading, Pass and Fail and Level Progression 14 Grading Scale 15 Grade Reports on the NYLC App 15 Certificate Protocol 15 NYLC Policy & Procedure for Appealing Final Grade 16 Rules of Conduct 16 Textbooks 17 Copyright Policy 17 Termination by the School 17 Requesting a Refund 17 Student Life and Services 18 New Student Orientation and Office Hours 18 Agent Referred Students 18 Student Activities 18 Help for Distressed Students 18 Cultural Adjustment and Culture Shock 18 Professional Medical or Mental Health Referrals 19 Health Insurance 19 Safety 19 Student Identification Cards 20 Housing 20 College or University Placements 20 Banking 20 Student Complaints 20 Student Complaint Procedure 21 Student Survey 21 Updates to Student Information 21 NYLC Student Guide Page | 2 Confidentiality of Information 21 Weather Related Closings 21 Recovery Hours 21 Responsibilities for F1 Students 21 Terminology Related to F1 Students 22 Passport and I-20 23 Change of Address / End of Program Reporting 23 Attendance / Medical Leave 23 Travel for F1 Students 23 NYLC Annual Vacation Policy for F1 Students 23 Extensions 24 Transfers 24 Employment 24 Duration of Status 24 Getting to New York Language Center Branches 25 New York Life 26 NYLC Guide to New York 28 Top Picks For Things to Do in NYC 29 Excuse Me, Can You Help Me? 30 Helpful Websites 32 Subscribe to Our Blog 34 NYLC Student Guide Page | 3 Welcome to NYLC Welcome to New York Language Center.
    [Show full text]
  • Empire-State-Bldg.Pdf
    I{est Dominating the westward foreground is the dramatic black spike of ()ne Penn Plaza rising above the Madison Square Garden sports entertainment complex, and to its immediate right, the sprawling Jacob Javits Convention Center. Just beyond, the retired World War Il aircnaft carrier, Intrepid, houses the Air and Space Museum. From this area ferry services Iink Manhattan with New Jersey in minutes, while fleets of excursion craft stand by for sightseeing trips and dinner cruises around the island, or for day-long trips up the Hudson. Across the Hudson the New Jersey landscape stretches out past Newark lnternational Airport to the gently rolling hills of the Ramapo Mountains and beyond to the resort and vacation playgrounds of Pennsylvania's Pocono Mountains, South To the south the City takes on a Iess lofty character, where many of its historical buildings are dwarfed by the soaring Wall Street structures. Visible in the center foreground is the appropriately- named Flatiron Building, and south from there the elegant Woolworth Building, once the tallest building in the world at only 60 floors. To the right in Upper New York Bay stands the Great Lady herself, the Statue of Liberty, and the adjoining EIIis Island, where millions of immigrants first stood on American soil. To the lower left, the Manhattan and Brooklyn Bridges appear as miniatures against the backdrop of the majestic span of the Verrazano-Narrows Bridge joining the boroughs of Brooklyn and Staten lsland. I Ncrth Far below in the foreground to the right stands the shimmering Chrysler Building, the impressive Metlife Building (formerly the Pan Am Building) bordering nearby.
    [Show full text]
  • 800 Second Avenue New York, Ny
    GRAND CENTRAL / UNITED NATIONS OFFICE CONDOMINIUM FOR SALE 800 SECOND AVENUE NEW YORK, NY Northeast corner of 42nd Street 800 SECOND AVENUE NEW YORK, NY Available: 9th Floor: 10,750 RSF - 21,000 RSF Building Highlights: Price: $950/RSF • Ideal Midtown East location, straddling the Grand Central Estimated Common Charges: $8.05/RSF per annum and United Nations submarkets Estimated Real Estate Taxes: $8.55/RSF per annum • Close proximity to Grand Central Station, New York’s largest transit hub • Lobby is attended 24/7 Unit Highlights: • Elevators recently renovated • High-end existing medical installation • Ideal for doctors, businesses, United Nations organizations and companies who are looking to reap the long term • Four sides of excellent light and views benefits of office ownership • Continuous band of large, operable windows • Prominent presence off of the elevators E 66TH ST E 65TH ST E 64TH ST E 64TH ST CENTRAL PARK E 63RD ST 3RD AVE E 62ND ST YORK AVE YORK E 61ST ST 5TH AVE E 60TH ST E 60TH ST QUEENSBORO BRIDGE E 59TH ST W 58TH ST E 58TH ST E 58TH ST W 57TH ST E 57TH ST E 56TH ST E 56TH ST SUTTON PLACE SUTTON E 55TH ST W 54TH ST E 54TH ST E 54TH ST MADISON AVE E 53RD ST E 52TH ST W 51ST ST E 51ST ST E 50TH ST AVE OF THE AMERICAS AVE E 49TH ST FDR DR W 48TH ST E 48TH ST W 47TH ST E 47TH ST PARK AVE PARK E 46TH ST 5 MIN WALK W 45TH ST E 45TH ST 800 MIDTOWN SECOND EAST THE GRAND AVENUE UNITED RIVER TIMES SQUARE E 43RD ST CENTRAL NATIONS LEXINGTON AVE LEXINGTON 1ST AVE 1ST E 42ND ST QUEENS-MIDTOWN TUNNEL BRYANT E 41ST ST PARK TUDOR CITY PLACE E 40TH ST E 39TH ST TUNNEL EXIT ST 3RD AVE 6TH AVE E 38TH ST 2ND AVE E 37TH ST TUNNEL APPROACH ST TUNNEL APPROACH 5TH AVE E 36TH ST MURRAY HILL E 35TH ST E 34TH ST Food / Dining Hotels Organizations The Four Seasons The Hilton Grand Japan Society Smith & Wollensky W New York Turkish Center Sparks Steak House InterContinental New York U.S.
    [Show full text]
  • Vno- 12.31.20
    INDEX Page COVID-19 PANDEMIC 3 BUSINESS DEVELOPMENTS 4 - 5 FINANCIAL INFORMATION Financial Highlights 6 FFO, As Adjusted Bridge 7 Net (Loss) Income Attributable to Common Shareholders (Consolidated and by Segment) 8 - 11 Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment) 12 - 15 Same Store NOI at Share and Same Store NOI at Share - Cash Basis and NOI at Share By Region 16 Consolidated Balance Sheets 17 LEASING ACTIVITY AND LEASE EXPIRATIONS Leasing Activity 18 - 19 Lease Expirations 20 - 22 TRAILING TWELVE MONTH PRO-FORMA CASH NOI AT SHARE 23 DEBT AND CAPITALIZATION Capital Structure 24 Common Shares Data 25 Debt Analysis 26 Consolidated Debt Maturities 27 UNCONSOLIDATED JOINT VENTURES 28 - 30 DEVELOPMENT ACTIVITY AND CAPITAL EXPENDITURES Penn District Active Development/Redevelopment Summary 31 Other Development/Redevelopment Summary 32 Capital Expenditures, Tenant Improvements and Leasing Commissions 33 - 36 PROPERTY STATISTICS Square Footage 37 Top 30 Tenants 38 Occupancy and Residential Statistics 39 Ground Leases 40 Property Table 41 - 51 EXECUTIVE OFFICERS AND RESEARCH COVERAGE 52 APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS Definitions i Reconciliations ii - xvi Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements.
    [Show full text]
  • Things to Do in NYC
    Restaurants $ Woorijip Korean cafeteria-style restaurant, Popular, no-frills staple with buffet-style hot & cold dishes plus prepared foods for a quick lunch. 12 W 32nd St, New York, NY 10001 http://www.woorijipnyc.net/ Food Gallery 32 Korean and Asian food court: Asian eats from noodles to spicy fried chicken can be had at this multi-level food court. 11 W 32nd St, New York, NY 10001 https://foodgallery32nyc.com/ Xi'an Famous Foods Local, immigrant-owned chain. Xi’an Chinese food. Local counter-serve chain offering Xi'an-style Chinese fare, including noodles, soups & sandwiches. 24 W 45th St, New York, NY 10036 https://www.xianfoods.com/ The Halal Guys Food Cart Local, immigrant-owned chain. Started as a food truck at this location. Corner of W 53rd St & 6th Ave https://thehalalguys.com/ Shake Shack Gourmet fast food. The original shack is in Madison Square Park. Hip, counter-serve chain for gourmet takes on fast-food classics like burgers & frozen custard. 691 8th Ave, New York, NY 10036 Amy’s Bread Local, woman-owned bakery and cafe. Bakery/cafe offering artisanal breads, sandwiches, pastries & beverages to eat in or take home. 672 9th Ave, New York, NY 10036 http://www.amysbread.com/ $$ Westway Diner Classic NYC diner, 24/7 Breakfast, dinner & anything in between including Greek & Italian dishes is available here anytime. 614 9th Ave, New York, NY 10036 https://www.westwaydiner.com/ $$$ Bryant Park Grill American restaurant in Bryant Park and behind the New York Public Library. Great place to have a delicious cocktail on its roof! 25 W 40th St, New York, NY 10018 http://bryantparkgrillnyc.com/ Chelsea Market Chelsea Market is a food hall, shopping mall, office building and television production facility located in the Chelsea neighborhood of the borough of Manhattan, in New York City.
    [Show full text]
  • Newly Renovated Space with Incredible Visibility from Herald Square Floorplans
    1250 BROADWAY - RETAIL BETWEEN 31ST AND 32ND STREETS NEWLY RENOVATED SPACE WITH INCREDIBLE VISIBILITY FROM HERALD SQUARE FLOORPLANS PREMISES SIZE CEILING HEIGHTS FRONTAGE COMMENTS GROUND A (CORNER) 1,866 SF 18‘ 6‘‘ 32nd St. - 49‘ Broadway - 44‘ GROUND B (BWAY) 2,117 SF 18‘ 6‘‘ Broadway - 46‘ Potential for divisions Can be combined with DN LOWER LEVEL 2,367 SF 15‘ N/A UP Ground Floor A or B UP DN LEASED TO RESTAURANT UP DN GROUP UP GROUND C (32ND) 443 SF 18‘ 6‘‘ 32nd St. - 13‘ No Coffee UP UP DN Broadway & Can be combined with SECOND FLOOR 9,188 SF 15‘ 13' RETAIL C 32nd St. Ground Floor A or B 443 USF DN 32ND STREET POSSESSION ASKING RENT UP Immediate Upon Request DN DN RETAIL A RETAIL B 1,866 USF 2,117 USF COMMENTS 49' • Ground floor A & B can be combined. NEW 31ST STREET NEW LOBBY • Steps from 12 subway lines and PATH, with Penn Station PLAZA WITH ENTRANCE OUTDOOR SEATING only 1 block away AVAILABLE • Extensive $85 million capital improvement program including 44' 46' 32ND STREET 31ST STREET new entrance, lobby and amenity spaces BROADWAY BROADWAY • New 32nd Street Plaza to be created SPACE A & B CAN BE COMBINED TO 3,983 USF • Tremendous visibility from Herald Square NOMADTOWER.COM FLOORPLANS Nelco Architecture, Inc. a licensed affiliate 22 West 19th Street, 2nd Floor New York, NY. 10011 Phone: (212) 481-1119 Fax: (212) 481-8170 MEP M. CHETRIT CONSULTING ENGINEERS P.C. 630 9TH STREET, SUITE 408 NEW YORK, NY 10036 DN STRUCTURAL WISS, JANEY, ELSTNER ASSOCIATES, INC.
    [Show full text]
  • State of the Chains, 2020
    www.nycfuture.org DECEMBER 2020 STATE OF THE CHAINS, 2020 Our thirteenth annual ranking of national retailers in New York City finds by far the largest overall decline in the number of chain stores, and the third consecutive year-over-year drop in national retailer locations. The year was marked by unprecedented economic volatility across all sectors, and within all boroughs, as the national retail market experienced unprecedented contraction as a result of the COVID-19 outbreak and subsequent shutdowns and store closures. CONTENTS INTRODUCTION 3 SIDEBAR: WHERE THE CHANGE IS OCCURRING 9 NEW YORK CITY’S LARGEST NATIONAL RETAILERS, 2020 11 NATIONAL RETAILER GROWTH BY INDUSTRY CATEGORY, 2019-2020 23 NATIONAL RETAILERS IN NYC BY ZIP CODE 24 MANHATTAN 29 BROOKLYN 32 This report was written by Marco Torres and edited by Charles Shaviro, Eli Dvorkin, and Jonathan Bowles. QUEENS 34 BRONX 37 Center for an Urban Future (CUF) is a leading New York STATEN ISLAND 38 City–based think tank that generates smart and sustainable public policies to reduce inequality, increase economic mobility, and grow the economy. General operating support for the Center for an Urban Future has been provided by The Clark Foundation and the Bernard F. and Alva B. Gimbel Foundation. CUF is also grateful for support from Fisher Brothers for the Middle Class Jobs Project. Executive Director: Jonathan Bowles Editorial & Policy Director: Eli Dvorkin Associate Editor: Laird Gallagher Data Researcher: Charles Shaviro Events & Operations Manager: Stephanie Arevalo Board of Directors: Gifford Miller (Chairman), Michael Connor (Vice Chair), Max Neukirchen (Treasurer), John H. Alschuler, Margaret Anadu, Jonathan Bowles, Russell Dubner, Lisa Gomez, Jalak Jobanputra, Kyle Kimball, David Lebenstein, Eric S.
    [Show full text]
  • ~10,000 BSF CORNER DEVELOPMENT SITE Commercial Development Opportunity in Nomad PROPERTY OVERVIEW
    ~10,000 BSF CORNER DEVELOPMENT SITE Commercial Development Opportunity In NoMad PROPERTY OVERVIEW ASKING PRICE: $7,500,000 PROPERTY INFORMATION: Address: 836 Avenue Of The Americas, New York, NY 10001 Location Located on the northeast corner of Sixth Avenue & West 29th Street. Block & Lot: 831-1 Lot Dimensions: 24.67' x 40.33' Lot SF: 996 SF (approx.) Zoning: C6-4X (R10X) Residential & Commercial FAR: 10.00 Total Buildable SF (As-of-Right): 9,960 SF (approx.) Assessment (19/20): $351,000 Annual Property Tax (19/20): $36,904 Tax Rate: 10.5140% Tax Class: 2 TAX MAP: West 30th Street Broadway Avenue Of TheAvenue Americas West 29th Street 2 836 AVENUE OF THE AMERICAS EXECUTIVE SUMMARY THE OPPORTUNITY: Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 836 Avenue of Americas. The subject property is a development site located on the northeast corner of Sixth Avenue and West 29th Street. This property is zoned C6-4X which has a commercial and residential FAR of 10.00 which equates to 9,960 buildable square feet. This site provides future ownership with an extremely rare opportunity to develop a retail or office building in one of the most coveted neighborhoods in New York City. Sixth Avenue is home to an abundance of restaurants, offices, hotels, and luxury condominiums. The property also benefits from its close proximity to an array of transportation options. The area is canvassed by a variety of subway lines, including the N R F M ^ & ! trains, as well as New Jersey Path and multiple bus lines.
    [Show full text]
  • Manhattan Office Market
    Manhattan Offi ce Market 1 ST QUARTER 2016 REPORT A NEWS RECAP AND MARKET SNAPSHOT Pictured: 915 Broadway Looking Ahead Finance Department’s Tentative Assessment Roll Takes High Retail Rents into Account Consumers are not the only ones attracted by the luxury offerings along the city’s prime 5th Avenue retail corridor between 48th and 59th Streets where activity has raised retail rents. The city’s Department of Finance is getting in on the action, prompting the agency to increase tax assessments on some of the high-profi le properties. A tentative tax roll released last month for the 2016-2017 tax year brings the total market value of New York City’s real estate to over $1 trillion — reportedly for the fi rst time. The overall taxable assessed values for the city would increase 8.10%. Brooklyn’s assessed values accounted for the sharpest rise of 9.83% from FY 2015/2016, followed by Manhattan’s 8.47% increase. Although some properties along the 5th Avenue corridor had a reduction in valuations the properties were primarily offi ce, not retail according to a reported analysis of the tentative tax roll details. Building owners have the opportunity to appeal the increase; but an unexpected rise in market value — and hence real estate taxes, will negatively impact the building’s bottom line and value. Typically tenants incur the burden of most of the tax increases from the time the lease is signed, and the landlord pays the taxes that existed before the signing; but in some cases the tenant increase in capped, leaving the burden of the additional expense on the landlord.
    [Show full text]