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197 Madison Street, New York, NY Lower East Side Corner Mixed-Use Building for Sale

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197 Madison Street, New York, NY Lower East Side Corner Mixed-Use Building for Sale 197 Madison Street, New York, NY Lower East Side Corner Mixed-Use Building For Sale FOR SALE Asking Price: $10,950,000 Property Information Block / Lot 273 / 20 Lot Size 25' x 84.58' Lot SF (Approx.) 2,115 25' x 84.58' (1st Floor) Building Size (Approx.) 25' x 78' (2nd-6th Floors) Building SF (Approx.) 11,600 Stories 6 Retail Units 4 Residential Units 20 Total Units 24 Zoning R7-2 FAR 3.44 Air Rights (Approx.) None Historic District None RE Assessment (16/17) $310,050 RE Taxes (16/17) $39,944 Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a six-story, mixed-use building located at the northwest corner of Madison Street and Rutgers Street. The property consists of 4 ground floor retail units and 20 residential units above. 15 of the residential units are free market and 5 are subject to rent stabilization. 15 of the units are newly renovated, the common areas have been gut renovated, and a new gas boiler was installed in 2013. The property sits on top of the F train entrance giving it great retail appeal and excellent commuter access. The retail units also benefit from over 84' of frontage on Madison Street and 25' of frontage on Rutgers Street. It is within close proximity to the Seward Park Urban Renewal Area which will drive foot traffic and long term value growth in the neighborhood. The property is also within a few blocks from 205 South Street where Extell is developing an 80-story, 850' tall tower and 247 Cherry Street where JDS has plans for a 77-story, 900' development. This is a rare opportunity to acquire a high cash flowing and low maintenance asset in an area that is rapidly growing. James Nelson Michael Decheser Mitchell Levine Mei Ling Wong Vice Chairman Executive Director Director Associate Director (212) 696 2500 x7710 (212) 660 7772 (212) 660 7761 (212) 660 7716 [email protected] [email protected] [email protected] [email protected] Cushman & Wakefield Copyright 2016. 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. 197 Madison Street, New York, NY RETAIL REVENUE UNIT TENANT LXP SF MONTHLY RENT RENT/SF ANNUAL RENT St. A 197 Deli Dec-21 600 $5,649 $113 $67,784 St. B Lamar's Bagels Oct-20 450 $3,131 $84 $37,577 St. C Young Jin Chen Sep-20 450 $3,429 $91 $41,151 St. D NB Net Solutions Oct-23 500 $5,150 $124 $61,800 TOTAL 2,000 $17,359 $104 $208,313 RESIDENTIAL REVENUE UNIT STATUS LXP TYPE MONTHLY RENT ANNUAL RENT 1FMVacant 2 BR $3,000 $36,000 2FMVacant 2 BR $2,850 $34,200 3FMVacant 2 BR $2,850 $34,200 4FMVacant 2 BR $2,700 $32,400 5FMVacant 2 BR $3,350 $40,200 6RSDec-16 2 BR $508 $6,091 7RSN/A 2 BR $146 $1,753 8FMVacant 2 BR $2,750 $33,000 9FMOct-16 2 BR $2,795 $33,540 10 RS N/A 2 BR $238 $2,859 11 FM Vacant 2 BR $2,850 $34,200 12 FM Sep-16 2 BR $2,850 $34,200 13 RS Mar-18 2 BR $187 $2,249 14 FM Vacant 2 BR $3,200 $38,400 15 FM Oct-16 2 BR $2,900 $34,800 16 RS Feb-17 2 BR $321 $3,847 17 FM Vacant 2 BR $2,850 $34,200 18 FM Vacant 2 BR $3,200 $38,400 19 FM Vacant 2 BR $2,900 $34,800 20 FM Vacant 2 BR $2,850 $34,200 TOTAL $45,295 $543,540 *Yellow denotes projection at asking rent EXPENSES METRIC AMOUNT RE Taxes (16/17) Actual $39,944 Water & Sewer As Provided $7,500 Insurance As Provided $7,500 Heating As Provided $12,500 Repairs & Maintenance Projected @ $250/Unit $6,000 Super As Provided $7,200 Management Projected @ 3% of EGI $22,908 TOTAL: $103,552 Retail Income $208,313 Residential Income $543,540 Ret. RE Tax Reimbursements (From Retail Tenants) $11,744 Total Gross Income $763,596 Less Expenses ($103,552) Net Operating Income $660,044 Cushman & Wakefield Copyright 2016. 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..
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