140 East 27Th Street, New York, NY 10016
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EXCLUSIVE OFFERING MEMORANDUM 140 East 27th Street, New York, NY 10016 NoMad | NYC Mixed-Use Building For Sale CONTACT INFORMATION Exclusive Brokers: Danielle L. Lacko Stuart I. Rich Ronald H. Cohen Senior Retail Director Senior Managing Director Chief Sales Officer (212) 951-8414 (917) 509-3537 (646) 424-5317 [email protected] [email protected] [email protected] Paul J. Nigido Jared Rehberg Managing Director Marketing Director (646) 424-5350 (646) 424-5067 [email protected] [email protected] Besen Partners 381 Park Avenue South New York, NY 10016 (212) 689-8488 Tel (212) 689-9518 Fax www.besenpartners.com 140 East 27th Street, New York, NY 10016 PROPERTY OVERVIEW PROPERTY & FINANCIAL OVERVIEW Property Overview Besen Partners, as exclusive agent for ownership, is pleased to offer for sale 140 East 27th Street, New York, N.Y. 10016 (the “Property”); a 20’ x 98.75’ R8B zoned lot with a 4-story, 4,660± SF mixed-use building, including a vented and licensed bar/restaurant. The Property is located in NoMad on the south side of East 27th Street between Lexington Avenue and Third Avenue. The bar/restaurant is approximately 1,800 SF plus basement with 8’ ceilings. There is a brand new 2-door freezer, lowboy fridge, glass chiller, hot water heater and basement with walk-in fridge plus a full on-premises 4am liquor license. Amenities include: large bar with TV screens, open door frontage, vented kitchen, large walk-in storage box, two separate back rooms and a DJ pod. High foot traffic area situated just two blocks from the [6] subway station on East 28th Street and Park Avenue South and within close proximity to Baruch College, Epiphany School, School of the Future, and the School of Visual Arts. Property Information 140 East 27th Street Epiphany School Address: New York, NY 10016 Block / Lot: 882 / 59 Lot Dimensions: 20’ x 98.75’ Lot Square Footage: 1,975± Sarabeth’s Starbucks Building SF: 4,660± SF Property Tax Class: Class 2A Upland Zoning: R8B F.A.R. (as built): 4.0 (built: 2.36) Lex Hotel Unused Air Rights: 3,239± SF Baruch College Assessment (19/20): $1,683,000 R.E. Taxes (19/20): $79,100 Freehand New York PROPERTY & FINANCIAL OVERVIEW Investment Highlights • Core Investment with Upside: Renovated property with ALL Free Market units. Retail is presently leased at $55/SF, which is well-below market rates • User Opportunity: The Bar/Restaurant lease can be terminated • Prime Location: NoMad Neighborhood – one block from Baruch College. Near Freehand Hotel, Upland, Sarabeth’s, School of the Future, Parc East, School of Visual Arts and Epiphany School • Cash-Flowing: 100% occupied with retail lease in place + options and annual increases • Liquor License: Active “Full On-Premises 4 am Liquor License”, with no stipulations • Turn-Key Condition: Requiring minimal near-term capital and low maintenance costs • Tax Class 2A: Preserves a low and stable expense ratio, and caps increases in assessed value to 30% over 5 years • Investment Strategy: Bar/Owner/Operator An exceptional opportunity to acquire a pre-war mixed- use asset in one of Manhattan’s premier and most desirable neighborhoods, offering multiple possibilities for investor or user. The bar/restaurant can be vacated. • Air Rights: the Property contains 3,239± SF of unused air rights (TDR’s) • Transportation: Walk to the East 28th Street 6 subway station and the 28th Street-Broadway R,W subway station. One block from the southbound M101, M102, M103 MTA bus stop (along Lexington Avenue) and the northbound M101, M102, M103 MTA bus stop (along Third Avenue), with direct vehicular access to the FDR Drive and the Queens Midtown Tunnel. PRICE UPON REQUEST 140 East 27th Street, New York, NY 10016 | 7 PROPERTY & FINANCIAL OVERVIEW Zoning R8B R8B contextual districts usually present the same unified blocks of “brownstone” rowhouses as R5B and R6B districts but the higher floor area ratio (FAR) of 4.0 creates a taller building that is commonly found on the narrow side streets of the Upper West Side and the Upper East Side in Manhattan. The mandatory Quality Housing bulk regulations encourage new six-story apartment buildings, with a setback at the top story, that fit in well with the rows of 19th century houses. The base height of a new building before a setback is 55 to 65 feet. The maximum building height is 75 feet. Many buildings are set back from the street with stoops in shallow front yards. To maintain the traditional streetscape, curb cuts are prohibited for zoning lot frontages less than 40 feet. The street wall of a new building, on any lot up to 50 feet wide, must be as deep as one adjacent street wall but no deeper than the other. On lots with at least 50 feet of frontage, the street wall must be no closer to the street line than the street wall of an adjacent building. Street walls need not be set back beyond 10 feet. Buildings must have interior amenities for residents pursuant to the Quality Housing Program. Off-street parking is generally required for 50 percent of a building’s dwelling units, but requirements are lower for income-restricted housing units (IRHU) and are further modified in certain areas, such as within the Transit Zone and the Manhattan Core, or for lots less than 15,000 square feet. Off-street parking requirements can be waived if 15 or fewer parking spaces are required or if the zoning lot is 10,000 square feet or less. Off-street parking is not allowed in front of a building and any open area between the street wall and the street line must be planted. *The property contains 3,239± SF of Unused Air Rights (TDR’s) 140 East 27th Street, New York, NY 10016 | 9 PROPERTY & FINANCIAL OVERVIEW Property Photos PROPERTY & FINANCIAL OVERVIEW Property Photos 140 East 27th Street, New York, NY 10016 | 11 PROPERTY & FINANCIAL OVERVIEW Property Photos PROPERTY & FINANCIAL OVERVIEW Property Photos 140 East 27th Street, New York, NY 10016 | 13 PROPERTY & FINANCIAL OVERVIEW Property Photos NEIGHBORHOOD NEIGHBORHOOD NoMad ("North of Madison Square Park") NoMad ("North of Madison Square Park"), also known as Madison Square North, is a neighborhood centered on the Madison Square North Historic District in the borough of Manhattan in New York City. The name NoMad, which has been in use since 1999, is derived from the area’s location north of Madison Square Park. The neighborhood is bordered by East 25th Street to the south, East 29th or East 30th Street to the north, Sixth Avenue (Avenue of the Americas) to the west and Madison or Lexington Avenue to the east. The surrounding neighborhoods are Chelsea to the west, Midtown South to the northwest, Murray Hill to the northeast, Rose Hill to the east, and the Flatiron District to the south. NoMad is part of New York City's Manhattan Community Board 5. NoMad is served by four New York City Subway stations. The 23rd Street and 28th Street stations on the BMT Broadway Line offer service on the Template:NYCS Broadway local header train at Broadway. The 23rd Street and 28th Street stations of the IRT Lexington Avenue Line are both located on Park Avenue South, offering service on the 6 trains. The area is served by New York City Bus routes M1, M2 and M3 on Park and Madison Avenues (northbound) and Fifth Avenues (southbound). M55 service also runs southbound on Fifth Avenue, while northbound M55 and M7 service runs on nearby Sixth Avenue. The M101, M102, M103 routes run on Third and Lexington Avenues, northbound and southbound, respectively. There is also M23 SBS crosstown bus service on 23rd Street. EXCLUSIVE OFFERING MEMORANDUM Danielle L. Lacko Stuart I. Rich Ronald H. Cohen Senior Retail Director Senior Managing Director Chief Sales Officer (212) 951-8414 (917) 509-3537 (646) 424-5317 [email protected] [email protected] [email protected] Paul J. Nigido Jared Rehberg Managing Director Marketing Director (646) 424-5350 (646) 424-5067 [email protected] [email protected].