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336 East 54Th Street (The “Property”), a Six-Story, Multifamily Elevator Building in Midtown Manhattan for Condo Conversion

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336 East 54Th Street (The “Property”), a Six-Story, Multifamily Elevator Building in Midtown Manhattan for Condo Conversion EAST 54TH STREET CONDO CONVERSION OPPORTUNITY CONFIDENTIAL OFFERING MEMORANDUM EAST 54TH STREET CONDO CONVERSION ASKING: $9,950,000 TABLE OF CONTENTS 01 Executive Summary 03 Financial Overview 1 1 The Neighborhood 1 7 Due Diligence EAST 54TH STREET EXECUTIVE SUMMARY The Opportunity: Cushman & Wakefield has been exclusively retained to offer 336 East 54th Street (the “Property”), a six-story, multifamily elevator building in Midtown Manhattan for condo conversion. The 10,500 square foot property is currently comprised of 11 free-market, residential units. Originally designed for ultra-luxury condominiums, the layout of these stunning apartments consist of 1 bedroom/1 bathroom & 1 bedroom/1.5 bathrooms with home offices. The boutique apartments feature high-end finishes and appliances with generous outdoor space. All units are Free Market, allowing the condo conversion to be executed soon after closing. Located between First & Second Avenues, the property is conveniently serviced by a robust public transportation network including the 4, 5, 6, E & M trains just blocks away. 1 336 EAST 54TH STREET EXECUTIVE SUMMARY 2 EAST 54TH STREET FINANCIAL OVERVIEW EFFECTIVE GROSS INCOME: $613,859 NET OPERATING INCOME: $331,736 PRICE PER SF: $947 3 336 EAST 54TH STREET FINANCIAL OVERVIEW 4 PROPERTY FEATURES Address: 336 East 54th Street, New York, NY 10022 Location: On the south side of 54th Street between First Avenue & Second Avenue Block / Lot: 1346 / 37 Lot Dimensions: 25' x 100.42' Lot Size: 2,511 SF (approx.) Stories: 6 + basement Above Grade SF: 10,500 Building Dimensions: 25’ x 70’ Zoning: R8B Residential FAR: 4.0 Total SF (including below grade): 12,250 SF (approx.) Additional Air Rights: Overbuilt Assessment (20/21): $2,008,800 Annual Taxes (20/21): $208,539 EAST 54TH STREET BLOCK: 1346 37 AVENUE FIRST SECOND AVENUE SECOND EAST 53RD STREET FINANCIAL SUMMARY: ACTUAL EGI: $613,859 ACTUAL NOI: $331,736 PRICE PER SF: $947 5 336 EAST 54TH STREET FINANCIAL OVERVIEW 6 5 FINANCIAL OVERVIEW CONDO CONVERSION Residential Condo Conversion Value 336 East 54th Street COMPARABLE SELLOUTS FROM BUILDINGS BY SAME DEVELOPER CONDO CONVERSION Gross Average Residential Residential Space Loss Factor Total Units Net Saleable PPSF Value Address Unit Date SF Price Price per SF Square Feet Unit Size Sales Value 10,500 9.5% 864 11 9,502 $1,600 $ 15,203,200 225 East 81st Street Unit 4 6/12/2019 1,800 $2,925,000 $1,625 Residential Condominium Value: $ 15,203,200 Total Sellout Revenue: $ 15,203,200 225 East 81st Street Unit 3 11/1/2016 1,766 $3,175,000 $1,798 Cost Calculation 225 East 81st Street Penthouse 7/ 7/2 0 1 6 1,766 $4,295,000 $2,432 Hard Costs Above Grade 10,500 x $0 $ - 225 East 81st Street Unit 1 11/9/2015 3,882 $5,995,000 $1,544 Total Hard Costs $ - 225 East 81st Street Unit 2 11/6/2015 1,766 $3,500,000 $1,982 Soft Costs During Conversion Basis Years Rate Real Estate Taxes $208,903 1.00 $ 208,903 225 East 81st Street Unit 4 11/4/2015 1,800 $3,563,875 $1,980 Contingencies $0 1.00% $ - Residential Brokerage Commission $15,203,200 4.00% $ 608,128 Legal Fees $15,203,200 0.50% $ 76,016 225 East 81st Street Unit 3 12/2/2014 1,776 $3,500,000 $1,971 Closing Costs $13,825,000 2.00% $ 276,500 Total Soft Costs $ 1,169,547 225 East 81st Street Masionette 12/2/2014 3,882 $5,995,000 $1,544 Debt Service $6,467,500 1.00 3.50% $ 226,363 230 East 63rd Street Masionette 4/21/2015 2,343 $3,150,000 $1,344 230 East 63rd Street Penthouse 11/4/2014 1,743 $4,008,900 $2,300 Total Costs During Conversion: $ 1,395,910 Costs per Gross SF: $ 133 230 East 63rd Street Unit 3 10/16/2014 1,743 $3,309,312 $1,899 Residual Property Value (Sellout Less Total Costs): $ 13,807,290 230 East 63rd Street Unit 5 10/15/2014 1,743 $3,660,300 $2,100 Say: $ 13,825,000 Price per Buildable Square Foot: $ 1,317 230 East 63rd Street Unit 2 10/10/2014 1,743 $3,137,400 $1,800 AVERAGE: $1,809 7 336 EAST 54TH STREET FINANCIAL OVERVIEW 8 INCOME & EXPENSES RESIDENTIAL REVENUE: RESIDENTIAL REVENUE: GSF: 10,500 Actual Tenant Actual Actual Unit Status Layout SF Rent/ SF Monthly Rent Gross Monthly Income $52,737 1B FM 1BR/1BA + Garden 859 $61 $4,800 Potential Gross Income $632,844 2A FM 1BR/1BA 773 $70 $4,450 Vacancy & Credit Loss 3% ($18,985) 2B FM 1BR/1.5BA 945 $65 $5,150 Effective Gross Income $613,859 3A FM 1BR/1BA 773 $76 $4,800 3B FM 1BR/1.5BA 945 $63 $5,000 EXPENSES (ACTUAL): 4A FM 1BR/1BA 773 $68 $4,300 Real Estate Taxes (20/21) Annual Taxes $208,903 4B FM 1BR/1.5BA 945 $72 $5,687 Water/Sewer Actual $6,743 5A FM 1BR/1BA 773 $76 $4,800 Insurance Actual $9,675 5B FM 1BR/1.5BA 945 $66 $5,250 Alarm Monitoring Actual $1,437 6A FM 1BR/1BA 773 $63 $4,000 Electric Actual $8,890 6B FM 1BR/1.5BA 945 $57 $4,500 Elevator Actual $10,060 Repairs and Maintenace Actual $12,000 TOTAL MONTHLY INCOME: $52,737 Superintendent Projected $6,000 TOTAL ANNUAL INCOME: $632,844 Management Company Projected $18,416 Total Expenses: $282,123 EFFECTIVE GROSS INCOME: $613,859 LESS EXPENSES: ($282,123) NET OPERATING INCOME: $331,736 9 336 EAST 54TH STREET FINANCIAL OVERVIEW 10 EAST 54TH STREET THE NEIGHBORHOOD 11 336 EAST 54TH STREET THE NEIGHBORHOOD 12 THE NEIGHBORHOOD MIDTOWN EAST: Midtown East, stretching from 42nd to 63rd Streets and flock to the area for its proximity to the UN on First Fifth Avenue to the East River is characterized by energized Avenue and East 43rd Street. and diverse street life, both day and night, prominent office towers, and easy access to transportation. From the In addition, two of the city’s most sought after prestigious flagship stores on Fifth and Madison Avenues residential enclaves – Sutton Place and Beekman Place to the Midtown office core on Park and Lexington, the – are located within Midtown East. This mix of office western side of this neighborhood is all about business, towers, retail flagships, foreign consulates, and desirable tourism, shopping, and recreation. Moving eastward, residential locations draw a diverse group of shoppers, Third, Second, and First Avenues are predominantly lined commuting businessmen and women, tourists, foreign with post-war residential towers, with mid-rise elevator dignitaries, and young residents to visit, work, and live and walk-up apartment buildings filling in the side streets. in Midtown East. United Nations employees, ambassadors, and visitors A MAJOR EMPLOYMENT CENTER: The Greater Midtown business district is one of the the economic engine of the city and perhaps even largest job centers in New York City and one of the the United States, drawing in more workers than any most high-profile business addresses in the world. other American central business district. The area’s The area spanning Fifth and Second Avenues between tenants have historically included prestigious financial East 39th and East 57th Streets contains more than 70 institutions, law offices, hedge funds and private million square feet of office space, more than a quarter equity firms, largely because the proximity to Grand million jobs, and innumerable Fortune 500 Companies. Central Station makes for an easy commute from Many of the world’s most iconic office buildings are Westchester and Fairfield Counties, from which many located in Midtown East, including the Chrysler high-powered executives hail. Building, the Graybar Building, the Helmsley Building, the Seagram Building, Lever House, the Empire State Area tenants serve as a who’s who of industry leaders Building, and the MetLife Building. including: NBC Universal, McGraw-Hill, The New York Times, Colgate-Palmolive, JPMorgan Chase, Bank Midtown Manhattan continues to be one of the of America, PricewaterhouseCoopers, and Cleary most sought-after office addresses in the New York Gottlieb Steen & Hamilton. metropolitan region. The neighborhood serves as LOCAL ATTRACTIONS: Within just a few blocks are several landmarks of performances by the world’s most famous artists on national and world renown such as Grand Central a near nightly basis. Midtown East is also home to the Terminal, the New York Public Library, and the Empire United Nations at East 43rd Street and First Avenue, State Building. Bryant Park, just a stone’s throw and many of the U.N.’s employees and dignitaries call away, serves as an urban oasis to Midtown workers the neighborhood home. Additionally, some of New and tourists alike from morning to night throughout York’s oldest and most prestigious private clubs are all seasons. To the west, Madison Square Garden, the located in Midtown East, including the Yale Club and “world’s most famous arena” and home of the New the University Club. York Rangers and New York Knicks, plays host to 13 336 EAST 54TH STREET THE NEIGHBORHOOD 14 THE NEIGHBORHOOD UNITED NATIONS MAP UNITED NATIONS DAG HAMMARSKJOLD CONSULATES, MISSIONS, AND EMBASSIES: HEADQUARTERS: PLAZA: Midtown East is home to the United Nations The 1.5 acre park is named after Dag Hammarskjold, Headquarters, located off First Avenue between East a luminary who served as Secretary-General of 42nd and 45th Streets. The complex has served as the United Nations in 1953 and who spent his term -Missions, Consulates & Embassies the official headquarters of the United Nations since suppressing and preventing war across the world, 3 opening in 1952.
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