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43-45-55Th-Street-OM-1-2.Pdf T S H T 5 5 5 T 4 S - E 3 OFFERING MEMORANDUM LEE & ASSOCIATES NYC W 4 FOR MORE INFORMATION, PLEASE CONTACT: GEORGE STEFFANI Director [email protected] 212.776.1207 JONATHAN BRAUN Director [email protected] 212.776.4341 CHRIS VARJAN Senior Managing Director [email protected] 212.776.1272 VICKRAM JAMBU Senior Managing Director [email protected] 212.776.1255 LEE & ASSOCIATES INVESTMENT SALES 845 THIRD AVENUE NEW YORK, NY WWW.LEE&ASSOCIATESNYC.COM TABLE OF CONTENTS PACKAGE OPPORTUNITY PROPERTY SUMMARY 4-5 RENT ROLL INCOME & EXPENSES 7-9 LOCATION DESCRIPTION COMPARABLES ZONING ANALYSIS 10 -13 3 MIXED USE OPPORTUNITY 43-45 WEST 55TH STREET Lee & Associates NYC is pleased to exclusively present with smaller average unit sizes for the typical submarket 1 for sale, the mixed use residential building located at bedroom layouts and larger average unit sizes for typical 43-45 West 55th Street in the central Midtown district of studio layouts. Manhattan, NY. The lot is located in a C5-P zoning district which is a 43-45 West 55th Street is a 5-story mid-war elevator special zoning designation for any lot located within the apartment building structured over a ±3,766 SF lot which preservation sub-district of the Special Midtown Zoning sits mid-block between 5th Avenue and the Avenue of district. The existing building is ±14,680 SF in size and can Americas in Midtown. The ±37.5 FT of frontage on West be built up to ±30,126 SF. 55th Street offers prime opportunity for the retail stores to capture high avenue to avenue pedestrian traffic. The This property offers the opportunity for an investor to ground floor retail is broken up into two main storefronts purchase a core asset that allows for short-term repositioning with street level entry way to the 2nd floor retail-office as a development site for both residential and commercial space. Above the 2nd floor is a mix of 11 residential units uses. 4 SUMMARY PROPERTY SITE LOCATION 43-45 West 55th Street - DEAL HIGHLIGHTS ADDRESS Midtown, Manhattan, NY • Located in a dense commercial district of Man- Frontage on West 55th Street hattan with high demand for convenient live-work between 5th Avenue and the rental options. LOCATION Avenue of Americas in Midtown Manhattan, NY • Close proximity to public transit options. 3 blocks from 5 Avenue-53 St station, servicing the E M SITE DESCRIPTION BLOCK / LOT 1271 / 15 • 3 blocks from Central Park and 4 blocks from Rockefeller Center. LOT SIZE ±3,766 SF • Majority FM units BUILDING CLASS Elevator Apartment with stores TOTAL EXISTING SQ. FT. ±14,680 SF • Retail tenants achieve market rents with most short lease terms remaining. FLOORS 5 FRONTAGE ±37.5 FT • Opportunity for future development site for both residential and commercial use. ZONING FAR AS BUILT 3.9 ZONING C5-P Potential assemblage AIR RIGHTS ±15,446 SF opportunity with neighboring Preservation sub-district of SPECIAL DISTRICT property for ±60,300 SF Special Midtown Zoning District buildable TAXES 2018 / 2019 TAXES $343,207 ASKING PRICE ASKING PRICE $22,000,000 PRICE PSF $1,499 5 INVESTMENT HIGHLIGHTS 6 FINANCIALS – RENT ROLL RENT ROLL – RESIDENTIAL UNIT - STATUS STATUS LAYOUT MONTHLY RENT ANNUAL RENT 3A RS Studio $1,025 $12,304 3B FM 1 Bed $2,300 $27,600 3C FM 2 Bed $3,200 $38,400 3D FM Studio $1,775 $21,300 4E FM Studio $1,052 $12,624 4F FM Studio $2,240 $26,880 4G FM Studio w/ Terrace $2,600 $31,200 4H FM Studio $2,150 $25,800 5I RS Studio $1,818 $21,816 5J FM Studio $2,200 $26,400 5K RS 2 Bed $2,285 $27,420 Total 11 Units $22,645 $271,744 RENT ROLL – COMMERCIAL TENANT LOCATION LEASE EXPIRATION ESTIMATED NET SF* MONTHLY RENT ANNUAL RENT $ PSF Five Guys East Jan-28 ±1,883 SF $25,000 $300,000 $159 Katsuhama 2nd Floor Apr-22 ±2,636 SF $17,911 $214,929 $82 Natureworks West Oct-27 ±1,483 SF $19,715 $236,577 $160 INVESTMENT HIGHLIGHTS Total 3 Units ±6,002 SF $62,626 $751,507 $125 MONTHLY ANNUAL RENT Grand Total 14 Units $85,271 $1,023,251 Notes: * Net square footage amounts are an estimate based on tenant gournd and 2nd floor layout RESIDENTIAL ANALYSIS Units AVG MONTHLY RENT FM 8 $2,190 RS 3 $1,709 Total 11 $2,059 7 FINANCIALS – INCOME & EXPENSE INCOME SUMMARY INCOME TOTAL Residential Income Actual $271,744 Retail Income Actual $751,507 Total $1,023,251 REIMBURSEMENTS INCOME TOTAL Real Estate Tax Actual $92,957 Water Meter Surcharges Actual $38,909 Effective Gross Income $1,155,116 EXPENSE SUMMARY INCOME TOTAL $PSF % OF EGI Real Estate Taxes Actual $343,207 $23.38 29.7% Insurance Actual $22,207 $1.51 1.9% Water & Sewer Actual $49,701 $3.39 4.3% Electric Actual $3,079 $0.21 0.3% Fuel Actual $13,503 $0.92 1.2% Gas Actual $472 $0.03 0.0% Repairs & Maintenance Actual $8,156 $0.56 0.7% Cleaning Actual $7,646 $0.52 0.7% Management Fee (1) Projected $34,653 $2.36 3.0% Total Operating Expenses $482,624 $32.89 41.8% Net Operating Income $672,492 $45.81 Notes: (1) Management fee is an estimate at 3% of effective Gross Income 8 MARKET OVERVIEW 9 LOCATION DESCRIPTION ROCKEFELLER CENTER MUSEUM OF CARNEGIE HALL MODERN ART RADIO CITY MUSIC HALL Central Midtown is one of the most well-known and visited Development’s ‘Central Park Tower’ at 217 West 57th Street neighborhoods in Manhattan. Spanning from 5th Avenue featuring luxury condominiums, 50,000 SF of amenities to 8th Avenue and from West 59th Street down to West and ground floor retail space. Other projects include JDS 42nd Street, Central Midtown is an umbrella of a district for Development Group’s 111 West 57th Street’s luxury condo several notable Manhattan destinations. Places of interest skyscraper standing at ±1,400 FT tall upon completion and include Rockefeller Center, The Theatre District, Times Vornado Realty Trust’s ‘The Villas’ at 220 Central Park South Square, Park Side South and the west side of Grand Central standing at roughly ±950 FT tall upon completion. District. Dominant cultural attractions and popular tourist destinations include Carnegie Hall, 30 Rockefeller (Top of The influx of construction in CentralMidtown is attributable the Rock), Columbus Circle, The Museum of Modern Art, to constrained housing stock relative to demand, and New and Radio City Music Hall. York City’s plan creating a special Midtown zoning district. The district stretches from Third Avenue all the way to 9th Central Midtown is composed of largely commercial use, Avenue and down from West 57th Street to parts of West more specifically office space, with an estimated 88 million 31st Street and has several sub-districts within the greater SF of existing office space spread evenly throughout the special district. The greater special district and regionalized district. The residential rental use in the district is more sub-district allow for some higher FAR uses than previously sparse when compared to commercial use, with a total of allowed in an attempt to preserve the traditional character ±780 units concentrated in the northern end of the district, of the sub-districts and allow for greater ability to transfer between West 54th Street and West 59th St (5th to 8th air rights from designated Landmarked buildings to Avenue). development sites. The construction pipeline in Central Midtown includes A melting pot of tourist, corporate, and residential roughly ±2.6 million SF of residential space. Most of this demand, Central Midtown is continously evolving to service supply is made up of the vast expansion in construction of the variety of needs of both transient and permanent luxury condominiums over the past several years, which is consumers. has been dubbed Billionaires Row. Projects include Extell 10 LEASED RESIDENTIAL - COMPARABLES LEASED RESIDENTIAL COMPARABLES - STUDIO UNIT # ADDRESS LAYOUT SF MONTHLY RENT $ PSF LEASE DATE 5R 50 West 55th Street Studio 350 $1,850 $63 Sep-18 4R 50 West 55th Street Studio 350 $2,100 $72 Mar-18 4C 77 West 55th Street Studio - - $2,800 - - May-18 11AA 77 West 55th Street Studio - - $2,500 - - Apr-18 5F 28 West 56th Street Studio 600 $2,200 $44 Feb-18 4R 28 West 56th Street Studio 600 $2,300 $46 Oct-17 4M 60 West 57th Street Studio - - $2,875 - - Sep-18 Min 350 $1,850 $44 Max 600 $2,875 $72 Average 475 $2,375 $56 LEASED RESIDENTIAL COMPARABLES - 1 BEDROOM UNIT # ADDRESS LAYOUT SF MONTHLY RENT $ PSF LEASE DATE 11H 65 West 55th Street 1 Bedroom - - $4,000 - - Aug-18 2J 77 West 55th Street 1 Bedroom 780 $3,425 $53 Sep-18 206 101 West 55th Street 1 Bedroom 1,000 $3,895 $47 Jan-18 912 101 West 55th Street 1 Bedroom 1,000 $4,095 $49 Jun-18 1403 101 West 55th Street 1 Bedroom 600 $3,095 $62 Sep-17 11D 60 West 57th Street 1 Bedroom 1,000 $4,500 $54 Sep-18 20G 60 West 57th Street 1 Bedroom 995 $4,300 $52 Sep-18 16F 60 West 57th Street 1 Bedroom 700 $3,425 $59 Mar-18 Min 600 $3,095 $47 Max 1,000 $4,500 $62 Average 868 $3,842 $54 77 WEST 55TH STREET 50 WEST 60 WEST 55TH STREET 28 WEST 101 WEST 56TH STREET 57TH STREET 55TH STREET 11 LEASED RETAIL - COMPARABLES RETAIL - SIGNED LEASE COMPARABLES ADDRESS TENANT SF TERM (YRS LEASE TYPE DATE SIGNED MONTHLY RENT ANNUAL RENT $PSF 145 West 57th Street Arche 732 10 MG Jun-16 $17,216 $206,592 $282 162 West 56th Street - - 960 - - MG Jul-18 $21,257 $255,082 $266 60 West 57th Street Sunny Fashion Inc 1,030 10 MG Jan-17 $21,458 $257,500 $250 Min 732 $17,216 $206,592 $250 Max 1,030 $21,458 $257,500 $282 Average 907 $19,977 $239,725 $266 RETAIL - ASKING RENT COMPARABLES ADDRESS STE FRONTAGE SF LEASE TYPE MONTHLY RENT ANNUAL RENT $PSF 1335 6th Avenue B W 54th St 2,515 MG $68,115 $817,375 $325 1335 6th Avenue D Corner 1,480 MG $24,667 $296,000 $200 60 W 57th Street Store 5
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