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Document.Pdf 9 3 ASKING PRICE $12,150,000 The Opportunity: Cushman & Wakefield has been exclusively retained to arrange for the sale of 963 1st Avenue, a 5-story mixed-use residential building located on the southwest corner lot of East 53rd Street and First Avenue. The 11,607 SF building consists of 15 residential units and one ground-floor retail space. As an additional source of income, the building’s roof contains a cell tower. The ground floor retail unit is 2,000 SF and currently leased to Parnell’s Pub & Restaurant until May 31, 2023. The building has 125’ of wraparound frontage and heavy foot traffic, making it a great space for a retail tenant. The building also includes a cellar for food prep and storage space. The residential breakdown of the property consists of 15 units- 12 free market and 3 rent-stabilized- configured as a mix of studio, 1 bedroom, 2 bedroom, and 3 bedroom apartments. The property is a outstanding opportunity for an investor to capitalize both short and long-term, as many of the existing residential units have undergone renovations. The ideal and central location in Midtown East makes the building easily accessible to multiple forms of transportation; a 5-minute walk to the E, M & 6 lines and a 12-minute walk to the N, R,4,5 & W lines. Please contact our sales team for additional information or for a tour of the site. ROBERT BURTON WILL CONRAD (212) 660-7770 (212) 660-7740 [email protected] [email protected] BOBBY CARROZZO JONATHAN GARFINKEL (212) 589-5118 (212) 660-7713 [email protected] [email protected] 963 FIRST AVENUE 3 PROPERTY FEATURES LOCATION: Located on the southwest corner of East 53rd Street and First Avenue BLOCK & LOT: 1345 / 30 LOT DIMENSIONS: 25.42' x 100' LOT SQUARE FOOTAGE: 2,542 SF (approx.) BUILDING DIMENSIONS: 25' x 100' TOTAL SF: 11,607 SF (approx.) STORIES: 5 + basement RESIDENTIAL FAR: 10.0 ZONING: R10 ADDITIONAL AIR RIGHTS: SOLD ASSESSMENT (19/20): $1,777,010 TAXES (19/20): $224,117 ASSET HIGHLIGHTS BELOW MARKET RENTS ALLOW FOR UPSIDE IN CASH FLOW 80% FREE MARKET UNITS QUICK ACCESS TO 6, E & M SUBWAY TRAINS 4 CUSHMAN & WAKEFIELD TAX MAP: EAST 53RD STREET 30 SECOND AVENUE SECOND FIRST AVENUE FIRST BLOCK 1345 EAST 52ND STREET LOCATED IN CLOSE PROXIMITY TO AN ABUNDANCE OF BARS AND RESTAURANTS ONE BLOCK FROM FDR RUNNING TRAILS AND PARKS ALONG THE EAST RIVER NEAR NUMEROUS PREMIER OFFICE BUILDINGS SUCH AS THE SEAGRAM BUILDING AND LEVER HOUSE 963 FIRST AVENUE 5 INCOME & EXPENSES PROJECTED MONTHLY FLOOR/UNIT TENANT/LAYOUT STATUS LXP ACTUAL RENT Ground Parnell's Tavern - 5/31/2023 $24,205 $24,205 1A 3BR FM 7/30/2019 $4,700 $4,700 1C 2BR FM 7/31/2020 $2,700 $3,300 1D 3BR FM 5/31/2020 $3,750 $4,500 2A 2BR FM 11/30/2019 $3,200 $3,300 2B Studio FM 2/28/2021 $1,250 $2,300 2C 1BR FM 11/30/2019 $2,150 $2,250 2D 3BR FM 4/30/2020 $3,865 $4,500 3A 1BR RS 7/31/2019 $1,151 $1,151 3B 1BR FM 7/31/2019 $2,295 $2,295 3C 1BR FM 6/30/2020 $2,250 $2,250 3D 3BR FM 6/14/2020 $3,900 $4,500 4A 2BR FM 2/29/2020 $3,100 $3,300 4B 1BR FM 10/31/2018 $2,175 $2,250 4C Studio RS 3/31/2020 $1,790 $1,790 4D 1BR RS 12/31/2019 $1,083 $1,083 Roof Verizon Cell Tower - 7/31/2020 $3,825 $3,825 MONTHLY INCOME: $67,388 $71,498 ANNUAL INCOME: $808,654 $857,974 6 CUSHMAN & WAKEFIELD REVENUE GSF: 11,607 Actual Projected Gross Monthly Income $67,388 $71,498 Potential Gross Income $808,654 $857,974 Vacancy & Credit Loss 3% ($24,260) ($25,739) Effective Gross Income $784,395 $832,235 EXPENSES (ESTIMATED) Real Estate Taxes (19/20) Actual Taxes $224,117 $224,117 Water/Sewer $0.75/SF $8,705 $8,705 Insurance $0.75/SF $8,705 $8,705 Fuel (Gas) $1.00/SF $11,607 $11,607 Electric $0.35/SF $4,062 $4,062 Repairs & Maintenance $0.50/SF $5,804 $5,804 Super $500/Month $6,000 $6,000 Management Fee 3% of EGI $23,532 $24,967 Total Expenses: $292,532 $293,967 EFFECTIVE GROSS INCOME: $784,395 $832,235 LESS EXPENSES: ($292,532) ($293,967) NET OPERATING INCOME: $491,863 $538,268 PROPERTY PHOTOS 8 CUSHMAN & WAKEFIELD 963963 FIRST FIRST AVENUE AVENUE 9 AMENITIES MAP 9 3 10 CUSHMAN & WAKEFIELD TRANSPORTATION MAP ANNUAL SUBWAY RIDERSHIP BY STATION LEXINGTON AVENUE / 63RD STREET 6,389,408 LEXINGTON AVENUE / 59TH STREET W 17,888,188 LEXINGTON AVENUE - 53RD STREET / 51ST STREET 18,940,774 F N Q R E M 9 3 B D 4 M 5 F 6 S 7 963 FIRST AVENUE 11 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 12 CUSHMAN & WAKEFIELD THE NEIGHBORHOOD UNITED NATIONS HEADQUARTERS: Midtown East is home to the United Nations Headquarters, located off First Avenue between East 42nd and 45th Streets. The complex has served as the official headquarters of the United Nations since opening in 1952. The United Nations was created to promote co-operation among nations after WWII. The intergovernmental organization is dedicated to five core pillars: Peace and Security, Development, Human Rights, Humanitarian Affairs, and International Law. Embassies, non-profits and missions have chosen the nearby area as their home and utilize the Plaza spanning six blocks around the Headquarters. Located within a one-mile radius are many of the foreign embassies, missions and consulates serving United Nations member states. Many nations choose to be within walking distance of the U.N. Headquarters for ease of transportation and convenience. DAG HAMMARSKJOLD PLAZA: The 1.5 acre park is named after Dag Hammarskjold, a luminary who served as Secretary-General of the United Nations in 1953 and who spent his term suppressing and preventing war across the world, ultimately earning the Nobel Peace Prize in 1961. A garden sits within the Plaza, dedicated to the life of Katherine Hepburn, a renowned actress who worked hard to conserve the neighborhood, preserving trees and the charming character of Turtle Bay.
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