REDUCED ASKING PRICE $4,250,000

The Opportunity:

Cushman and Wakefield has been exclusively retained to market 221 East 48th Street (the “Property”), a vacant five-story multifamily building in the heart of Midtown East, adjacent Turtle Bay Gardens. The Property presents the incredible opportunity for an investor, developer, or user to acquire and reposition a vacant value-add building with significant upside and conversion potential.

The property is currently configured as professional space on the ground floor and apartment units above. The property is 20’-wide and features a private rear garden.

On the north side of East 48th Street between Second and Third Avenues, the location benefits from superior access to public transportation just blocks from Grand Central. Nearby attractions include Turtle Bay, , the United Nations Headquarters, and countless retail shops/stores and restaurants.

Please contact our sales team for additional information or for a tour of the site.

JOHN CIRAULO CRAIG M. WAGGNER WILL CONRAD (212) 660-7700 (212) 660-7744 (212) 660-7740 [email protected] [email protected] [email protected]

MIKE KAVANAGH JP WILL CHARLOTTE REDICAN (212) 660-7765 (212) 660-7718 (212) 713-6950 [email protected] [email protected] [email protected]

PROPERTY FEATURES

Located on the north side of East 48th Street between Location: Second and Third Avenues

Block & Lot: 1322/11

Lot Dimensions: 20.00' x 100.42'

Lot Square Footage: 2,008 SF (approx.)

Gross SF: 5,380 (approx.)

Total Buildable SF: 8,034 SF (approx.)

Available : 2,654 SF

Zoning: R8B

Residential FAR: 4.0

Assessment (20/21): $771,147

Taxes (20/21): $96,185 (before abatements)

TAX MAP:

4 CUSHMAN & WAKEFIELD ASSET HIGHLIGHTS

FIVE-STORY MULTI-FAMILY BUILDING DELIV- ERED VACANT; POTENTIAL SINGLE-USER, MULTI-FAMILY, UN-MISSION OR OTHER USER CONVERSION

ADJACENT HISTORIC AND PRESTIGIOUS TURTLE BAY GARDENS

EASILY ACCESSIBLE VIA 4, 5, 6, E, M, & FUTURE T SUBWAY LINES

BENEFITS FROM BOLSTERING SECOND & RETAIL CORRIDORS

QUIET TREE-LINED BLOCK STEPS FROM COUNT- LESS NEIGHBORHOOD AMENITIES, SHOPS AND RESTUARANTS

FIVE-MINUTE WALK (1/4 MILE) TO AND UNITED NATIONS HEADQUARTERS

221 EAST 48TH STREET 5 FINANCIALS

REVENUE (PROJECTED):

Gross Monthly Income: $32,500

Gross Annual Income: $390,000

Less Vacancy & Credit Loss: 3% ($11,700)

EFFECTIVE GROSS INCOME: $378,300

EXPENSES (PROJECTED):

Real Estate Taxes (20/21) Actual $96,185

Water & Sewer $0.75/SF $4,035

Insurance $1.00/SF $5,380

Fuel $1.00/SF $5,380

Electric $0.50/SF $2,690

Repairs & Maintenance $1.00/SF $5,380

Superintendant $400/Month $4,800

Management 3% of EGI $11,349

TOTAL $135,199

FINANCIAL SNAPSHOT:

Effective Gross Income $378,300

Less Expenses ($135,199)

NET OPERATING INCOME: $243,101

6 CUSHMAN & WAKEFIELD PROPERTY PHOTOS

221 EAST 48TH STREET 7 RESIDENTIAL MARKET OVERVIEW

RESIDENTIAL MARKET:

Due to the coronavirus pandemic, the real estate market has been impacted in unprecented ways, with no clear indication as to the ultimate effect it will have on . Although we are dealing in unchartered territory, there were some encouraging signs in 1Q20. In late 2019, there was an uptick in activity which continued through until the early months of 2020, with an increase of 2% (year-over-year) in closed sales.

On the contrary, coronavirus impact has yet to strike pricing in this quarter as most closings dealt with contracts that were signed prior to the pandemic. Despite the slight increase in the number of sales, average pricing decreased, causing an 11% year-over-year decrease in sales volume, totaling $4.41B. On a quarter-over-quarter basis, closed sales, sales volume, and contracts signed are all down 9%, 13%, and 13%, respectively. Additionally, average price per square foot and median price both declined for a second consecutive quarter for the first time in over 10 years.

Q1 2020 STATS:

MEDIAN PRICE: AVERAGE PPSF: $1.050M $1,682

DAYS ON MARKET: CLOSED SALES: 135 2,455

8 CUSHMAN & WAKEFIELD 221E48ST NEW YORK, NY UNITED NATIONS MAP MIDTOWN EAST

UNITEDUnited NA TIONSNations MAP Map 36

34 35 33

1 2

48 3 4

5 6 37

7 8 9

16 -1-Mile Radius from U.N. Headquarters 10 11 13 14

-Missions, Consulates & Emba4s9sies 12 17 47 15

27 20 50 22 21 18

26 23 24 28 19 4546 25 30 29 38 39 32 31 44

42 40 TIONS 41 43 UNITED N A

1. Consulate General of Bulgaria 18. Consulate General of Germany 35. Permanent Mission of Pakistan 2. Permanent Mission of Somalia 19. Embassy of the Republic of Kenya 36. Permanent Mission of the Russian 3. Consulate General of the Arab Repub- 20. Consulate General of Ukraine Federation lic of Egypt 21. Consulate General of Nepal 37. Colombian Permanent Mission 4. Permanent Mission of Cambodia 22. Consulate General of Japan 38. Permanent Mission of Brazil 5. Consulate General of Spain 23. Consulate General of Sweden 39. Permanent Mission of Poland 6. Consulate General of the Republic of 24. Permanent Mission of Denmark 40. Costa Rican Permanent Mission Korea 25. Consulate General of Belgium 41. Permanent Mission of India 7. Consulate General of Argentina 26. Consulate General of Jamaica 42. Permanent Mission of Syria 8. Consulate General of Slovenia 27. Consulate General of Peru 43. Permanent Mission of Malaysia 9. Permanent Mission of Zimbabwe 28. Consulate of the Republic of Singa- 44. Permanent Mission of the Republic of 10. Consulate General of Ireland pore Korea 11. Irish Consulate 29. Consulate General of Estonia 45. Consulate General of Ghana 12. British Consulate General 30. Consulate General of Antigua 46. Consulate General of Algeria 13. Consulate General of Hungary 31. Permanent Mission of Ethiopia 47. Permanent Mission of Equatorial 14. Permanent Mission of Zambia 32. Consulate General of Jordan Guinea 15. Norwegian Consulate General 33. Consulate General of India 48. Consulate General of Qatar 16. Permanent Mission of Tanzania 34. Consulate General of Pakistan 49. Consulate General of Venezuela 17. Embassy of Tonga 50. Consulate General of Uruguay

CONTACT INFORMATION

JOHN CIRAULO CRAIG WAGGNER WILL CONRAD JON221A EASTTHAN 48TH GARFIN STREETKEL 9 (212) 660 7700 (212) 660 7744 (212) 660 7740 (212) 660 7713 [email protected] [email protected] [email protected] jonathan.garfi[email protected]

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. TRANSPORTATION MAP

ANNUAL SUBWAY RIDERSHIP BY STATION

LEXINGTON AVENUE / 63RD STREET 6,389,408

LEXINGTON AVENUE / W 17,888,188

LEXINGTON AVENUE - / 18,940,774

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10 CUSHMAN & WAKEFIELD 221 EAST 48TH STREET 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 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 , the , , the Empire State Area tenants serve as a who’s who of industry leaders Building, and the MetLife Building. including: NBC Universal, McGraw-Hill, , Colgate-Palmolive, JPMorgan Chase, Bank Midtown 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 221 EAST 48TH STREET 13 THE NEIGHBORHOOD

UNITED NATIONS DAG HAMMARSKJOLD 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 the official headquarters of the United Nations since suppressing and preventing war across the world, opening in 1952. The United Nations was created to ultimately earning the Nobel Peace Prize in 1961. A promote co-operation among nations after WWII. The garden sits within the Plaza, dedicated to the life of intergovernmental organization is dedicated to five core Katherine Hepburn, a renowned actress who worked pillars: Peace and Security, Development, Human Rights, hard to conserve the neighborhood, preserving Humanitarian Affairs, and International Law. Embassies, trees and the charming character of Turtle Bay. Now non-profits and missions have chosen the nearby area adorned with a symmetrical layout, steel pavilions, and as their home and utilize the Plaza spanning six blocks fountains, the Plaza is frequently used as a popular around the Headquarters. place for gathering and public demonstrations.

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.

14 CUSHMAN & WAKEFIELD POINTS OF INTEREST MAP

SHOPPING:

Midtown East is a submarket with no equal in regards Bergdorf Goodman, Barneys, Bloomingdale’s, Louis to shopping. Recognized as one of only a handful Vuitton, Prada, Giorgio Armani, Tiffany & Co., Cartier, of truly first-class shopping locations in the world, Versace, and Jimmy Choo. Additionally, a wide array Fifth and Madison Avenues offer a staggeringly of middle-market retailers have appeared in recent impressive display of elite retailers. Among the world- years, including J. Crew, Zara, H&M, Banana Republic, class luxury brands and department stores that and Urban Outfitters. The plentiful shopping options line Midtown East’s streets are Saks Fifth Avenue, in the submarket continue to grow.

DINING:

The area’s dining options are as plentiful as they are Nearly every one of the area’s restaurants serves diverse, offering something for every palate from as a nice spot for after-work drinks, yet there are a hyper-trendy spots to oak bar classics. La Grenouille, number of great bars and lounges to discover. Area Jean Georges, and Cipriani all offer traditional, white hotels such as The Bryant Park Hotel (Cellar Bar), The tablecloth experiences, while relative newcomers STK Setai (Bar on Fifth), and The Gansevoort all offer chic Midtown and Tao present more modern, high-end locations to enjoy cocktails with coworkers, clients, options. A variety of steakhouses, including The Palm, or other Midtown workers that complement local Capital Grille, and Smith & Wollensky, offer red-blooded watering holes like Tavern. slices of Americana and traditional corporate dining.

TRANSPORTATION:

Midtown East is one of the most transit-rich locations The N, Q, R, F and M lines also drop residents from in the city. This area centers on Grand Central Terminal, Queens, Brooklyn, the Upper West Side, Northern one of the city’s major transportation hubs and Manhattan, and the Bronx into the heart of Midtown, famous civic spaces. Nearly 1,500,000 people pass and almost every other train passes through nearby through Grand Central Terminal each day on their way , just a shuttle ride away. Midtown East is to Midtown’s offices, retailers, hotels, and restaurants. also easily accessible by numerous bus lines. Individuals come via the 4,5,6 subways that serve the entire east side of Manhattan, from Queens that runs is the most connected west all the way to the Hudson Yards, or Metro-North neighborhood in the city. Getting to Midtown East trains that arrive from Westchester and Connecticut. from all corners of the five boroughs and the greater Soon, that ridership figure will grow as the Long New York metro area is both simple and easy. Island Rail Road adds a Grand Central stop on its way towards Penn Station.

221 EAST 48TH STREET 15 :

221 EAST 48TH STREET STREET IS LOCATED WITHIN A R8B ZONING DISTRICT. R8B: FAR (RESIDENTIAL) 4.00

R8B: R8B contextual districts usuually present the same unified blocks of “brownstone” rowhouses as R5B and R6B districts but the higher floor area ratio 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 55-65 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 ane wbuilding, 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

MIDTOWN EAST REZONING: In 2017, the Department of City Planning passed a rezoning of East Midtown, a 73-block area surrounding Grand Central Terminal. The purpose of the rezoning is to ensure the area’s future as a world-class business district and major job generator for New York City. The plan provides zoning incentives to promote the development of a handful of new, state-of-the-art commercial buildings. 323 East 53rd Street is on the edge of the new Midtown East Rezoning district, where maximum FAR can reach 21.6 if certain requirements are met such as frontage based on a wide street and a minimum property width.

16 CUSHMAN & WAKEFIELD R8B ZONING OVERVIEW:

R8B contextual districts usually present the same unified building, on any lot up to 50 feet wide, must be as deep blocks of “brownstone” rowhouses as R5B and R6B as one adjacent street wall but no deeper than the other. districts but the higher floor area ratio (FAR) of 4.0 On lots with at least 50 feet of frontage, the street wall creates a taller building that is commonly found on the must be no closer to the street line than the street wall narrow side streets of the Upper West Side and the Upper of an adjacent building. Street walls need not be set back East Side in Manhattan. The mandatory Quality Housing beyond 15 feet. Buildings must have interior amenities for bulk regulations encourage new six-story apartment residents pursuant to the Quality Housing Program. buildings, with a setback at the top story, that fit in well with the rows of 19th century houses. Off-street parking is not allowed in front of a building and any open area between the street wall and the street line The base height of a new building before a setback must be planted. Parking is required for 50% of dwelling is 55 to 60 feet. The maximum building height is 75 units, and can be waived if 15 or fewer parking spaces feet. Many buildings are set back from the street with are required or if the zoning lot is 10,000 square feet or stoops in shallow front yards. To maintain the traditional less. In Brooklyn, however, parking is required for 40% of streetscape, curb cuts are prohibited for zoning lot dwelling units, and parking waivers are not allowed. frontages less than 40 feet. The street75’ maximum wall of a building new height

Base height: 55’ minimum 75’ maximum building height 60’ maximum Above the maximum base height, building must be set back at least 15’ Base height: from a street wall facing a narrow street 55’ minimum 60’ maximum Above the maximum base height, building must be set back at least 15’ from a street wall facing a narrow street

NARROW STREET

NARROW STREET

All open areas between the street wall and the street line must be planted All open areas between Street line the street wall and the street line must be planted Street line

R8B General Residence District

Lot Coverage (max) FAR R8B General ResidenceBase Height DistrictBuilding Height Required Parking (max) Corner LotLot Coverage Interior/Through (max) Lot (min/max) (max) (min) R8B FAR Base Height Building Height Required Parking R8B 4.0(max) Corner 80% Lot Interior/Through70% Lot (min/max)55–60 ft (max)75 ft 50%(min) of dwelling units1 1 1 40% in Brooklyn 4.0 80% 70% 55–60 ft 75 ft 50% of dwelling units

1 40% in Brooklyn 221 EAST 48TH STREET 17 PROPERTY TAX BILL:

18 CUSHMAN & WAKEFIELD DOB OVERVIEW / VIOLATIONS:

221 EAST 48TH STREET 19

221 EAST 48TH STREET 21 FOR MORE INFORMATION CONTACT:

JOHN CIRAULO CRAIG M. WAGGNER WILL CONRAD (212) 660-7700 (212) 660-7744 (212) 660-7740 [email protected] [email protected] [email protected]

JONATHAN GARFINKEL CHARLOTTE REDICAN (212) 660-7713 (212) 713-6950 [email protected] [email protected]

©2020 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS 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). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE.