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221 East 48Th Street (The “Property”), a Vacant Five-Story Multifamily Building in the Heart of Midtown East, Adjacent Turtle Bay Gardens

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221 East 48Th Street (The “Property”), a Vacant Five-Story Multifamily Building in the Heart of Midtown East, Adjacent Turtle Bay Gardens 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, Chrysler Building, 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 Air Rights: 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 & THIRD AVENUE RETAIL CORRIDORS QUIET TREE-LINED BLOCK STEPS FROM COUNT- LESS NEIGHBORHOOD AMENITIES, SHOPS AND RESTUARANTS FIVE-MINUTE WALK (1/4 MILE) TO GRAND CENTRAL TERMINAL 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 New York City. 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 A UNITED N 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 / 59TH STREET W 17,888,188 LEXINGTON AVENUE - 53RD STREET / 51ST STREET 18,940,774 F N Q R E M B D 4 M 5 F 6 S 7 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 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.
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