127 EAST 56TH STREET ASKING PRICE $10,495,000
The Opportunity:
Cushman & Wakefield has been retained exclusively to arrange for the sale of 127 East 56th Street, a vacant, 6 story commercial building in Midtown, Manhattan. Located between Park Avenue and Lexington Avenue, the property is within close proximity to the Midtown office core, shopping along Fifth and Madison Avenues, Rockefeller Center and Central Park. In addition, the property is steps from New York City’s Design District and world-class neighbors such as the Design & Decoration Building and Bloomingdale’s flagship store.
The 1,600 SF ground floor retail space currently occupied by Skin Spa New York has direct access to the 1,000 SF basement. Each of the floor-through units above have direct elevator access through the ground-floor lobby. The second-floor unit, last occupied by a hair salon, includes a back terrace. The third-floor unit currently configured for office use with a conference room and two private offices. The penthouse unit, organized as a chiropractor’s office, spans across the top two floors with rooftop terraces on the front and rear of the property.
The building will be delivered vacant and is a perfect opportunity for end-user groups and investors alike to purchase a move-in, turn-key property with potential for retail on the ground floor and offices above. With over 10,500 SF of usable space in a prestigious NYC location, 127 East 56th Street provides an ideal home for a user, including non- profits, embassies, consulates, educational facilities, and cultural institutions.
WILL CONRAD CHARLOTTE REDICAN (212) 660-7740 (212) 713-6850 [email protected] [email protected]
PROPERTY FEATURES
Located on the north side of East 56th Street, between Location: Lexington Avenue and Park Avenue
Block & Lot: 1311 / 12
Lot Dimensions: 20’ x 100.42’
Lot Square Footage: 2,008 SF (approx.)
Gross SF: 10,571 (approx.)
Total Buildable SF: 20,080 (approx.)
Available Air Rights: Sold
Zoning: C5-2
Commercial FAR: 10.00
Residential FAR: 10.00
Assessment (20/21): $1,542,930
Taxes (20/21): $162,578
4 CUSHMAN & WAKEFIELD ASSET HIGHLIGHTS
SIX-STORY COMMERCIAL ELEVATOR BUILDING DELIVERED FULLY VACANT
IDEAL FOR AN END-USER TO OCCUPY THIS TURN-KEY BOUTIQUE OFFICE WITH A RETAIL STORE COMPONENT
PRIME MIDTOWN EAST LOCATION BLOCKS FROM CENTRAL BUSINESS DISTRICT, BLOOMINGDALES FLAGSHIP STORE AND THE DESIGN DISTRICT
LESS THAN A 5-MINUTE WALK TO THE 6, E, M, N, R AND W SUBWAY TRAINS
127 EAST 56TH STREET 5 PROPERTY FEATURES
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5 Society of St. Vincent de Restaurants & Grocery 19 Muscle Maker Grill 38 McDonald's 14 12 24 Hour Fitness W 45TH ST E 45TH ST Paul 1 Dunkin' Donuts 20 Jersey Mike's 39 D'Agostino 13 Blink Fitness 15 Duane Reade W 44TH ST2 DAVIDsTEA 21 Johnny Rockets 40 Le Pain Quotidien 14 SoulCycle 17 Il Corso 35 The Smith 41 Morton Willi1a5msB looming16daleP'estco 34 Saks Fifth Avenue FOOD & GRO3 CELeR PYain Quotidien 22 Peet's Coffee and Tea 15 Equinox FITNESS Supermarkets 18 La Bonne 16 Lacoste 17 CVS 35 Gucci 1 Quality Meats4 Hale and Hearty 23 Whole Foods3 M6arkTehte Sea Fire Grill 16 Sports Clubs N1etwSooruklCycle 18 Staples 36 TD Bank 5 Peet's Coffe1e9 anCdh Tiecak-fil-A24 Starbucks US37 Morton WilliamRse tail 17 IKEA 2 Pure Barre 2 Starbucks Hotels Morton Williams Supermarkets 19 Bluemercury Luke's Lobste6r Plaza 20 Fogo de C2h5aoDunkin' Donuts 18 The Home Depot 37 LIDS 3 NY Health & Racquet 3 Supermarkets 1 Pier 1 Imports 1 Comfort Inn 42NCdl uSbt Food Hall 26 Juice Press RETAIL 38 Urban Decay Cosmetics 21 My Pie Pizzeria 2 Staples 19 The Vitamin SHheoapltphe & Fitness 7 Gristedes Morton Williams 2 Rodeway Inn 4 Flywheel 4 Quality Italian 22 McDonald2's7 1 Jimmy Choo 20 Wells Far1go Crunch 39 Ted Baker 8 Peet's Coffee and Tea Supermarkets 3 Barneys New York 3 Renaissance H5oteClsrunch 5 Morton Williams 23 sweetgreen 2 Kiehl's 21 Stuart We2itzmEqauninox 40 lululemon athletica 9 Juice Press 28 Peet's Coffee and Tea 4 Stuart Weitzman 4 Courtyard by M6 arrTiIoTtLtE Boxing Club Supermarkets 41 Capital One 24 Nerai 3 Citibank 22 BankUnite3d SoulCycle NY Health & Racquet 10 Chipotle Mexican Grill 29 Au Bon Pain 5 Duane Reade 5 DoubleTree by7 Hilton 6 Nobu Fifty Seven 4 Marc Jacobs 4 Pure Barre 42 Staples Club 11 SUBWAY 25 Whole Fo3o0dsJ Muiacrek Geteneration 6 Bloomingda2le3's Design Within Reach 6 Hilton Garden Inn 7 BG Restaurant 5 CVS 5 Barry's BootcampHOTELS 12 Starbucks 26 Fig & Oliv3e1 Pinkberry 7 ALDO 24 Hollister 7 The Maxwell NYC MEDICAL 6 Sports Clubs Network 8 Beyond Sush1i3 Chopt Creat2i7ve SOamlaadr's Me3d2itePrararinse Baanguette6 Apple Reta8il STtohree Contain2e5r StAormeerican Girl 1 The Ritz-Ca8rltoBnest Western 7 Flywheel 1 CityMD 9 Key Food 14 Cosi 28 Hillstone R33estCauhorapntt Creativ7e SaClahdase 9 The Home D2e6potCartier 2 Hilton International 8 Velocity Sports 2 MedRite Urgent Care 10 Bengal Tiger 1I5ndMiacnDonald's29 Pinkberry34 Potbelly Sand8wichL Wouoisrk Vs uitt1o0n Bed Bath & B2e7yoAndnthropologPieerformance 3 Fairmont HoteUlsrgent Care 9 SAINT LAURENT 16 sweetgreen30 Chipotle M35exiBcasnk Ginr iRllobbins 11 T.J. Maxx 28 T.J. Maxx9 Crunch 4 Hilton Intern1 atiCointyaMl D 2nd Avenue 11 Starbucks PARIS 17 Juan Valdez3 C1 afEéss-a-Bag3e6l SUBWAY 12 CVS 29 Johnston1 0& MCurropshsyFit 5 Four Seaso2ns Medrite Urgent Care 12 Tina's Cuban Cuisine 10 Zara 13 Bluemercury 18 Pret A Mang3e2r McDonald3's7 BareBurger 30 Armani E1x1chaTInTgLeE Boxing 6ClubSt. Regis 13 PizzArte 11 Prada 127 EAST 56TH STREET 9 33 D'Agostino DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJ3E1CT TOD EuRRaOnReS, ORMeISaSIOdNeS, OR MODIFICATIONS8. THE INMFOaRrMrAiToIOtNt HERoEItNe ISls P R&OV RIDEeDs WoITrHtOsUT REPRESENTATION OR WARRANTY. 14 Red Peony 12 Dior Gyu-Kaku Japanese 9 Autograph Collection 34 32 CVS 15 TAO Uptown BBQ 13 Bluemercury Hotels 33 Michael Kors 16 Il Tinello Ristorante 35 The Smith 14 Gap 10 Residence Inn 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
10 CUSHMAN & WAKEFIELD 127 EAST 56TH STREET 11 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.
12 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 Park Avenue 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 Times Square, 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 Midtown Manhattan 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.
127 EAST 56TH STREET 13 ZONING
C5-2:
C5 is a central commercial district with continuous retail frontage intended for offices and retail establishments that serve the entire metropolitan region. Famous shopping streets, such as Fifth Avenue, 34th to 59th Streets, and Madison Avenue from 57th to 87th are C5 districts. Department stores, large office buildings, and mixed buildings with residential space above office or commercial floors, are typical C5 uses. Use Groups 5 (hotels), 6, 9 and 10 (retail shops and business services) and 11 (custom manufacturing) are permitted in C5 districts. Home maintenance services, auto rental establishments, illuminated signs and other uses not in character with the district are not permitted.
Luxury department stores, large office buildings, and mixed buildings with residential space above office or commercial floors, are typical C5 uses. Use Groups 5 (hotels), 6, 9 and 10 (retail shops and business services) and 11 (custom manufacturing) are permitted in C5 districts. Home maintenance services, auto rental establishments, illuminated signs and other uses not in character with the district are not permitted.
The maximum commercial floor area ratio in C5 districts ranges from 4.0 to 15.0, and the maximum residential FAR is 10.0, exclusive of any applicable bonus. In the two contextual C5 districts (C5-1A and C5-2A) residential bulk and density are governed by R10A regulations. In non-contextual C5-2 through C5-5 districts, a building occupied by commercial, residential and/or community facility uses may be configured as a tower. A residential tower is also allowed in C5-1 districts.
All commercial uses in C5 districts are exempt from parking requirements because public transportation is easily accessible.
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14 CUSHMAN & WAKEFIELD C5-2 ZONING OVERVIEW
127 EAST 56TH STREET 15 PROPERTY TAX BILL
August 29, 2020 Statement Details 127 56th st LLC 127 E. 56th St. 1-01311-0012 Page 2
Previous Charges Amount Total previous charges including interest and payments $0.00
Tax Year Charges Remaining Activity Date Due Date Amount Finance-Property Tax 01/01/2021 $81,289.28 Payment 07/04/2020 Herald National Bank $-155.02 East Mid-Manhat BID- Chg 01/01/2021 $155.02 Total tax year charges remaining $81,289.28
Overpayments/Credits Activity Date Due Date Amount Refund Available 07/01/2019 $-4,318.06 Credit Applied 08/06/2020 $4,318.06 Credit Balance 07/01/2020 $-155.02 Credit Applied 07/04/2020 $155.02 Total credit applied $4,473.08 Total overpayments/credits remaining on account $0.00
Annual Property Tax Detail Overall Tax class 4 - Commercial Or Industrial Tax Rate Current tax rate 10.5370% Estimated Market Value $3,591,000 Taxes Billable Assessed Value $1,542,930 Taxable Value $1,542,930 x 10.5370% Tax Before Abatements and STAR $162,578.56 $162,578.56 Annual property tax $162,578.56
For information about the interest rate charged on late payments, visit nyc.gov/taxbill.
Home banking payment instructions:
1. Log into your bank or online bill pay website. 2. Add the new payee: NYC DOF Property Tax. Enter your account number, which is your boro, block and lot, as it appears here: 1-01311-0012 . You may also need to enter the address for the Department of Finance. The address is P.O. Box 680, Newark NJ 07101-0680. 3. Schedule your online payment using your checking or savings account.
Did Your Mailing Address Change? If so, please visit us at nyc.gov/changemailingaddress or call 311.
When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction.
16 CUSHMAN & WAKEFIELD CERTIFICATE OF OCCUPANCY
Page 2 of 2 Certificate of Occupancy CO Number: 104155673F
Permissible Use and Occupancy Building Building Zoning Maximum Live load Code Code dwelling or Floor persons lbs per habitable occupancy rooming Zoning From To permitted sq. ft. rooms group units use group Description of use CEL 14 OG E 4 BOILER ROOM, ELEVATOR MACHINE ROOM, STORAGE AND DENTAL OFFICE 001 060 100 COM 6 STORE
002 010 050 COM 6 OFFICES
003 010 050 COM 6 OFFICES
004 010 050 COM 6 OFFICES
005 010 050 COM 6 OFFICES
006 010 050 COM 6 OFFICES
PEN 002 050 COM 6 OFFICES
END OF SECTION
Borough Commissioner Commissioner
B Form 54 (Revised 03/05) END OF DOCUMENT 104155673/000 8/16/2007 11:52:23 AM
127 EAST 56TH STREET 17 FLOOR PLANS
BASEMENT GROUND FLOOR 3RD FLOOR
18 CUSHMAN & WAKEFIELD FLOOR PLANS
4TH FLOOR PENTHOUSE PENTHOUSE LOWER LEVEL UPPER LEVEL
127 EAST 56TH STREET 19 127 EAST 56TH STREET
FOR MORE INFORMATION CONTACT:
WILL CONRAD CHARLOTTE REDICAN (212) 660-7740 (212) 713-6850 [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.