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W 45Th STREET 56 W 45th STREET New York, NY CUSHMAN & WAKEFIELD | 56 WEST 45TH STREET TABLE OF CONTENTS EXECUTIVE SUMMARY 1 PROPERTY OVERVIEW 11 MARKET ANALYSIS 23 FINANCIAL OVERVIEW 33 THE NEIGHBORHOOD 43 56 WEST 45TH STREET | THE KNAKAL GROUP EXECUTIVE SUMMARY 1 CUSHMAN & WAKEFIELD | 56 WEST 45TH STREET Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 56 West 45th Street (the “Property”). The intricate Neo-Gothic tower was originally designed by architects Wallis & Goodwillie and constructed in 1914. The Property is an approximately 65,292 rentable square foot, 17- EXECUTIVE story, mixed-use, Class B office building featuring 2,600 square feet of ground floor retail space. Ideally positioned along the south side of West 45th Street between Fifth and Sixth Avenues, the Property benefits from an optimal Midtown location in the heart of Manhattan. 56 West 45th Street is currently 100% occupied SUMMARY by a diverse tenant mix, offering an investor stable in-place cash flow with substantial future upside and repositioning potential as leases begin to expire. 56 WEST 45TH STREET | THE KNAKAL GROUP 2 EXECUTIVE SUMMARY THE OPPORTUNITY 56 West 45th Street consists of 25 office suites spread across floors 2 through 18 and 2,600 square feet of retail space on the ground floor. 12 of the office units are 3,500 to 4,000 square foot full floor suites with direct access from the elevator. The remaining 13 units, ranging in size from 325 to 2,444 square feet, are spread across the 10th, 14th, 15th and 16th floors. The full floor suites boast large open layouts with generous light and air due to windows on three sides as well as ceiling heights that are all over 11’. The approximately 4,000 square foot open floor layouts attract a wide array of tenants from different industries due to the flexible configurations and overall manageable size. LONG-TERM CASH FLOW & A DIVERSE TENANT MIX A major key to the profitability of a mixed-use office building is long-term contractual cash flow from a qualified tenant mix. 56 West 45th Street provides just that as nearly 70% of leases, which cover 83% of the building, are set to expire in 2020 or later. This guaranteed revenue allows an investor to implement a more comprehensive capital expenditure campaign targeting major building improvements and tenant upgrades. The diverse tenant mix consisting of FIRE and TAMI tenants includes insurance, marketing, media and real estate firms as well as medical and jewelry retail locations. This wide range of tenancy minimizes ownership’s exposure to industry risk, further illustrating the versatility of the Property’s location and overall demand from the market place for mid- sized, full floor office suites. 3 CUSHMAN & WAKEFIELD | 56 WEST 45TH STREET EXECUTIVE SUMMARY FUTURE RETAIL REPOSITIONING POTENTIAL Positioned just west of the renowned Fifth Avenue retail corridor, the Property benefits from robust tourist and transient foot traffic as well as a strong local office employee demographic. The rapidly changing retail market city- wide has put significant upward pressure on rents, particularly in densely populated areas. Currently, DeJanerio, a women’s clothing store, occupies 2,600 square feet of retail space on the ground floor through April of 2020. In addition, Smart Choice Communications just signed a co-terminus lease for the entire 4,000 square foot office suite on the 2nd floor. The 2nd floor features ceiling heights in excess of 13’ and additional expansion potential due to a skylight in the rear of the floor. Upon lease expiration in 2020 an investor will have the opportunity to transform the 1st and 2nd floors into a remarkable ~6,600 square foot multi-level retail destination. 56 WEST 45TH STREET | THE KNAKAL GROUP 4 EXECUTIVE SUMMARY VALUE ADD - LEASE TURNOVER The Midtown office market ended 2015 on a high note largely due to the Midtown Trophy Index surpassing $100 per square foot for the first time since 2008. Overall leasing activity, led by FIRE (finance, insurance and real estate) tenants, totaled 18.2 million square feet, the strongest yearly total in three years. As positive momentum and rapid job creation continues within the Midtown office market future rental growth is expected. The Property is currently achieving an average office rent of $38.75 per square foot, which is more than 30% below the current Midtown Class B average of $56.64 per square foot. The substantial disparity between the current average rent and the Midtown Class B average positions the Property as an ideal value-add opportunity as leases begin to expire. One such strategy can be implemented on the 10th floor as it is divided into four separate office units all of which have a co-terminus lease expiration of 11/30/2017. The entire floor can then be repositioned as a 4,000 rentable square foot full floor office suite. Additional leases expiring in the near future include the entire 18th floor on 5/31/2016, which totals 3,500 square feet and features a private 300 square foot roof deck. Furthermore, suites 1602 and 1402 have leases that are expiring in 2016 and will provide the opportunity for floor reconfigurations or dynamic leasing campaigns. The target rentable square footage of 66,400 can be achieved if floors 2 through 17 each total 4,000 rentable square feet and the 18th floor totals 3,800 rentable square feet. “Overall leasing activity... totaled 18.2 million square feet, the strongest yearly total in three years.” 5 CUSHMAN & WAKEFIELD | 56 WEST 45TH STREET EXECUTIVE SUMMARY 56 WEST 45TH STREET | THE KNAKAL GROUP 6 EXECUTIVE SUMMARY 7 CUSHMAN & WAKEFIELD | 56 WEST 45TH STREET EXECUTIVE SUMMARY IDEAL LOCATION & OUTSTANDING ACCESSIBILITY 56 West 45th Street is positioned in the center of Midtown Manhattan and features direct access to some of New York City’s top destinations. Grand Central Terminal is the nearest transportation hub and provides access for all points along the eastern side of Manhattan via the 4 5 and 6 subway lines, as well as the newly extended 7 train and the Metro North Railroad. Westside access begins just 3 blocks south at Bryant Park where the B D F and M trains travel throughout Queens, Manhattan and Brooklyn. Furthermore, Times Square, which is just 4 blocks to the southwest, features the 1 2 and 3 subway lines as well as the Port Authority Bus Terminal. RADIO CITY ST. PATRICK’S MUSIC HALL CATHEDRAL ROCKEFELLER CENTER 56 W 45th TIMES STREET SQUARE MIDTOWN GRAND CENTRAL STATION THE UNITED CHRYSLER NATIONS BUILDING PORT AUTHORITY BUS TERMINAL BRYANT PARK LIBRARY LIBRARY NY PUBLIC NY PUBLIC MURRAY HILL EMPIRE STATE PENN STATION BUILDING 56 WEST 45TH STREET | THE KNAKAL GROUP 8 SUFFOLK ST T EXECUTIVE SUMMARY SUPERB INVESTMENT OPPORTUNITY 56 West 45th Street offers an investor a rare opportunity to acquire an ideally located mixed-use office building within the most competitive office market in the country. The Property’s historic physical characteristics, long- term in place cash flow, diverse tenant mix and significant future value-add potential position 56 West 45th Street as a tremendous acquisition for a variety of real estate investors. INVESTMENT > ~66,000 rentable square foot Class B office building HIGHLIGHTS > Ideal Midtown location with convenient access to Grand Central Terminal and Times Square > Retail exposure from the renowned upper Fifth Avenue retail corridor > 100% occupied by a diverse mix of TAMI and FIRE tenants > Current office rents average $38.75, more than 30% below the Midtown Class B average > Flexible ~4,000 SF full floor office suites > Celling heights over 11’ on each floor > Incredible natural light and air due to windows on three sides of the building > Future multi-level retail repositioning opportunity totaling ~6,600 square feet across the Ground and 2nd floors > Directly across the street from a block-through public plaza, limiting future development exposure 9 CUSHMAN & WAKEFIELD | 56 WEST 45TH STREET EXECUTIVE SUMMARY PROPERTY Location South side of W 45th St between Fifth & Sixth Avenues Block / Lot 1260 / 64 FEATURES Lot Dimensions 40’ x 100.42’ (approx.) Building Dimensions 40’ x 100’ (approx.) Stories 17 Gross SF 58,538 (approx.) Target Rentable SF 66,400 (approx.) Zoning C6-4.5 FAR 12.00 Lot Area 4,016 (approx.) Total Buildable SF 48,192 (approx.) Air Rights Overbuilt Assessment $3,275,910 (15/16) TAX Taxes $349,081 (15/16) MAP W 45th ST 40’ 100.42’ 64 FIFTH AVE SIXTH AVE BLOCK 1260 W 44th ST 56 WEST 45TH STREET | THE KNAKAL GROUP 10 PROPERTY OVERVIEW 11 CUSHMAN & WAKEFIELD | 56 WEST 45TH STREET 56 WEST 45TH STREET | THE KNAKAL GROUP 12 PROPERTY OVERVIEW TENANCY OVERVIEW RENT ROLL Suite Tenant Current Pro Rata Lease Term Base Rent Rent Rentable SF Share PSF Ground FL De Janeiro (Retail) 2,600 5.00% 4/1/09 - 4/30/20 $232,171 $89.30 2nd FL Smart Choice Communications 4,000 6.40% 2/1/16 - 4/30/20 $168,000 $42.00 3rd FL Goidel & Siegel, LLP 4,000 6.80% 4/1/12 - 3/31/22 $146,583 $36.65 4th FL Turkish Cultural Center 4,000 6.80% 2/1/12 - 1/31/22 $135,061 $33.77 5th FL Oriental Gem Co. 4,000 6.40% 6/1/15 - 5/31/25 $160,000 $40.00 6th FL Boneta Inc. 4,000 6.80% 8/31/12 - 10/31/22 $150,357 $37.59 7th FL I.M. Robbins 4,000 6.80% 1/1/16 - 4/30/26 $172,000 $43.00 8th FL Interactive Medicine of NYC 4,000 6.80% 8/31/14 - 7/31/24 $156,560 $39.14 9th Fl Weill Cornell Medical College 3,800 6.40% 10/1/09 - 12/31/24 $148,371 $39.05 1000/1002 Global Direct 2,230 3.29% 12/1/09 - 11/30/17 $80,749 $36.21 1004 HML Ventures 540 0.00% 2/1/12 - 11/30/17 $21,762 $40.30 1005 Dikra Gems 600 1.00% 1/1/10 - 11/30/17 $21,006 $35.01 1006 Joseph Messina 630 1.00% 5/1/09 - 11/30/17 $21,848 $34.68 11th FL NY Spine & Rehab Medicine, P.C.
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