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Second Avenue Reduced Price $5,250,000

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1068 SECOND AVENUE REDUCED PRICE $5,250,000 The Opportunity: Cushman & Wakefield has been exclusively retained to offer 1068 Second Avenue (the “Property”), a four story, mixed-use building in Midtown Manhattan. The 4,584 square foot property is conveniently located in the beautiful submarkets of Sutton Place and Midtown East, home to many bars, shops, restaurants, with abundant access to public transportation. 1068 Second Avenue is an opportunity to acquire a stable, cash-flowing asset with future assemblage potential of over 100,000 buildable square feet. Zoned C1-9, the property allows for 14,581 buildable square which could be utilized on the existing site or sold to a neighboring developer. As currently configured, the property has a three floor through apartments and a restaurant on the ground floor. 1068 Second Avenue is just a five-minute walk from the 3rd Ave & 53rd St and Lexington Ave & 60th Street subway stations with service to the E, M, 6, N, Q and R subway trains. WILL CONRAD CHARLOTTE REDICAN (212) 660-7740 (212) 713-6950 [email protected] [email protected] PROPERTY FEATURES Located on the east side of Second Avenue between Location: East 56th and East 57th Street Block & Lot: 1349 / 2 Lot Dimensions: 20.83’ x 70’ Lot Square Footage: 1,458 SF (approx.) Gross SF: 4,583 (approx.) Total Buildable SF: 14,581 SF (approx.) Available Air Rights: 9,998 SF Zoning: C1-9 Commercial FAR: 2.00 Residential FAR: 10.00 Assessment (20/21): $956,260 Taxes (20/21): $100,761 (before abatements) TAX MAP: EAST 57TH STREET FIRST AVENUE FIRST SECOND AVENUE SECOND 2 LOT: 1349 EAST 56TH STREET 4 CUSHMAN & WAKEFIELD ASSET HIGHLIGHTS 1068 SECOND AVENUE FIVE-STORY MULTI-FAMILY BUILDING DELIVERED 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 COUNTLESS NEIGHBORHOOD AMENITIES, SHOPS AND RESTUARANTS FIVE-MINUTE WALK (1/4 MILE) TO GRAND CENTRAL TERMINAL AND UNITED NATIONS HEADQUARTERS 1068 SECOND AVENUE 5 1068 BLOCKSECOND STUDY AVENUE EAST 57TH STREET 49 44 41 40 35 32 31131 28 FIRST AVENUE FIRST 4 14 3 23 SECOND AVENUE SECOND 102 5 8 9 BLOCK 104 105 2 1349 1 EAST 56TH STREET BLOCKBLOCK STUDY STUDY SUBJECT LOT 1068 Second Avenue, LotLOT 1 Address BSF Zoning Notes LOT 102 1LOT 3 1066 Second Avenue 14,880 C1-9, TA 44% FM LOT 4 2LOT 49 1068 Second Avenue 14,581 C1-9, TA 100% FM LOT 44 102LOT 41 1070 Second Avenue 14,580 C1-9, TA Retail & Office LOT 40 3LOT 35 1072 Second Avenue 14,580 C1-9, TA 100% FM LOT 32 4LOT 31 1074 Second Avenue 14,580 C1-9, TA Retail & Office LOT 131 49LOT 28 1076-1082 Second Avenue 180,000 R10, C1-9, TA 78% FM LOT 23 105LOT 14 303 East 56th Street 20,080 C1-9, TA 55% FM LOT 9 104LOT 8 305 East 56th Street 12,088 R8, C1-9, TA 100% FM LOT 5 LOT 105 Total 105,369 LOT 104 6 CUSHMAN & WAKEFIELD 1068 SECOND AVENUE 1068 SECOND AVENUE 7 FINANCIALS REVENUE (ACTUAL): Gross Monthly Income: $29,030 Gross Annual Income: $348,364 Less Vacancy & Credit Loss: 3% ($10,451) EFFECTIVE GROSS INCOME: $337,913 EXPENSES (ACTUAL): Real Estate Taxes (20/21) Actual $100,761 Water/Sewer $1.00/SF $4,583 Insurance $1.00/SF $4,583 Fuel $0.50/SF $2,291 Electricity $0.35/SF $1,604 Repairs & Maintenance $0.50/SF $2,291 Super $500/Month $6,000 TOTAL $122,113 FINANCIAL SNAPSHOT: Effective Gross Income $337,913 Less Expenses ($122,113) NET OPERATING INCOME: $215,800 8 CUSHMAN & WAKEFIELD PROPERTY PHOTOS 1068 SECOND AVENUE 1068 SECOND AVENUE 9 TRANSPORTATION MAP E 74TH ST E 74TH ST E ANNUAL SUBWAYV RIDERSHIP BY STATION A E 73RD ST 73RD ST D 73R TRANSPORTATION MAP R D ST E 73RD ST 3 1068 2ND AVE, NEW YORK TE CE DR LEXINGTON AVENUE / 59TH STREET W 17,888,188 RR A VE E 72ND ST E 72ND ST A N O VE S A I E 71ST ST VE D VE N LEXINGTON AVENUE - 53RD STREET / 51ST STREETA 18,940,774 A A O VE D M T K A N G R E 70TH ST E 70TH ST 2 D N R A I R P X D 3 T E S E 69TH ST L E 69TH ST A Q E T S E 68TH ST VE E 68TH ST N I A A T M S 1/2 Mile E 67TH ST 1 E 67TH ST VE E 66TH ST T A ST 66TH E S VE A D N I N K 4 2 A R E E 65TH ST M E 65TH ST VE A A A P S 5 T K R 6 E 64TH ST R D E 64TH ST O Y 6 R E F E 63RD ST F 63RD ST E 63RD ST T D W R E I T V S VE E 62ND ST 62ND ST R E A VE E W A H V VE I VE T T A R A 5 S E 61ST ST 61ST ST 1 61ST ST D N N O 2 T 5 E 60TH ST G 60TH ST N Q R N I X 59 TH ST 5 E 9TH ST 59TH L ST E 59TH ST 59TH ST 59TH ST 59TH ST T S 58TH ST E 58TH ST E 58TH ST S UTTON SQ N I A M 57TH ST 57TH ST 57TH ST E 571068TH ST SECOND AVENUE D R ^ W 56TH ST E 56TH ST L E 56TH ST T P S A N E O W 55TH ST E 55TH ST E 55TH ST T VE T A U S T S W 54TH ST E 54TH ST E 54TH ST 1 E 3 E 53RD ST E 53RD ST E 53RD ST M E M W 52ND ST 4 E 52ND ST 5 VE A W 51ST ST 6 E 51ST ST N O VE S A I W 50TH ST D K E 50TH ST VE A R A A M P D W 49TH ST R E 49TH ST 3 HELL PL TC MI W 48TH ST E E 48TH ST V A K W 47TH ST VE E 47 R TH ST E 47TH AVE A E 47 TH ST A D P N W 46TH ST E 46TH ST 2 VE E 46TH ST A N E E W 45TH ST O V T E 45TH ST V A VE A G 10 CUSHMAN & WAKEFIELD A T N T I L I S H L X 1 B T W 44TH ST P E E 4 4TH ST 5 R L E W D E P N E 4 E 3RD ST A D V S 42ND ST 7 42ND ST 42ND ST 7 E 41ST ST 41ST ST W 40TH ST PARK AVE E 40TH ST 40TH ST VE A 0 0.05 0.1 0.2 T Miles S I 1 AMENITIES MAP VE A 1068 E V SECOND AVENUE T A S E 68TH ST 1 D R VE 3 1/2 Mile A E V 1 T A 7 8 S E 68TH ST 1 1 D 2 R 3 1/2 Mile 1 E 66TH ST 7 8 1 2 1 2 2 VE A E 65TH ST 3 1 E 66TH ST K R 1 2 3 2 VE O A 4 Y E 65TH ST 4 3 1 K E 64TH ST 3 R O VE 4 4 5 Y A E 64TH ST N VE 6 5 5 A O VE 63RD ST S E N A I 2 5 5 6 3 V O D VE 63RD ST D A S E A I 2 A 5 N 3 V D D VE M D 2 E 62ND ST VE A 62ND ST A R A N A D VE 3 M 11 2 E 62ND ST VE 62ND ST R H A A N 3 11 T VE H O N 5 A T VE E 61ST ST T 61ST ST O 5 A T E 61ST STK G 61ST ST 10 K G R N 10 10 I R N 10 A I 7 X A P 7 X E P 60TH ST E 60TH ST L 6 L 6 1016086 28n d2 nAdv eAve 6 6 111 59TH59STTH ST 7 7 9 9 9 9 1100 8 8 4 9 8 4 9 8 15 EE 5 588TTHH S TST 15 VE 19 VE A 19 12 A D 12 PENDING57TH ST R D 3 57TH ST R 1068 57TH ST 3 17 13 3 57TH ST 3 17 13 SECOND AVENUE 20 ^VE E 56 TH ST A 13 14 20 VE ^D 27 28 E 56 TH ST 21 A N 14 13 14 2 D 27 28 21 22 23 24 N 14 E 55TH ST 16 312 11 22 23 18 24 25 E 55TH ST W 54TH1 S6T 26 31 E 54TH ST 25 12 11 13 14 15 18 12 W VE 54TH ST VE 26 E 54TH ST 39 A A 53RD ST 12 29 13 14 15 K 4 H 16 R T 12 VE VE 5 30 A 33 39 A P A 37 53RD ST 29 K 4 H 32 34 15 6 16 R T 17 5 30 A 3136 19 VE ST 51ST ST P 37 A L 5 32 P 34 T 15 6 35 36 38 S N 1 7 1 1 16 E 50TH ST 19 A ST VE 51ST ST M A L 7 40 K 5 18 P E 8 T 35 36 W 49TH ST 38 S N 1 E 49TH ST BE 1 2 A E 5VE 0TH ST 41 M A 7 40 K E 48TH ST N 18 8 E O W 49TH ST T E 49TH ST BE G 2 N I W 47THVE ST E 47TH ST X 41 A E L 0 0.05 0.1 0.2 E 48TH ST N Miles O I T G Society of St.
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  • Federal Railroad Administration Record of Decision for the East Side Access Project

    Federal Railroad Administration Record of Decision for the East Side Access Project

    Federal Railroad Administration Record of Decision For the East Side Access Project September 2012 SUMMARY OF DECISION This is a Record of Decision (ROD) of the Federal Railroad Administration (FRA), an operating administration of the U.S. Department of Transportation, regarding the East Side Access (ESA) Project. FRA has prepared this ROD in accordance with the National Environmental Policy Act (NEPA), the Council on Environmental Quality’s (CEQ) regulations implementing NEPA, and FRA’s Procedures for Considering Environmental Impacts. The Metropolitan Transportation Authority (MTA) filed an application with the FRA for a loan to finance eligible elements of the ESA Project through the Railroad Rehabilitation and Improvement Financing (RRIF) Program. The ESA Project is the MTA’s largest system expansion in over 100 years. The ESA Project will expand the Long Island Rail Road (LIRR) services by connecting Queens and Long Island with East Midtown Manhattan. With direct LIRR service to Midtown East, the LIRR will further increase its market share of commuters by saving up to 40 minutes per day in subway/bus/sidewalk travel time for commuters who work on Manhattan’s East Side. The ESA Project was previously considered in an environmental impact statement (EIS) prepared by the Federal Transit Administration (FTA) in May 2001 and subsequent FTA reevaluations and an environmental assessment of changes in the ESA Project. Construction of the ESA Project has been ongoing since 2001. FRA has reviewed the environmental impacts for the ESA Project identified in the FTA March 2001 Final EIS, subsequent FTA Reevaluations, and the 2006 Supplemental EA/FONSI (collectively, the “2001 EIS”) for the ESA Project and adopted it pursuant to CEQ regulations (40 CFR 1506.3).