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402 West 20Th Street New York, NY 10011 West 20th 402 Street New York, NY 10011 CONFIDENTIAL OFFERING MEMORANDUM Offering Memorandum Disclaimer This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the “Confidentiality Agreement”) signed by you and constitutes part of the Confidential Information (as defined in the Confidentiality Agreement). It is being given to you for the sole purpose of evaluating the possible investment in 402 West 20th Street (the “Property”), and is not to be used for any other purpose or made available to any other party without the prior written consent of the owner, or its exclusive broker, Cushman & Wakefield. This Memorandum was prepared by Cushman & Wakefield based primarily on information supplied by Managing Member. It contains select information about the Project and the real estate market but does not contain all the information necessary to evaluate the Project. The financial projections contained herein (or in any other Confidential Information) are for general reference only. They are based on assumptions relating to the overall economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. While the information contained in this Memorandum and any other Confidential Information is believed to be reliable, neither Cushman & Wakefield nor Managing Member guarantees its accuracy or completeness. Because of the foregoing and since the investment in the Project is being offered on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solely to facilitate the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding the investment in the Project without reliance on this Memorandum or any other Confidential Information. Although additional Confidential Information, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither For more information, please contact one Cushman & Wakefield nor Managing Member guarantees the accuracy or completeness of the of the following individuals: information contained in this Memorandum or any other Confidential Information provided by Cushman & Wakefield and Managing Member. Managing Member expressly reserves the Michael Gembecki right, at its sole discretion, to reject any offer to invest in the Project or to terminate any Director +1 212 660 7743 negotiations with any party at any time with or without written notice. Managing Member [email protected] shall have no legal commitment or obligations to any prospective investor unless and until a written sale agreement has been fully executed, delivered and approved by Managing Member Alessandra Faglione and any conditions to Managing Member’s obligations thereunder have been satisfied or Associate waived. Managing Member has retained Cushman & Wakefield as its exclusive broker and will +1 212 660 7722 be responsible for any commission due to Cushman & Wakefield in connection with a [email protected] transaction relating to the Project pursuant to a separate agreement. Cushman & Wakefield is Austin Fabel not authorized to make any representation or agreement on behalf of Managing Member. Associate Each prospective investor will be responsible for any claims for commissions by any other +1 212 660 7727 broker in connection with an investment in the Project if such claims arise from acts of such [email protected] prospective investor or its broker. This Memorandum is the property of Managing Member and all parties approved by Managing Member and may be used only by parties approved by Managing Member. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement. Table of Contents Executive Summary................................................ 4 Pictures .................................................................... 6 Market Overview.................................................... 10 Due Diligence ....................................................... 20 A P i e c e of History • 5-story walk-up configured mostly of floor-through units, between Ninth and Tenth Avenues. • Presently configured as a multifamily asset with six free market units. • 5 out of the 6 units are vacant making it ideal for investment, condominium conversion, or live plus income investment purposes. • Located on one of the most charming streets in the heart of the Chelsea Historic District. • Neighborhood market supports residential rents of over $85/SF and condominium sales of over $3,000/SF. Asking Price: $7,950,000 Michael Gembecki Alessandra Faglione Austin Fabel Director Associate Associate +1 212 660 7743 +1 212 660 7722 +1 212 660 7727 [email protected] [email protected] [email protected] 4 nyinvestmentsales.com 717 / 45 B LOCK L OT 23’ x 78.87’ L O T DIMENSIONS (APPROX.) 1,814 L O T S Q U A R E FOOTAGE (APPROX.) 6,452 G R O S S S Q U A R E FOOTAGE (APPROX.) Chelsea R7B/C2-5 HISTORIC DISTRICT Z ONING $262,663 ASSESSMENT (2017/2018) $35,774 TAXES (2018/2019) 402 West 20th Street SOUTH SIDE OF WEST 20TH STREET BETWEEN NINTH AND TENTH AVENUES Highlight Built as a tribute to Don Alonzo Cushman in 1898, 402 West 20th Street is a unique Neo-colonial style, five-story, apartment building containing six free market residential units. There is one studio apartment on the basement level and five floor-through apartments totaling approximately 6,452 square feet. Filled with original details including but not limited to pocket doors and moldings, the property is an excellent opportunity for an investor or end-user looking to purchase a rare multifamily asset on one of the best Chelsea Historic District blocks. Originally built for Angelica B. Faber, a member of the Cushman family, the building was skillfully designed on a narrow lot by architect C.P.H. Gilbert. The noted architect also designed the Warburg and Stuyvesant mansions on Fifth Avenue. 402 West 20th Street | Cushman & Wakefield 5 P i c t u res 1 1 Parlor Level Entrance The Parlor level is the main point of access into the building from the Street. The stairway runs from the Parlor level through the top floor, with one apartment occupying each floor. Hallways and units all feature a good amount of original detail and flexible layouts. 2 Dining Area Dining area of the floor-through apartment on the third floor facing into the living room. 3 Kitchen Walk-through kitchen in the third-floor unit. 2 3 6 nyinvestmentsales.com 4 4 Bedroom One of two bedrooms in the third floor unit. 4 Private Garden Private entrance from the garden unit leading to a charming courtyard area. 4 5 Rooftop Views from the rooftop include panoramic views of Seminary and Chelsea Historic District. 5 402 West 20th Street | Cushman & Wakefield 7 F l o o r P l a n s PATIO 23'- 6" x 11'- 2" CL CL BEDROOM BEDROOM CL 10'- 0' x 10'- 7'' CL 10'- 6' x 11'- 9'' BEDROOM BEDROOM 7'- 0' x 15'- 0'' 7'- 5' x 15'- 9'' CL BATH BATH LNDRY LNDRY 6'- 0'' x 8'- 0'' 6'- 0'' x 8'- 0'' DUMB W/D DUMB W/D W AITER W AITER REF REF 2'' 0'' - - CL D/W D/W 8'' x 6' x 8'' 0'' x 6' x 0'' - KITCHEN KITCHEN - KITCHEN KITCHEN 11' 12' DINING ROOM DINING ROOM 14'- 6'' x 11'- 0'' FOYER 11'- 7'' x 12'- 10'' 7'- 9' x 9'- 3'' CL CL LIVING ROOM LIVING ROOM 21'- 5'' x 13'- 10'' 15'- 0'' x 11'- 0'' FP SECOND - FIFTH FLOORS FIRST FLOOR 8 nyinvestmentsales.com “The Donac” STORAGE BELOW OUTDOOR PATIO The Donac building was built in 1898 by the prominent Chelsea developer Don Alonzo Cushman and, in tribute, the word Donac was carved into the terra cotta above the entrance door. MECHANICALS The unique convex curve to the façade owes its grace to the building architect C. P. H. Gilbert, a turn-of- the-century mansion specialist who STORAGE also designed the Warburg mansion on Fifth Avenue, now the site of the Jewish Museum. E S BATH T ORAG Source: The New York Times, No- vember 19, 2000. Noted architecture DUMB W AITER historian Christopher Gray, author of New York Streetscapes: Tales of STORAGE Manhattan’s Significant Buildings and Landmarks and other books, a collection of articles he wrote for 15 years in The New York Times. BATH N KITCHE S METER STUDIO 15'- 0" x 23'- 5" VESTIBULE CELLAR 402 West 20th Street | Cushman & Wakefield 9 Marke t O ver view Chelsea The Manhattan neighborhood which encompasses 402 West London, home to Sir Thomas More. Clarke passed the estate on 20th Street is known as Chelsea. Today the area is a vibrant to his daughter, Charity, who, with her husband Benjamin Moore, international retail and residential destination. added land on the south of the estate, extending it to 19th Street. The house was the birthplace of their son, Clement Clarke Moore, Chelsea is one of Manhattan’s most dynamic neighborhoods, who in turn inherited the property. Moore is generally credited culturally rich in both character and architecture. The area’s with writing “A Visit From St. Nicholas” and was the author of historic districts and new developments have drawn international the first Greek and Hebrew lexicons printed in the United States. attention over the years, from the proverbial starving artists to the most successful academics and fashionistas. While many In 1827, Moore gave the land of his apple orchard to the people have their own definitions of the boundaries of Chelsea, Episcopal Diocese of New York for the General Theological it is traditionally considered to be bounded by 14th Street to the Seminary, which built its brownstone Gothic, tree-shaded campus south, 30th Street to the north, Sixth Avenue to the east, and the south of the manor house.
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