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~60 FT BRING ALL OFFERS JORDAN SUTTON (212) 589-5101 [email protected] ROBERT M. SHAPIRO (212) 660-7717 [email protected] TABLE OF CONTENTS EXECUTIVE SUMMARY 1 DUE DILIGENCE 7 THE NEIGHBORHOOD 13 EXECUTIVE SUMMARY The Opportunity: Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale or lease of 32-42 West 125th Street. The subject property is in Northern Manhattan’s most vibrant retail corridor and boasts 60’ of frontage along 125th street. The property is a newly constructed retail condominium (2014) on the south side of West 125th Street between Fifth Avenue and Malcolm X Boulevard. The space is comprised of 5,950 above grade square feet and 2,409 below grade square feet totaling approximately 8,359 square feet. The ground floor features 17.5’ ceiling heights and contains floor to ceiling windows, providing the space with an abundance of natural light. The basement has 10.3’ ceilings and offers a surplus of raw open space. The property contains two separate entrances along 125th Street, providing the opportunity for future ownership to divide the existing space into multiple retail units. 125th Street is home to a plethora of national retail tenants including Chase, Starbucks, H&M, Bed Bath & Beyond, and Whole Foods. The property also benefits from its proximity to numerous development sites in the growing neighborhood of Harlem. The subject property is just steps away from the 125th Street MTA Station which is serviced by the @ # $ % ^ Subway lines and is just blocks away from the 125th Street Metro North Station. 32-42 West 125th Street benefits from its proximity to major transportation systems as well as retail spaces, providing robust foot and car traffic. This presents a unique opportunity to own a meticulously maintained asset in a prime neighborhood with unparalleled growth potential. 1 EXECUTIVE SUMMARY EXECUTIVE SUMMARY 2 PROPERTY FEATURES BRING ALL OFFERS Property Information: Address: 32-42 West 125th Street, #RU, New York, NY 10027 Alternate Addresses: 35 West 124th Street | 36-42 Dr. Martin Luther King Jr. Boulevard Located on the south side of West 125th Street between Location: Fifth Avenue and Malcom X Boulevard. Property Highlights: Block & Lot: 1722 - 1001 Unit Dimensions: 60' x 100' (irregular) • AVAILABLE FOR SALE OR FOR LEASE • Above Grade Gross SF: ~5,950 Square Feet (Per Condo Declaration) Stories: 1 + Cellar • Below Grade Gross SF: ~2,409 Square Feet (Per Condo Declaration) Above Grade Gross SF: 5,950 SF (approx.) • Total Gross SF: ~8,359 Square Feet (Per Condo Declaration) • ~60 feet of frontage on West 125th Street Below Grade Gross SF: 2,409 SF (approx.) • ~17.5 foot ceilings above grade Total Gross SF: 8,359 SF (approx.) • ~10.3 foot ceilings below grade Commercial Units: 1 • Delivered vacant and in white-box condition • Two well located entrances, which provides ample opportunity to divide the Zoning: C6-3 / Special 125th Street District existing unit to multiple storefronts • Capable of being vented Permitted Uses: See Page 9 of OM for Exhibit F In Condo Declaration • High foot traffic location • Located steps from the 125th Street @ # $ % ^ Subway stations and the Metro North Railroad 125th St. stations. Projected Expenses: Annual Property Tax (19/20): $97,331 - Retail Condo Tax Map: Insurance: $10,449 - Harlem Village Academy West 125th Street 60’ Utilities & Service $4,180 Fifth Avenue Maintenance: $7,200 Total Expenses: $119,159 Malcom X Boulevard *All square footages are approximate West 124th Street 3 FINANCIAL OVERVIEW FINANCIAL OVERVIEW 4 5 32-42 WEST 125THSTREET 32-42 WEST W 126TH ST RO EN LLM NY E U N C T AC L BL K T A HE N A T IO R 1,000 T E A STUDENTS N 240 APARTMENTS CARVER FEDERAL BANK SAVINGS R E T D EN EVELOPM KAARRA IMPORTS ALEXIS FURNITURE 125 EATERY UPTOWN WINE PANTRY DIRECT PRINT BUFFALO BUFFALO BOSS ADAM CLAYTON POWELL ADAM CLAYTON OFFICE BUILDING STATE MICKI GARCIA REALTY CUSTOM FRAMING STARBUCKS TRUE LOGOS. GENERATED BY CHI NGUYEN (CHISAGITTA) STARBUCKS TRUE LOGOS. GENERATED BY CHI NGUYEN (CHISAGITTA) 2 3 WEST 125TH STREET DEVELOPMENT DEVELOPMENT NICOLE SITE SITE CAP USA LAZARUS SITE JIMMY JAZZ DEVELOPMENT APOLLO BEAUTY SHAN JEWELERS FINO MEN’S WEAR THE BROWNSTONE MAMA SOUL FOOD DELANCY LEATHER PARAMOUNT LINEN PARAMOUNT SERENGETI KITCHEN PAWN SHOP ESPENA PAWN WILD OLIVE MARKET HARLEM FURNITURE MANNA’S SOUL FOOD MANNA’S UPTOWN JUICE & VEG UPTOWN JUICE & AJ’S/BEAUTY SUPPLY DEVELOPMENT SITE WATKINS HEALTH FOOD HEALTH WATKINS PEE DEE STEAKHOUSE II HARLEM UNDERGROUND 1 STOP SHOP FURNITURE TOTAL 125 BEAUTY SUPPLY TOTAL R&G BRENNER INCOME TAX TAX R&G BRENNER INCOME CASA BONITA GOURMET FOOD CASA BONITA NEW BUILDING 141 UNITS ARMED FORCES CAREER CENTER PARK AVENUE PARK FIFTH AVENUE MALCOLM X BLVD. MADISON AVENUE ADAM CLAYTON POWELL BLVD. ADAM CLAYTON W 124TH ST MARCUS GARVEY MAP RETAIL 125TH STREET PARK 6 DUE DILIGENCE 60 FT 7 DUE DILIGENCE DUE DILIGENCE 8 32-42 WEST 125TH STREET FLOOR PLANS Single Tenant Scenario: Multi-Tenant Scenario (Division Flexibility): ABOVE GRADE: 5,950 SF TENANT A TENANT B BELOW GRADE: 2,409 SF ABOVE GRADE: 3,704 SF ABOVE GRADE: 2,246 SF TOTAL: 8,359 SF BELOW GRADE: 2,409 SF FRONTAGE: 28 FEET FRONTAGE: 60 FEET TOTAL: 6,113 SF FRONTAGE: 32 FEET 44 FT 44 FT 43 FT 43 FT 101 FT 101 GROUND BASEMENT FT 101 5,950 SF 2,409 SF 61 FT GROUND GROUND BASEMENT TENANT A TENANT B 2,409 SF 61 FT 3,704 SF 2,246 SF 60 FT 125TH STREET 32 FT 28 FT 125TH STREET 9 DUE DILIGENCE DUE DILIGENCE 10 32-42 WEST 125TH STREET DUE DILIGENCE Tax Map: - Retail Condo Tax Bill: - Harlem Village Academy West 125th Street November 16, 2019 60’ Statement Details Dawn to Dusk Realty LLC 35 West 124 Street Apt. R.U. 1-01722-1001 Fifth Avenue Page 2 Previous Charges Amount Total previous charges including interest and payments $0.00 Malcom X Boulevard Current Charges Activity Date Due Date Amount West 124th Street Finance-Property Tax 01/01/2020 $48,559.18 Adopted Tax Rate $212.44 125th Street BID- Chg 01/01/2020 $1,419.00 Total current charges $50,190.62 How We Calculated Your Property Tax For July 1, 2019 Through June 30, 2020 Overall Zoning Map: Tax class 4 - Commercial Or Industrial Tax Rate Original tax rate billed 10.5140% New Tax rate 10.5370% Estimated Market Value $2,208,000 Taxes Billable Assessed Value $923,705 Taxable Value $923,705 x 10.5370% Tax Before Abatements and STAR $97,330.80 $97,330.80 Annual property tax $97,330.80 Original property tax billed in June 2019 $97,118.36 Change In Property Tax Bill Based On New Tax Rate $212.44 If you own income producing property, you must file a Real Property Income and Expense Statement or a Claim of Exclusion unless you are exempt by law. The deadline to file is June 3, 2020. Failure to file will result in penalties and interest, which will become a lien on your property if they go unpaid. To see if you are exempt from this requirement and to learn more, please visit nyc.gov/rpie. 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: 1-01722-1001 . 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. Didyour mailingaddress change? If so,pleasevisit us at nyc.gov/changemailingaddress or call 311. When youprovideacheckaspayment,you authorizeuseither to useinformation from your checktomakeaone-time electronic fund transfer from your accountortoprocess the payment as acheck transaction. 11 DUE DILIGENCE DUE DILIGENCE 12 THE NEIGHBORHOOD Harlem, one of the most historically significant neighborhoods in NYC, has attracted major interest from retailers, investors and developers in recent years. With its close proximity to Midtown Manhattan, multiple express transportation options and numerous national retailers, 125th Street has become the epicenter of Harlem and Northern Manhattan. 125th Street is bound by the RFK Bridge to the east and Columbia University on its far west, making it the most major thoroughfare uptown. The two way through-block is slated for around 15 million square feet of new development of all asset classes. Harlem has become a hotspot for residential and commercial development. 125th Street in particular was rezoned to further incentivize new investment and further growth in the neighborhood. 2033 Fifth Avenue lies right where Central and East Harlem meet. This area is home to numerous parks, restaurants, museums and more. Restaurants include Sylvia’s, Red Rooster, Rao’s, Harlem Shake, Corner Social, Lenox Lounge, etc. In addition to the National Black Theatre, 125th street boasts the Apollo Theater, Victoria Theater, The National Jazz Museum and The Studio Museum amongst others. This culture rich area has created an environment rich for new residents and investments. 13 THE NEIGHBORHOOD THE NEIGHBORHOOD 14 32-42 WEST 125TH STREET TRANSPORTATION MAP 125TH STREET 1 4 M A C B D 2 N 5 125TH STREET R 3 6 Travel Times: COLUMBIA UNIVERSITY 15 4 5 6 min to Grand Central via 10 min to Grand Central via Metro North 20 1 2 3 min to Times Square via 25 B D min to Bryant Park via 2nd Avenue Subway Expansion Subway 2nd Avenue 96TH STREET Q 96TH STREET 86TH STREET 72ND STREET COLUMBUS CIRCLE 59TH STREET 20 15 TIMES SQUARE min min GRAND CENTRAL 15 THE NEIGHBORHOOD THE NEIGHBORHOOD 16 32-42 WEST 125TH STREET COMPARABLE SALES MAP West Harlem Hamilton Heights West Harlem is a neighborhood located in Manhattan Hamilton Heights is a sub-neighborhood in West Harlem (Part of Community Board 9) overlooking the Hudson bordered by Manhattanville to the South, Central Harlem River and bordering the Upper West Side, Central Harlem, to the East, and Washington Heights to the North.
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