Exclusive Offering Memorandum 413 WEST 145TH STREET New York, NY 10031 Multifamily SRO Building 413 WEST 145TH STREET 413 WEST 145TH STREET Executive Summary 3 Property Photos 4 Area Map 6 Location Overview 7 Transportation Map 10 Confidentiality & Disclaimer 11 CONTACTS Lev Kimyagarov Ariel Hakimi Alex Huang Senior Director Associate Director Investment Sales Associate [email protected] [email protected] [email protected] 212.602.1428 646.780.4936 646.780.4940 EASTERN CONSOLIDATED | 355 LEXINGTON AVENUE | NEW YORK, NY 10017 | WWW.EASTERNCONSOLIDATED.COM Executive Summary Eastern Consolidated, as exclusive agent, is pleased to offer for sale 413 West 145th Street, a multifamily SRO building located in Hamilton Heights neighborhood of Manhattan. The property is positioned on the north side of West 145th Street between Convent and St. Nicholas Avenues. The four-story, ± 3,876 square foot building contains three (3) Class-A unit and seven (7) Class-B units totaling ten (10) residential units. The subject property benefits from its superior access to public transportation. The A, B, C & D trains can be conveniently accessed on the same block at the corner of St. Nicholas Avenue. This makes transportation to Lower Manhattan and the outer-boroughs a breeze. As a result, the building is attractive to doctors, accountants and other professional service providers to use as office space. Additionally, the property enjoys proximity to well-regarded retail amenities such as Starbucks, Duane Reade, New York Sports Club, Subway, Bank of America, Chase Bank, and Dunkin Donuts. Furthermore, public attractions such as St. Nicholas Park and Jackie Robinson Park are located within steps of the property. Moreover, renowned academic institutions such as the City College of New York and Columbia University are located within walking distance. Lastly, the vacant property has the potential for a 1-4 family home conversion. 413 West 145th Street presents investors and users with the opportunity to acquire an exceptionally well-located asset in the City. Address 413 W 145th Street BLOCK 2060 WEST 146TH ST Location Located on the north side of W 145th Street between Convent Avenue and St Nicholas Ave. E V E A Block/Lot 2060/ 24 V S A A Lot Size 19' x 99.92' T L N O Building Size 19' x 51' E H V C N Stories 4 I N O 24 Gross Square Footage 3,876 (approx) . C T Class A Units: 3 S Class B Units: 7 Residential Units: 10 WEST 145TH ST Zoning C1-4/R6A FAR 3.00 Lot SF 1,898 413 WEST 145TH STREET Total Buildable SF. 5,694 Minus Existing Structure 3,876 Available Air Rights 1,818 Assessment (17/18) $29,859 Tax Rate Class 1 19.991% Taxes (17/18) $5,969 Asking Price $1,900,000 Price per SF $490 3 413 West 145th Street Executive Summary Property Photos 4 413 West 145th Street Property Photos 5 413 West 145th Street Property Photos Area Map M Village Fried Chicken Food Town Hamilton Grange Library Thurrgood Marshall Academy Lower School 413 WEST 145TH STREET Solace Bar and Grill Sugar Hill Cafe M Hogshead Tavern M Super Foodtown Harlem School of the Arts Grill on the Hill Jacob’s M Esplande Gardens Manhattanville Coffee Queen Sheeba VA Hospital Mama Tina’s Pizzeria Drew Hamilton Community Center City College of The Edge PS 123 Harlem New York Demi Bridal St. Charles Borromeo Catholic School J E Florist Londel’s 6 413 West 145th Street Area Map Location Overview Hamilton Heights is the Northern Manhattan neighborhood who’s namesake is Alexander Hamilton, a founding father and The United States’ first Secretary of the Treasury. Hamilton Heights is bounded by 135th street to the South, 155th street to the North, Edgecombe Avenue to the East and the Hudson River to the West and also contains the area known as Sugar Hill. This Manhattan enclave is well positioned to sustain the already growing popularity and re-discovery as a top residential neighborhood. It enjoys a healthy stock of affordable apartments with superior subway access to Midtown Manhattan, an abundance of greenspace and a grow-ing list of coffee shops, pubs and restaurants. Hamilton Heights is developing all the factors of an upscale neighborhood delivering them at a fraction of the costs to live in other Manhattan neighborhoods. In addition, other colleges have been building dormitories in the area. To the north, a 600-unit student dorm known as “The Towers” finished construction in June 2006 as an extension of the City College of New York on St. Nicholas Terrace. To the south, near 122nd Street, the Manhattan School of Music also built a dormitory in 2003. The Jewish Theological Seminary of America opened a smaller dormitory on 122nd Street between Broadway and Amsterdam Avenue in 2006. In August 2009, at 135th St. and Convent Avenue, City College completed the construction of a new 135,000 sq. ft. School of Architecture and Urban Design building. The increase in student residences is one of several factors rapidly changing the character of Hamilton Heights, and has resulted in the opening of cafes and restaurants on Broadway, La Salle Street and Amsterdam Avenue to accommodate the population growth. Hamilton Heights has experienced significant gentrification since the mid-2000s. The neighborhood’s historic brownstones, spacious pre-war apartments and elegant townhouses serve a recent influx of young professionals, artists, and newly formed families who are diversifying the neighborhood. The neighborhood’s history, culture, and attitude coupled with its ongoing resurgence make for an exciting time to part of the West Harlem community Points of Interest The City College of The City University of New York (known more commonly as the City College of New York or simply City College, CCNY, or colloquially as City) is a senior college of the City University of New York, in New York City. It is also the oldest of the City University’s twenty-three institutions of higher learning. City College’s thirty-five acre Manhattan 7 413 West 145th Street Location Overview campus along Convent Avenue from 130th Street to 141st Street is on a hill overlooking Harlem; its neo-Gothic campus was mostly designed by George Browne Post, and many of its buildings are landmarks. CCNY was the first free public institution of higher education in the United States and also for many years has been considered the flagship campus of the CUNY public university system. Dance Theatre of Harlem is a ballet company and school of the allied arts founded in Harlem, New York City, USA in 1969 by Arthur Mitchell and Karel Shook. The company has not performed since 2004, however its Dancing Through Barriers Ensemble continues to do so. Karel Shook was the first teacher and ballet master of the Dutch National Ballet, from where he returned to the United States as co-director of the Dance Theatre of Harlem. The Dance Theatre of Harlem School offers training to more than 1,000 young people annually with a community program open to any child who wants to study dance. Its program is called Dancing Through Barriers. It accepts pre-school children up to senior citizens. The school offers specializations in children’s movement, European ballet, choreography, and musicology. It also has a program in Washington, D.C. for dancers to audition. If accepted the students work with Robert Garland. They have three levels: advanced beginners, intermediate pre-pointe, and advanced young ladies and men. The Harlem School of the Arts (HSA) is a school in Harlem, New York. It was founded in 1964 by the soprano Dorothy Maynor, and offers its programs to students of all ages. According to its website, the mission of the Harlem School of the Arts is “to enrich the lives of children and their families in the Harlem community and beyond, through exposure to and instruction in the arts.”[1] In 2005, the school was among 406 New York City arts and social service institutions to receive part of a $20 million grant from the Carnegie Corporation, which was made possible through a donation by New York City mayor Michael Bloomberg. The school offers courses in both classical and jazz music, with instruction in musical instruments and voice, as well as dance (including ballet, modern, ethnic, jazz, and tap dance). In addition, classes are offered in theater arts, and creative writing, and visual arts (including sculpture and photography). Most of Olmsted have offered escape from the city and opportunities the school’s students are of African American or Latino cultural for people of all incomes to relax, play and socialize in tranquil backgrounds, and tuition is relatively inexpensive in contrast to settings. His design for Riverside Drive made it is one of the other similar educational institutions in the United States. most beautiful boulevards in the world, affording views of the Hudson River along its serpentine route Parks and Recreation Saint Nicholas Park Riverside Park The land for St. Nicholas Park was acquired in part by Riverside Park is Manhattan’s most spectacular waterfront condemnation for the Old Croton Aqueduct in 1885-86. New park, stretching four miles from 72nd to 158th Streets along the York State laws of 1894 and 1895 authorized the creation of Hudson River. Since 1875, the landscapes of Frederick Law a public park to be known as St. Nicholas Park. Additional 8 413 West 145th Street Location Overview property was assembled in 1900-06, and park construction began in 1906. Like Harlem’s other “ribbon parks,” St. Nicholas was built on a rugged mass of rock, following the steep and irregular topography of northern Manhattan. Landscape architect [and Parks Commissioner] Samuel Parsons was responsible for the design of the rustic park, of which he said a “dominant note must be followed with a harmonious treatment, a high hill made higher, a rugged slope more rugged, a deep valley made deeper, thus invariably following nature’s lead.” The development of the park and the completion of the elevated rapid transit line made this area of Harlem a fashionable residential district at the turn of the century.