409 East 50th Street Offering Memorandum ANTHONY CELIFARCO Prime Real Estate Partners Direct: 646-485-5899 Cell: 516-506-9063 [email protected] JON FRETZ Prime Real Estate Partners Direct: 646-485-5898 Cell: 917-945-1634 [email protected] Investment Opportunity 409 E 50th St, New York, NY 10022 2 Current Property Previously Approved Redesign 4-Story Mixed-Use Building Delivered Vacant 4 Vacant Apartments & 1 Office Unit 3,340 ± SF Total Square Feet 2A Protected Tax Class Situated on a beautiful tree-lined street in Turtle Bay, New York, 409 East 50th Street is located between 1st Avenue and Beekman Place in a vibrant neighborhood full of excellent restaurants, cafes and shopping outlets. Built in 1930, this property spans 3,340±SF with 4 residential units and 1 office. This 19' wide vacant brownstone also comes with plans for a single family conversion done by Leo Sguera. The plans were previously approved in 2015 and will need to be updated and re-submitted for current approval, but this an exceptional head start for the conversion process. Also, the option is to leave the building as is, and utilize as a 4 family or owners duplex with 2 rental apartments, allowing the new owner with a range of options to consider. PRIME REAL ESTATE PARTNERS 11 West 20th Street 4th Floor New York, NY 10011 Office: 212-268-8043 Investment Details 409 E 50th St, New York, NY 10022 3 Property Details Block/Lot 1362/0104 Lot Dimensions 20’ x 100’ Lot Area 1,950 Sq. Ft. Building Dimensions 19’ x 43’ Building Size 3,340 Sq. Ft. Stories 4 Apartments/Office Units 4/1 Zoning R10, R8B, C1-5 FAR As Built 1.71 RE Taxes (2020/2021) $61,073 Tax Rate Tax class 2A- 12.473% Assessment $973,800 Asking Price: Remarks: $3,900,000 • Delivered Vacant • New electric and plumbing • New boiler • Recently converted to gas heating • Owner Financing Available PRIME REAL ESTATE PARTNERS 11 West 20th Street 4th Floor New York, NY 10011 Office: 212-268-8043 Turtle Bay Rent 409 E 50th St, New York, NY 10022 4 Turtle Bay Rent & Lease Information Average Rents Comparables Type Below Average Above Apartments Type Rent Studio $2,350 $2,500 $2,700 361 East 50th Street 2BD $4,250 1 BedRoom $3,000 $3,200 $3,500 333 East 46th Street 2BD $3,345 2 BedRoom $3,300 $3,800 $4,300 309 East 52nd Street 2BD $3,900 Office Per SF $55/SF $65/SF $78/SF Offices Rent 340 East 52nd Street $75/SF Historical Rents 344 East 59th Street $55/SF 305 East 52nd Street $59/SF PRIME REAL ESTATE PARTNERS 11 West 20th Street 4th Floor New York, NY 10011 Office: 212-268-8043 Interior Photos 409 E 50th St, New York, NY 10022 5 PRIME REAL ESTATE PARTNERS 11 West 20th Street 4th Floor New York, NY 10011 Office: 212-268-8043 Interior Photos 409 E 50th St, New York, NY 10022 6 PRIME REAL ESTATE PARTNERS 11 West 20th Street 4th Floor New York, NY 10011 Office: 212-268-8043 Interior Photos 409 E 50th St, New York, NY 10022 7 PRIME REAL ESTATE PARTNERS 11 West 20th Street 4th Floor New York, NY 10011 Office: 212-268-8043 Rendering Photos 409 E 50th St, New York, NY 10022 8 PRIME REAL ESTATE PARTNERS 11 West 20th Street 4th Floor New York, NY 10011 Office: 212-268-8043 Floor Plans 409 E 50th St, New York, NY 10022 9 PRIME REAL ESTATE PARTNERS 11 West 20th Street 4th Floor New York, NY 10011 Office: 212-268-8043 Floor Plans 409 E 50th St, New York, NY 10022 10 PRIME REAL ESTATE PARTNERS 11 West 20th Street 4th Floor New York, NY 10011 Office: 212-268-8043 Floor Plans 409 E 50th St, New York, NY 10022 11 PRIME REAL ESTATE PARTNERS 11 West 20th Street 4th Floor New York, NY 10011 Office: 212-268-8043 Floor Plans 409 E 50th St, New York, NY 10022 12 PRIME REAL ESTATE PARTNERS 11 West 20th Street 4th Floor New York, NY 10011 Office: 212-268-8043 Neighborhood Information 409 E 50th St, New York, NY 10022 13 Transit Score: 100 Walk Score: 96 Transit Scores & Commute Times Bike Score: 74 The subject property is located near the 3rd Avenue & 53rd Street station on the E, M & 6 trains. Located across the street from the M15 bus line. PRIME REAL ESTATE PARTNERS 11 West 20th Street 4th Floor New York, NY 10011 Office: 212-268-8043 Company Information 14 Prime Real Estate Partners, located in Manhattan’s Flatiron District, is a full-service real estate brokerage firm. We operate in the sales of both residential and investment sales properties throughout the New York Metropolitan Area. We have over 25 years of experience in New York City’s real estate market. As such, Prime is supremely adept at helping our clients navigate through the transaction process and overcome any possible hurdle. Benefits To You Why We Are Different Unparalleled knowledge of the real estate investment market Diversity. Our team of professionals with vastly diverse backgrounds climate. allows us to capitalize on global relationships that our competitors are Ability to provide our clients with both residential and leasing precluded from. services. Deep-rooted relationships cultivated over the last three decades. Family is our Culture. Our tight-knit network of in house brokers Far reaching marketing strategies tailored to the particularities acrossresidential sales, commercial leasing and investment sales of our client’s asset. allows us to be more agile and dynamic than any other firm when we are tackling our clients obstacles. Our Core Values Full transparency with our clients. Manager’s Expertise. Each investment gets reviewed by our Integrity both within our firm and with our vast network of President to ensure both value and returns. professionals. Consistency in our results through persistent pursuits. Commitment to educate our clients about market trends. Company Information 15 Our brokerage team: Anthony Celifarco Jon Fretz Prime Real Estate Partners Prime Real Estate Partners Anthony is vital to sourcing and underwriting investment opportunities on Jon is vital to sourcing investment opportunities on an income producing and an income producing and pro forma basis throughout Manhattan. pro forma basis throughout the New York Metropolitan Area. Prior to starting Prime Real Estate Partners , Anthony acted as Senior Director His background is in project management, engineering, and sales with a focus at Besen & Associates, additionally, he held a position as a broker at EPIC on achieving client goals through AGILE and LEAN processes. Commercial Realty, formerly Itzhaki Properties. While working alongside those His unique background and approach has aided him throughout his career executive teams, he focused on $25-50M multi-family, mixed-use and and has helped numerous clients achieve their goals in a simple and efficient development projects across the Upper Westside and Manhattan Valley areas. manner. Mr. Celifarco grew up in Manhasset, New York and attended Stevenson Mr. Fretz attended Kennesaw State University in Kennesaw, Georgia. His University. His passion for the brokerage business and overall determination passion for collaboration, teamwork, and a streamlined workflow has led to a has fueled his success in closing all types of transactions. Anthony is also dramatic increase in efficiency and client satisfaction. fluent in Spanish. Direct: 646-485-5898 Direct: 646-485-5899 Cell: Cell: 516-506-9063 917-945-1634 [email protected] [email protected] ANTHONY CELIFARCO Prime Real Estate Partners Direct: 646-485-5899 Cell: 516-506-9063 [email protected] JON FRETZ Prime Real Estate Partners Direct: 646-485-5898 Cell: 917-945-1634 [email protected] PRIME REAL ESTATE PARTNERS 11 West 20th Street 4th Floor New York, NY 10011 Office: 212-268-8043 Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied..