359-361 WEST 52nd STREET TABLE OF CONTENTS I. EXECUTIVE SUMMARY II. THE NEIGHBORHOOD III. DUE DILIGENCE CHRIS BRODHEAD Partner, Managing Director 646 933 2616 [email protected] 2 B6 REAL ESTATE ADVISORS 359-361 WEST 52ND STREET 3 EXECUTIVE SUMMARY 4 B6 REAL ESTATE ADVISORS 359-361 WEST 52ND STREET 5 THE OPPORTUNITY PROPERTY INFORMATION For the first time in nearly 40 years, the properties at 359 and 361 West 52nd Street are Location North side of West 52nd Street between 8th and 9th Avenues for sale and represent a compelling acquisition opportunity for investors, developers, Address 361 West 52nd Street 359 West 52nd Street Total business owner-users and live-plus-income buyers alike. Block / Lot 1043 / 108 1043 / 9 1043 / 108 & 9 Lot Dimensions (Approx.) 18.75' x 100.42' Irr. 18.75' x 100.42' 37.5' x 100.42' Irr. INVESTMENT OPPORTUNITY Lot SF (Approx.) 1,456 1,883 3,339 Proximity to midtown, Central Park, the Hudson Yards and Times Square make this Description 359 & 361 West 52nd Street are two adjacent 18.75’ wide four-story, mixed- use buildings located on the north side of West 52nd Street between 8th and location a stellar residential rental location. The commercial space appeals to a variety 9th Avenue. Both buildings have development rights allowing for an additional of retail, office, educational, showroom and gallery uses. A door from 52nd Street leads 5,800 sf of residential space to be built. #359 has a four 2BR residential units directly to the spacious basement under 359 West 52nd Street. Natural light filters in (one per floor) as well as a one-story carriage house at the rear that is used by the ground floor commercial space of 361 West 52nd Street. There is also a from windows onto the street and the rear courtyard. Regarding the residential income basement space with direct Street access. #361 has a ground floor commercial stream, upgrades can easily be made to the 7 apartments in order to drive rents to space that is built full on the lot and floor-through three 2BR apartments on the market levels. 2nd, 3rd and 4th Floors. There is also a great cellar. 361 West 52nd Street will be delivered vacant. The fourth floor of 359 West 52nd Street is owner-occupied, while the remaining 3 floor-through units are on month-to-month leases. DEVELOPMENT OPPORTUNITY Combined, the two lots share 37.5’ of frontage along West 52nd Street and total 3,340 BUILDING INFORMATION 361 WEST 52nd STREET 359 WEST 52nd STREET SF approximately. The zoning is R-8 in the Special Clinton District with a Floor-Area-Ratio 1st Floor (Approx.) 18.75' x 100.42' Irr. 18.9' x 54' 37.5' x 100.42' Irr. (FAR) of 4.2. An estimated 14,000 SF of residential space could be constructed on the 359 West 52nd - Carriage House 18.9' x 30' site. The current structures contain approximately 8,688 SF of floor area, leaving 5,335 2nd-4th Floor (Approx.) 18.75' x 54' Irr. 18.9' x 54' 37.5' x 60' Irr. SF (approximately) of air rights that can also be used. Gross SF (Approx.) 4,071 4,617 8,688 OWNER-USER / LIVE WORK OPPORTUNITY (Includes rear building) (Includes carriage house) Certain business owners prefer to own the premises where their business is located. 359 and 361 West 52nd Street will appeal to owner-occupants of this profile. At present, over Stories 4 4 4 1,700 SF of ground floor space is used for commercial purposes and an additional 861 SF might be added as well (ground floor front unit at 359 West 52nd Street). The properties’ Commercial Units 1 1 2 commercial space is primed for a variety of professional, technological, educational, Residential Units 3 3 6 institutional and/or religious uses. Total Units 4 4 8 Additionally, the fact that 4 of 7 residential units are delivered vacant will allow a buyer to create a spacious home within the premises, possibly with dramatic rooftop space and Zoning R8 - Sp. Clinton District R8 - Sp. Clinton District the 630 sf carriage house at the rear of 359 West 52nd Street used as a private office, FAR (Residential) 4.20 4.20 4.20 work-out or mediation space. Existing SF (Approx.) 4,071 4,617 8,688 In conclusion, 359 and 361 West 52nd Street present a compelling acquisition opportunity Air Rights (Approx.) 2,044 3,291 5,335 for a variety of buyer profiles and is a rare asset in a stellar midtown Manhattan location. Total Buildable SF (Approx.) 6,115 7,908 14,023 Historic District: None None None RE Tax Assessment (19/20) $285,745 $541,082 $826,827 Actual RE Taxes (18/19) $36,038 $68,241 $104,279 Tax Class 2A 2A 2A Building Class S3 (Primarily 3 Family with 1 store or office) 6 B6 REAL ESTATE ADVISORS 359-361 WEST 52ND STREET 7 359 WEST 52ND STREET 361 WEST 52ND STREET 359 West 52nd Street is a 18.9’ wide, four- provides heat and hot water for this building. 361 West 52nd Street is a 18.9’ wide, four- The upper 3 floors are built 54’ deep story building which is classified as “S3 or story building which is also classified as “S3 and feature 3 spacious floor-through primarily 3-family with store or office”. The There are 4 spacious floor-through or primarily 3-family with store or office”. apartments (1 per floor, 12’ ceilings). There lot is 18.9’ x 100’ and is approximately 1,880 apartments (1 per floor, 12’ ceilings) that The lot is 100’ deep and is irregularly shaped, are two 2BR/2BA units and one 2BR/1.5 sf. All four floors are built 54’ deep. On the have 2 bedrooms and 1 bath. The apartments narrowing from 18.9’ at the front to 10.25’ bath units. Each of these units have been ground floor, a courtyard leads to a 1-story on the first, second and third floors are at the rear. Ground floor commercial space renovated and can command market “carriage house” style building (12’+ ceilings) leased on a month-to-month basis, while (12’ ceilings) is built 100’ deep and features rents. The top floor unit is owner-occupied that is built approximately 30’ deep. This the top floor is owner-occupied and will a office space at the front and a recording and has been extensively renovated in a space connects with the commercial unit of be delivered vacant. All of these units can studio at the rear which connects to the beautiful Italianesque style. All 3 units will 361 West 52nd Street and has been used as be easily upgraded in order to command “carriage house” space at #359. A cellar be delivered vacant. The roof commands a recording studio for several decades. The significantly higher rents than those (7’ ceilings) containing the ample storage stellar views and could become wonderful basement (7.6’ ceilings) has direct street obtained at present. The roof commands space, a bathroom and mechanical systems amenity space as well. Heat is provided by access and windows looking onto it as well stellar views and could become wonderful is accessed directly from the commercial electric baseboard radiators and paid for as the rear courtyard. A new gas-fired boiler amenity space as well. space and provides additional storage area. by the tenants. 8 B6 REAL ESTATE ADVISORS 359-361 WEST 52ND STREET 9 PHOTO OF BUILDINGS VIEW FROM ROOF “CARRIAGE HOUSE” - 359 WEST 52ND STREET APARTMENT 4 - 359 WEST 52ND STREET COMMERCIAL SPACE - 361 WEST 52ND STREET 10 B6 REAL ESTATE ADVISORS 359-361 WEST 52ND STREET 11 APARTMENT 2 - 361 WEST 52ND STREET APARTMENT 4 - 361 WEST 52ND STREET APARTMENT 3 - 361 WEST 52ND STREET 12 B6 REAL ESTATE ADVISORS 359-361 WEST 52ND STREET 13 TRANSPORTATION AREA MAP SUBWAY MAP The area benefits from outstanding access to all major forms of transportation due to its proximity to subway hubs at Columbus 359-361 WEST 52nd STREET Circle and Times Square which provide a direct link to the ACE, BDFQ, NR & 1/2/3 subway lines. These lines afford nd quick access to both the east and west 359-361 WEST 52 STREET sides of Downtown Manhattan, the Bronx, Brooklyn, and Queens. In addition, the area is served by bus routes running north and south on Tenth Madison (#2/3), Fifth (#2/3), Sixth (#5) and Seventh (#10) Avenues, as well as east and west along 50th, and 57th Streets. By car, there is easy access to the Westside Highway and cross-town via 57th and 42nd Streets. All major bridges and tunnels are easily accessible from the site. The three local airports are within easy reach: LaGuardia Airport (35 minutes), John F. Kennedy Airport (50 minutes), and Newark Airport (35 minutes). TAX MAP BUS MAP Block: 1043 Lot: 9 & 108 The subject property is located on the north side of West 52nd Street between Eighth and Ninth Avenue. 359-361 WEST 52ND STREET 14 B6 REAL ESTATE ADVISORS 359-361 WEST 52ND STREET 15 REVENUE 359 WEST 52nd STREET UNIT TYPE STATUS EXPIRATION SF $/SF MONTHLY ANNUAL Owner - Delivered "Carriage House" Unit at rear 586 $55 $2,686 $32,230 Projected Vacant First Floor* 2BR/1BA Occupied Mth-Mth 767 $44 $2,800 $33,600 Second Floor* 2BR/1BA Occupied Mth-Mth 779 $48 $3,100 $37,200 Third Floor* 2BR/1BA Occupied Mth-Mth 779 $39 $2,500 $30,000 Owner - Delivered Fourth Floor* 2BR/1BA 779 $54 $3,500 $42,000 Projected Vacant Total Monthly $14,586 Total Annual $175,030 361 WEST 52nd STREET UNIT TYPE STATUS EXPIRATION SF $/SF MONTHLY ANNUAL Owner - Delivered Ground Floor Commercial Unit 1,165 $75 $7,280 $87,360 Projected Vacant Delivered Second Floor* 2BR/1.5BA Vacant 647 $67 $3,600 $43,200 Vacant Delivered Third Floor* 2BR/2BA Vacant 647 $67 $3,600 $43,200 Vacant Owner - Delivered Fourth Floor* 2BR/2BA 647 $70 $3,750 $45,000 Projected Vacant Total Monthly $18,230 Total Annual $218,760 *Residential unit SF projected at 85% of gross SF of each floor.