NYC Value-Add Trophy Mixed Use
Off Market, Confidential Offering
The firm asking price of $50M represents a 33% reduction from its original $75M price.
Trophy 90,000 SF Mixed Use Residential, Medical Office, Retail and Underground Parking Complex
First to sign a final contract wins.
Trophy, Class “A” High-Rise Complex with 3 elevators, luxury residential, medical offices, retail, an underground parking complex, concierge, impressive lobby and exercise gym.
Multi-Billion Dollar Medical Center is the anchor tenant
63 Residential Apartment Units
8 Retail & Office leased medical offices
5 Tenant's Credit card Operated Laundromat Rooms
Leased Interior 82 Car Interior Parking Garage, with valet parking room for over 100 cars
Value Add by increasing income by at least $962,125 to $3,900,000
1) The last commercial lease to be signed was the strongest, billion-dollar tenant paying $79 PSF/Yr. If all the other commercial and retail tenants upon renewal or lease up pay the same $79 psf/yr. then the gross income will rise by $277,325/year on the remaining 17,608 square feet
2) Rents should rise gradually each year as they have historically. If rents rise by only 3% a year residential rents could reach $2,423,000 for a total increase of $620,000 after 10 years.
3) 2nd floor gym could possibly be repurposed as office desk share space $450/open cubicle/month x up to 8 cubicles = $3,600/month $43,200/year maximum potential repurposed space
4) If you buy the garage, the superintendent has an idea to install storage fenced in lockers at approximately $90/month x up to for example 20 = $1,800/month = $21,600/year potential value add space
5) Real Estate taxes do not have to rise depending on how the NYC RPIE form is filed.
6) Top floor office that is not in C of O had previously been used by landlord which could be used as well
7) Solar energy can be installed on the rooftop.
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