Property details
NYC Value-Add Trophy Mixed Use, Northeast Region
Property Description
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.
Images
Highlights
- Status:
- Available
- Price:
- $50,000,000
- PSF:
- $556
Property Information
- Building Size:
- 90,000 sq.ft.
- Property Type:
- Apartments
- Industry Type:
- Apartment - Multifamily
- Units/Spaces:
- 76
- Purchase Tenure:
- Fee Simple
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.