244 west 48th street mixed use building for sale...lee & associates nyc – has been retained on...
TRANSCRIPT
Lee & Associates NYC – has been retained on an exclusive basis to market a mixed use building in prime Midtown Manhattan. Midtown is one of New York City’s most dynamic neighborhoods, adjacent to Times Square, the Theatre District and Hell’s Kitchen. The subject property is a 5-story mixed use building located on the south side of West 48th Street between Eighth Avenue and Broadway.
The asset contains a fully built and operating two story restaurant (with blade sign) featuring new electrical service, multiple split HVAC units, and other improvements. The kitchen located on the ground floor boasts a 30’ hood (black iron venting installed to roof), dishwasher station and an ADA bathroom in the seating area. The second floor has a prep kitchen, wet bar, 2 additional bathrooms and seating area. The basement is outfitted with 2 walk-in boxes, one being the freezer and the other the fridge. The third floor through fifth floor is residential containing 6 residential apartments. The entire building will be delivered vacant.
The subject property is positioned in a very strong and growing retail corridor with notable traffic drivers filling the block. On the south side of the street is the Gallivant Hotel (336 hotel rooms) adjacent to the East is The Longacre Theatre (1,091 seating capacity) and Hurley’s Saloon. On the North side of the street is The Ritz Plaza (479 apartments),The Crowne Plaza Times Square (795 hotel rooms) and Hershey’s Chocolate World.
BUILDING OVERVIEW:
244 WEST 48 ST
244 WEST 48TH STREET MIXED USE BUILDING FOR SALE
DELIVERED VACANT 2 Story Restaurant + 6 Apartments
INVESTMENT HIGHLIGHTS
Tax Map
Lot Size: 22’ X 84.33’ sf (irregular)
Lot SF: 1,855 sf
Location: South side of 48th Street between Broadway & 8th Avenue
Block/Lot: 1019/59
Stories: 5
Zoning/FAR: C6-5 / 10
Building Dimensions:
Grnd & 2nd FL 3rd FL to 5th FL
Built Full 22’ X 50’
Total Building SF:
EXCLUSIVE AGENTS:
RICHARD KAVE
Executive Managing Director
212.776.1291
leeassociatesnyc.com
BARCLAY SMYLY
Associate
212.776.4353
All information supplied is from sources deemed reliable and is furnished subject to errors, omissions, modifications, removal of the listing from sale or lease, and to any listing conditions, including the rates and manner of payment of commissions for particular offerings imposed by principals or agreed by this Company, the terms of which are available to principals or duly licensed brokers. Any square footage dimensions set forth are approximate.
7,010 sf (approx)
Assessment (17/18): $3,394,000
Taxes (17/18): $81,451
Proforma Income Statement:
2 Story Restaurant + 6 Apartments
244 WEST 48 ST – PROJECTED INCOME & EXPENSES
244 WEST 48TH STREET MIXED USE BUILDING FOR SALE
DELIVERED VACANT
• Four 2 Bedroom Apartments & two 1 Bedroom Apartments. Assuming, that existing “open format” apartments on floors 3 & 4 are divided into 2 bed 1 bath apartments
• ** Assumes $200 psf for ground floor retail
EXCLUSIVE AGENTS:
RICHARD KAVE
Executive Managing Director
212.776.1291
leeassociatesnyc.com
BARCLAY SMYLY
Associate
212.776.4353
All information supplied is from sources deemed reliable and is furnished subject to errors, omissions, modifications, removal of the listing from sale or lease, and to any listing conditions, including the rates and manner of payment of commissions for particular offerings imposed by principals or agreed by this Company, the terms of which are available to principals or duly licensed brokers. Any square footage dimensions set forth are approximate.
RESIDENTIAL REVENUE*: Monthly $21,000
Per Annum $252,000
Residential Revenue Breakdown
COMMERCIAL REVENUE**: $29,333 $351,996 FLOOR APARTMENT LAYOUT
PROJECTED REVENUE: $50,333 $603,996 5th FL 2 One Bedroom / One Bath
REAL ESTATE TAXES (actual): $6,788 $81,451 4th FL 2 Two Bedroom / One Bath
INSURANCE: $833 $10,000 3rd FL 2 Two Bedroom / One Bath
ACCOUNTING & LEGAL: $100 $1,200
WATER & SEWER (estimate): $400 $4,800 50th St. Subway Ridership 2016
1 Weekend 26,200+
Weekday 20,300+
C E Weekend 26,300+
Weekday 20,900+
FUEL & GAS: $542 $6,500
REPAIRS & MAINTENANCE (est): $2,500 $30,000
TOTAL ANNUAL EXPENSES: $133,951
NET OPERATING INCOME (proj): $470,045
PROJECTED CAP RATE: 3.92 %
244 WEST 48TH STREET MIXED USE BUILDING FOR SALE
DELIVERED VACANT 2 Story Restaurant + 6 Apartments
Ground Floor Dining HVAC
Second Floor Prep Kitchen New Electrical
Second Floor Dining Basement
EXCLUSIVE AGENTS:
RICHARD KAVE
Executive Managing Director
212.776.1291
leeassociatesnyc.com
BARCLAY SMYLY
Associate
212.776.4353
All information supplied is from sources deemed reliable and is furnished subject to errors, omissions, modifications, removal of the listing from sale or lease, and to any listing conditions, including the rates and manner of payment of commissions for particular offerings imposed by principals or agreed by this Company, the terms of which are available to principals or duly licensed brokers. Any square footage dimensions set forth are approximate.
244 WEST 48TH STREET MIXED USE BUILDING FOR SALE
DELIVERED VACANT 2 Story Restaurant + 6 Apartments
EXCLUSIVE AGENTS:
RICHARD KAVE
Executive Managing Director
212.776.1291
leeassociatesnyc.com
BARCLAY SMYLY
Associate
212.776.4353
All information supplied is from sources deemed reliable and is furnished subject to errors, omissions, modifications, removal of the listing from sale or lease, and to any listing conditions, including the rates and manner of payment of commissions for particular offerings imposed by principals or agreed by this Company, the terms of which are available to principals or duly licensed brokers. Any square footage dimensions set forth are approximate.
244 WEST 48TH STREET MIXED USE BUILDING FOR SALE
DELIVERED VACANT 2 Story Restaurant + 6 Apartments
EXCLUSIVE AGENTS:
RICHARD KAVE
Executive Managing Director
212.776.1291
leeassociatesnyc.com
BARCLAY SMYLY
Associate
212.776.4353
All information supplied is from sources deemed reliable and is furnished subject to errors, omissions, modifications, removal of the listing from sale or lease, and to any listing conditions, including the rates and manner of payment of commissions for particular offerings imposed by principals or agreed by this Company, the terms of which are available to principals or duly licensed brokers. Any square footage dimensions set forth are approximate.
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244 WEST 48TH STREET MIXED USE BUILDING FOR SALE
DELIVERED VACANT 2 Story Restaurant + 6 Apartments
EXCLUSIVE AGENTS:
RICHARD KAVE
Executive Managing Director
212.776.1291
leeassociatesnyc.com
BARCLAY SMYLY
Associate
212.776.4353
All information supplied is from sources deemed reliable and is furnished subject to errors, omissions, modifications, removal of the listing from sale or lease, and to any listing conditions, including the rates and manner of payment of commissions for particular offerings imposed by principals or agreed by this Company, the terms of which are available to principals or duly licensed brokers. Any square footage dimensions set forth are approximate.
244 WEST 48TH STREET MIXED USE BUILDING FOR SALE
DELIVERED VACANT 2 Story Restaurant + 6 Apartments
EXCLUSIVE AGENTS:
RICHARD KAVE
Executive Managing Director
212.776.1291
leeassociatesnyc.com
BARCLAY SMYLY
Associate
212.776.4353
All information supplied is from sources deemed reliable and is furnished subject to errors, omissions, modifications, removal of the listing from sale or lease, and to any listing conditions, including the rates and manner of payment of commissions for particular offerings imposed by principals or agreed by this Company, the terms of which are available to principals or duly licensed brokers. Any square footage dimensions set forth are approximate.
244 WEST 48TH STREET MIXED USE BUILDING FOR SALE
DELIVERED VACANT 2 Story Restaurant + 6 Apartments
EXCLUSIVE AGENTS:
RICHARD KAVE
Executive Managing Director
212.776.1291
leeassociatesnyc.com
BARCLAY SMYLY
Associate
212.776.4353
All information supplied is from sources deemed reliable and is furnished subject to errors, omissions, modifications, removal of the listing from sale or lease, and to any listing conditions, including the rates and manner of payment of commissions for particular offerings imposed by principals or agreed by this Company, the terms of which are available to principals or duly licensed brokers. Any square footage dimensions set forth are approximate.
244 WEST 48TH STREET MIXED USE BUILDING FOR SALE
DELIVERED VACANT 2 Story Restaurant + 6 Apartments
EXCLUSIVE AGENTS:
RICHARD KAVE
Executive Managing Director
212.776.1291
leeassociatesnyc.com
BARCLAY SMYLY
Associate
212.776.4353
All information supplied is from sources deemed reliable and is furnished subject to errors, omissions, modifications, removal of the listing from sale or lease, and to any listing conditions, including the rates and manner of payment of commissions for particular offerings imposed by principals or agreed by this Company, the terms of which are available to principals or duly licensed brokers. Any square footage dimensions set forth are approximate.