exclusive offering memorandum 229 east 60th ......miguel jauregui director (212) 951-8402...

229 east 60th Street, nycEXCLUSIVE OFFERING MEMORANDUM

BESENINVESTMENTSALES TEAM

Greg CorbinExecutive Managing Director(646) [email protected]

Aaron KlineAssociate(646) [email protected]

Miguel JaureguiDirector(212) [email protected]

Fritz RichterAssociate(646) [email protected]

Leah Chen Associate(646) [email protected]

Paul J. NigidoSenior Financial Analyst(646) [email protected]

Besen & Associates381 Park Avenue SouthNew York, NY 10016Tel: (212) 689-8488 Fax: (212) 689-9518

EXECUTIVESUMMARY

the galleumbuilding

EXECUTIVESUMMARY

EXECUTIVE SUMMARYBesen & Associates, as exclusive agent for the Prince of Monteagudo, is pleased to offer for sale 229 East 60th Street, New York, NY 10022 (the “Galleum” or “Property”), an exceptional investment opportunity to purchase and reposition a vacant mixed-use building.

The Galleum is a spectacular, newly re-constructed, 5,540± sq ft (above-grade), five story mixed-use building, with an ADA approved elevator, private garden, large rear veranda, and a roof deck that provides 360 degree panoramic NYC views. The Property is found on the north side of 60th Street between Third and Second Avenues in the heart of Manhattan’s Midtown East Decoration & Design District.

The property benefits from incredible access to public transportation, neighborhood attractions, restaurants, retail, and local amenities. Within one block is the Lexington Avenue/59th Street subway station servicing the 4,5,6 and N,R&W trains, and three blocks north is the entrance to the subway servicing the F and new Second Avenue Q train. Nearby attractions include the Bloomingdale’s Flagship Store, Central Park, the Decoration & Design Building, the Church of Our Lady Peace, Trinity Baptist Church, and the headquarters to the United Nations.

INVESTMENT & PROPERTY HIGHLIGHTSThe Galleum was taken down to the studs and underwent a no expense spared, three-year rebuild that was completed in June 2016. Only the finest materials were sourced and used from top to bottom. The construction features include: new steel beams throughout, new electrical and plumbing throughout, LED lighting throughout, new Mitsubishi HVAC system, high-speed (60 feet-per-minute) 4’X7’ elevator that services the roof, three hospitality kitchens, walnut slab vanities, custom glass shower enclosures, new thermal window and doors, new concrete floors in the basement, state-of-the-art security system with card readers and 16 security cameras, new roof with 25-year warranty, Vermont Slate floors on the first, second, and third floors, new oak floors on the 4th and 5th floors, and a custom-designed marble garden.

The Certificate of Occupancy permits retail and/or commercial offices/showroom on the first, second, and third floor and residential on the fourth and fifth floors. Currently the residential component of the building consists of two (2) one-bedroom floor-through apartments, one per floor. Additional air rights are intact so further development is possible.

PRICE: $8,875,000

229 East 60th Street, New York, NY 10022 | xx

PROPERTYOVERVIEW

the galleumbuilding

PROPERTYOVERVIEW

PROPERTY OVERVIEW

Neighborhood

Location

Block / Lot

Lot & Built Size

Lot Size

Gross Building Area

Stories

Zoning

FAR (built / allowed)

Year Built

Assessment & Taxes (18/19)

Lenox Hill

North side of East 60th Street between Second and Third Avenues

1415 / 14

20’ x 100.42’ (Built 50’)

2,008± SF

5,540± SF

5-Story Elevator Building

R8B

2.76 / 4.0

Circa 1920 | Gut Renovated 2016

$2,916,000 / $123,748

TAX MAP


EAST 61st STREET

EAST 60st STREET

3rd A

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Block1415

LOCATION MAP

229 East 60th Street

AERIAL MAP


Central Park

Upper East Side

Lenox Hill229 East 60th Street

the galleumbuilding

PROPERTYPHOTOS

FLOOR PLANS

the galleumbuilding

LOCATIONOVERVIEW

LENOX HILLThe neighborhood is named for the hill that “stood at what became 70th Street and Park Avenue.” The name “Lenox” is that of the immigrant Scottish merchant Robert Lenox (1759-1839), who owned about 30 acres of land “at the five-milestone”, reaching from 5th Avenue to 4th Avenue and from East 74th Street to 68th Street. For the sum of $6,420 ($103,000 in current dollar terms) he had purchased a first set of three parcels in 1818, at an auction held at the Tontine Coffee House of mortgaged premises of Archibald Gracie, in order to protect Gracie’s heirs from foreclosure, as he was executor of Gracie’s estate. Several months later he purchased three further parcels, extending his property north to 74th Street. According to one source, “Thereafter these two tracts were known as the ‘Lenox Farm.’” The tenant farmhouse stood on the rise of ground between Fifth and Madison avenues and 70th and 71st Streets, which would have been the hill, if the property had ever been called “Lenox Hill.” The railroad right-of-way of the New York & Harlem Railroad passed along the east boundary of the property.

Robert Lenox’s son James Lenox divided most of the farm into blocks of building lots and sold them during the 1860s and 1870s; he also donated land for the Union Theological Seminary along the railroad right-of-way, between 69th and 70th Streets, and just north of it a full square block between Madison and Fourth Avenue, 70th and 71st streets, for the Presbyterian Hospital, which occupied seven somewhat austere structures on the plot; He built the Lenox Library on a full block-front of Fifth Avenue, now the site of the Frick Collection.

Lenox Hill is serviced by the New York City Subway’s 68th Street–Hunter College station on the 4, 6, and trains. Bus routes include M1, M2, M3, M4, M15, M66, M72, M98, M101, M102, M103.

RETAIL


RETAIL MAP

1. CB22. Hastens3. Waterworks4. Ilumé5. Koleksiyon Furniture6. sohoConcept7. Duxiana8. Club A Steakhouse9. Auffrance10. Felidia

21. Dylan’s Candy Bar22. Anassa Taverna23. Flywheel Sports24. Patsy’s Pizzeria25. Canaletto26. Serendipity27. Venfield28. Alt Box29. John Salibello30. Ann-Morris Inc.31. Pascal Boyer

11. McKinnon and Harris12. Waterworks13. Lutron14. Janus et Cie15. The Shade Store16. Lapicida17. Galerie Van Den Akker18. Michael Dawkins Home19. Safavieh Carpets20. De Gournay

32. Scalinatella33. Learning Express Toys34. InVite Health


58TH STREET 60TH STREET

59TH STREET 61ST STREET

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CENTRALPARK

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E 61st ST

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UNITED NATIONS MAP


1. Consulate General of Bulgaria2. Permanent Mission of Somalia3. Consulate General of the Arab Republicof Egypt4. Permanent Mission of Cambodia5. Consulate General of Spain6. Consulate General of the Republic ofKorea7. Consulate General of Argentina8. Consulate General of Slovenia9. Permanent Mission of Zimbabwe10. Consulate General of Ireland11. Irish Consulate12. British Consulate General13. Consulate General of Hungary14. Permanent Mission of Zambia15. Norwegian Consulate General16. Permanent Mission of Tanzania17. Embassy of Tonga

35. Permanent Mission of Pakistan36. Permanent Mission of the RussianFederation37. Colombian Permanent Mission38. Permanent Mission of Brazil39. Permanent Mission of Poland40. Costa Rican Permanent Mission41. Permanent Mission of India42. Permanent Mission of Syria43. Permanent Mission of Malaysia44. Permanent Mission of the Republic ofKorea45. Permanent Mission of Canada46. Permanent Mission of Thailand47. Permanent Mission of EquatorialGuinea48. Consulate General of Qatar49. Consulate General of Venezuela50. Consulate General of Uruguay

18. Consulate General of Germany19. Embassy of the Republic of Kenya20. Consulate General of Ukraine21. Consulate General of Nepal22. Consulate General of Japan23. Consulate General of Sweden24. Permanent Mission of Denmark25. Consulate General of Belgium26. Consulate General of Jamaica27. Consulate General of Peru28. Consulate of the Republic of Singapore29. Consulate General of Estonia30. Consulate General of Antigua31. Permanent Mission of Ethiopia32. Consulate General of Jordan33. Consulate General of India34. Consulate General of Pakistan

65th TRAVERSE

WEST DRIVE

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CENTRAL PARK SOUTH

E 65th ST

E 64th STE 64th ST

E 62nd ST

E 60th ST E 60th ST YORK

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MoMA

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ROCKEFELLERCENTER

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TRANSPORTATION

Just a short walk from the property are multipletrains stations.

TRANSPORTATION

at 3rd Ave and 60th (.14 mi)

at Lexington Ave and 63rd St. (.21 mi)

at Lexington Ave and 53rd St. (.37 mi)

Three blocks away from the Franklin Delano Drive.A few miles from the West Side Highway and tunnels to New Jersey. Within 17 miles to all NYC airports.

BY CAR

Three major airports are located within 17 milesof the site. LaGuardia and John F. Kennedyinternational airports are both within the NewYork City borough of Queens, while NewarkLiberty International Airport is situated across theHudson River in New Jersey.

AIRPORTS

Steps away, Citi Bike docking stations on E 62nd St & 1st Avenue/3rd Avenue and E 58th St & 1st Avenue/3rd Avenue. Bus lines include M1, M2, M3, M4, M15, M66, M72, M98, M101, M102, and M103.

BIKE & BUS

SUBWAY MAP


SUBWAY MAP

CERTIFICATE OF OCCUPANCY

CONFIDENTIALITY & DISCLAIMER


The information contained in this listing (“Listing”) is confidential, furnished solely for the purpose of review by a prospective purchaser of the following property: 229 East 60th Street, New York, NY 10022 and is not to be used for any other purpose or made available to any other person without the express written consent of Besen & Associates, Inc. or Owner. The material is based in part upon information supplied by the Owner and in part upon information obtained by Besen & Associates from sources it deems reliable. Summaries of documents are not intended to be comprehensive or all inclusive, but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Owner, Besen & Associates or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including inspections.

This Listing contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information a prospective purchaser may desire. Graphics are only a representation of property features, are not to scale and are subject to change. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and are, therefore, subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers. In this Listing, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete or necessarily accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Listing is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Besen & Associates or Owner. Each prospective purchaser is to rely upon its own evaluation as to the advisability of purchasing the Property described herein.

Owner and Besen & Associates expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this Listing or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and any conditions to Owner’s obligations there under have been satisfied or waived. Besen & Associates is not authorized to make any representations or agreements on behalf of Owner.

This Listing is the property of Besen & Associates and may be used only by parties approved by Besen & Associates and Owner. The Property is privately offered and, by accepting this Listing, the party in possession hereof agrees (i) to return it to Besen & Associates immediately upon request of Besen & Associates or Owner and (ii) that this Listing and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Listing may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Besen & Associates and Owner. The terms set forth above apply to this Listing in its entirety.

EXCLUSIVE OFFERING MEMORANDUM

229 east 60th STreet, new york, ny 10022

Greg CorbinExecutive Managing Director

(646) [email protected]

Miguel JaureguiDirector


Leah Chen Associate


Aaron KlineAssociate


Fritz RichterAssociate


Paul J. NigidoSenior Financial Analyst


the galleumbuilding

exclusive offering memorandum 229 east 60th ......miguel jauregui director (212) 951-8402...

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