Property Details|
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Location: East Midtown (40’s)
Lot Size: 25' x 95'
Building Size: 25' x 60' (Approx.)
Stories: 5
Gross Square Footage: 7,500 (Approx.)
Zoning: C5-3
FAR: 15.0
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Lot Area: 2,375
Buildable Footage: 35,625
Existing Footage: 7,500
Air Rights: 28,125
Assessment (11/12) : $663,390
Real Estate Taxes (11/12): $88,582
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Property Description|
Located on the West side of Third Avenue, in the 40’s block of Midtown Manhattan.
A five story mixed-use property. It is currently leased out to a popular
local bar/restaurant, which has 6 years remaining on the lease with an option to purchase with commercial portion of the property vacant.
The residential portion of the property consists of eight (8) apartments. Five (5) are free market, two (2) are rent controlled and one (1) is currently used by the owner .
Included in the purchase are 35,000 feet of air rights. Giving the new user the option of developing a boutique hotel or office tower up to Twenty-three (23) floors with set-back areas for front public plaza space or rear garden access.
Property Expenses| (current configuration)
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Real Estate Taxes (11/12) $ 8 8,582
Insurance ($500/unit) $ 3,500
Water & Sewer ($0.50/sf) $ 3,750
Fuel ($1.60/sf) $ 1 2,000
Electric ($0.25/sf) $ 1,875
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Water & Sewer (Projected at $0.50/sf) $ 3,750
Cleaning & Maintenance ($300/month) $ 3,600
Repairs ($550/unit) $ 3,850
Management (5%) $ 2 7,734
Total: $ 148,641
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Owner financing available.
Price: $9.5M
Principals Only | No Brokers Please. - Call or text for more information: 646-450-8871
Stefany
Rutenberg Realty - LuxInvestor Grp.
127 East 56th Street
Suite No. 4
New York, NY 10022
Ph. 646.450.8871
Fx. 888.630-4490
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