Mixed-Use Development Property|Perfect for a Boutique Hotel-Condo or Office Tower

By
Real Estate Agent with MRG.NYC

Property Details|

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

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

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)

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

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

Owner financing available.

Price: $9.5M

 

Principals Only | No Brokers Please. - Call or text for more information: 646-450-8871
Posted by

 

  
    Licensed Real Estate Salesperson
     Investment Sales and Rentals 
     P646-450-8871
     Estefany@luxinvestor.com
 
   125 Maiden Lane, No. 2 | New York, NY 10038

A Manhattan Residential Group Company

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