369 West 126th Street, New York, NY 10027

369 West 126th Street, New York, NY 10027
CONFIDENTIAL OFFERING MEMORANDUM
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369 West 126th Street, New York, NY 10027
CONFIDENTIALITY & CONDITIONS
This is a confidential brochure intended solely for your limited use
and benefit in determining whether you desire to express any further
interest in the purchase of 369 West 126th Street, New York, NY
10027 (the “Property”).
are present at the Property and, if so, whether any health danger or
other liability exists. Such substances may have been used in the
construction or operation of buildings or may be present as a result
of previous activities at the Property.
This brochure was prepared by Massey Knakal Realty Services,
(“Massey Knakal”) and has been reviewed by representatives of
Ownership. It contains selected information pertaining to the
Property and does not purport to be all-inclusive or to contain all of
the information which prospective purchasers may desire. It should
be noted that all financial projections are provided for general
reference purposes only in that they are based on assumptions
relating to the general economy, competition, and other factors
beyond the control of Massey Knakal or Owner and, therefore, are
subject to material variation. Additional information and an
opportunity to inspect the Property will be made available to
interested and qualified investors. Neither Owner, Massey Knakal
nor any of their respective officers nor employees, have made any
representation or warranty, expressed or implied, as to the accuracy
or completeness of this brochure or any of its contents, and no legal
commitments or obligations shall arise by reason of this brochure or
any of its contents. All square footage measurements must be
independently verified.
Various laws and regulations have been enacted at the federal,
state and local levels dealing with the use, storage, handling,
removal, transport and disposal of toxic or hazardous wastes and
substances. Depending upon past, current and proposed uses of
the Property, it may be prudent to retain an environmental expert to
conduct a site investigation and/or building inspection. If such
substances exist or are contemplated to be used at the Property,
special governmental approvals or permits may be required. In
addition, the cost of removal and disposal of such materials may be
substantial. Consequently, legal counsel and technical experts
should be consulted where these substances are or may be
present.
Owner expressly reserves the right, at its sole discretion, to reject
any or all expressions of interest or offers to purchase the Property
and/or to terminate discussions with any entity at any time with or
without notice. Owner shall have no legal commitment or obligation
to any entity reviewing this brochure or making an offer to purchase
the Property unless and until a written agreement satisfactory to
Owner has been fully executed, delivered, and approved by Owner
and any conditions to Owner obligations thereunder have been
satisfied or waived.
In this brochure, certain documents, including leases and other
materials, are described in summary form. The summaries do not
purport to be complete nor, necessarily, accurate descriptions of
the full agreements involved, nor do they purport to constitute a
legal analysis of the provisions of the documents. Interested parties
are expected to review independently all relevant documents.
By receipt of this brochure, you agree that this brochure and its
contents are of a confidential nature, that you hold and treat it in the
strictest confidence, and that you will not disclose this brochure or
any of its contents to any other entity without the prior written
authorization of Owner nor will you use this brochure or any of its
contents in any fashion or manner detrimental to the interest of
Owner or Massey Knakal.
It is essential that all parties to real estate transactions be aware of
the health, liability and economic impact of environmental factors on
real estate. Massey Knakal does not conduct investigations or
analysis of environmental matters and, accordingly, urges its clients
to retain qualified environmental professionals to determine whether
hazardous or toxic wastes or substances (such as asbestos, PCB’s
and other contaminants or petrochemical products stored in
underground tanks) or other undesirable materials or conditions,
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While this brochure contains physical description information, there
are no references to condition. Neither Owner nor Massey Knakal
make any representation as to the physical condition of the
Property.
Prospective purchasers should conduct their own
independent engineering report to verify property condition.
The terms and conditions stated in this section will relate to all of
the sections of the brochure as if stated independently therein. If,
after reviewing this brochure, you have no further interest in
purchasing the Property at this time, kindly return this brochure to
Massey Knakal at your earliest possible convenience.
Photocopying or other duplication is not authorized. This brochure
shall not be deemed an indication of the state of affairs of Owner,
nor constitute an indication that there has been no change in the
business or affairs of Owner since the date of preparation of this
brochure.
Zoning is a critical factor in the value of this property. All zoning
information must be independently verified.
369 West 126th Street, New York, NY 10027
THE MASSEY KNAKAL ADVANTAGE FOR
BUYERS
Best Inventory
On average, Massey Knakal exclusively lists 600+
properties at any given time – the largest inventory of
properties in the New York City metropolitan area. More
buyers and sellers choose to work with Massey Knakal
than any other firm for any size or type of property
transaction.
Best Territory Knowledge
The Massey Knakal Territory System™ assigns only one
sales agent to represent property in a given area, making
these agents superior real estate experts for their
territory. The benefit to you is that our agents can assist
you with making a more profitable buying decision. You
can be confident that a purchase made through Massey
Knakal will be the right decision for your needs.
Best Opportunity
Massey Knakal treats all buyers fairly, which means that
you will always have an equal opportunity to purchase a
property. Since Massey Knakal only handles exclusive
listings, you will be able to get accurate property
information and up-to-the-minute status reports on the
availability of all our properties. The benefit to you is that
you will not waste valuable time tracking properties that
have already been sold. Additionally, throughout the
purchasing process, you will always be treated with
respect and professionalism by our sales agents.
Massey Knakal: We Know The Market. Know Us.
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369 West 126th Street, New York, NY 10027
™
TABLE OF CONTENTS
pages
4
I.
Introduction & Highlights………………….................................................................5-8
Executive Summary
Location Map
Tax Map
II.
Photos……………………………..........………………………………………......…..9-10
Photos
Birds-Eye View
III.
Floor Plans………………………………………………………………..…………...11-12
IV.
Property Summary……………………………………………………………………13-14
Property Setup
IV.
Transportation Information………….……………………………………...………..15-16
Transportation Maps
V.
Zoning Information………….…………………………………………..….….……...17-19
Zoning Map
Zoning Description
Zoning Use Groups
VI.
Neighborhood Information…………………………………………………………...22-26
Neighborhood Description
369 West 126th Street, New York, NY 10027
EXECUTIVE SUMMARY
Introduction
Massey Knakal Realty Services (“MKRS”) has been retained on an exclusive basis by
ownership to arrange for the sale of 369 West 126th Street, New York , NY 10027. The
property is an 11 unit condominium building located on the North side of West 126th
Street between Morningside and St. Nicholas Avenues in the West Harlem section of
Manhattan.
Building Description
369 West 126th Street is a newly developed 11 unit elevator boutique condominium
project comprising approximately 8,593 square feet. The property is located on the
north side of West 126th Street between Morningside and St. Nicholas Avenue. The
building is ideally situated on a cozy residential street one block north of the 125th
Street commercial corridor and around the corner from the A, B, C and D subway lines
on 125th Street and St. Nicholas Avenue. Fifteen minutes from midtown and within
walking distance to the Columbia University expansion project also makes this a
favorable acquisition. The property, which can serve either as a condo building or a
multi-family rental asset, will boast 5 studios, 2 one bedroom and 4 two bedroom
apartments, including a penthouse unit with two balconies and exclusive access to the
rooftop. The project is approximately 80% complete and requires an estimated
$250,000 to finalize. The property also benefits from a 15 year 421A tax exemption.
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369 West 126th Street, New York, NY 10027
EXECUTIVE SUMMARY
FOR SALE
$4,400,000
The Process
Inspection of the property will be made by appointment only. Please do not attempt to inspect the
building independently. For additional information, please contact exclusive agents:
Lev Kimyagarov
Massey Knakal Realty Services
275 Madison Avenue
Tel: (212) 660-7729
Fax: (718) 696-0333
Email: [email protected]
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Josh Lipton
Massey Knakal Realty Services
275 Madison Avenue
Tel: (212) 660-7779
Fax: (718) 696-0333
Email: [email protected]
369 West 126th Street, New York, NY 10027
LOCATION MAP
369 West 126th St
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369 West 126th Street, New York, NY 10027
TAX MAP
369 West 126th Street
New York, NY 10027
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369 West 126th Street, New York, NY 10027
Block:
Lot:
1953
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PHOTOS
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369 West 126th Street, New York, NY 10027
BIRDS-EYE PHOTO
369 West 126th St
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369 West 126th Street, New York, NY 10027
Floor Plans
369 West 126th Street
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369 West 126th Street, New York, NY 10027
Floor Plans
369 West 126th Street
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369 West 126th Street, New York, NY 10027
PROPERTY SETUP
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369 West 126th Street, New York, NY 10027
PROPERTY SETUP
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369 West 126th Street, New York, NY 10027
Subway Map
369 West 126th St
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369 West 126th Street, New York, NY 10027
Bus Map
369 West 126th St
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369 West 126th Street, New York, NY 10027
Zoning Information
New York City’s zoning regulates permitted uses of the property; the size of the building
allowed in relation to the size of the lot (“floor to area ratio”); required open space on the lot,
the number of dwelling units permitted; the distance between the building and the street; the
distance between the building and the lot line; and the amount of parking required. The
commercial district has eight different classifications. The manufacturing district has three
different classifications. The residential district has ten different classifications.
369 West 126th Street is zoned R7-2
FAR: 3.44
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369 West 126th Street, New York, NY 10027
Zoning Information
Excerpt From Department of City Planning
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369 West 126th Street, New York, NY 10027
Zoning Information
Excerpt From Department of City Planning
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369 West 126th Street, New York, NY 10027
Certificate of Occupancy
369 West 126th Street
NOT ON FILE
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369 West 126th Street, New York, NY 10027
Department of Buildings
369 West 126th Street
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369 West 126th Street, New York, NY 10027
Neighborhood Character
Neighborhood Description
Manhattanville, also known as West Harlem, runs from 122nd Street to 135th Street
and from the Hudson River to St. Nicholas Park. It is bordered by Morningside Heights
to the south and Hamilton Heights to the north. By the 1970s, the southern part of
Manhattanville was being filled by Columbia and Barnard College students, staff and
faculty, as the university continued to expand. This trend has continued today and the
neighborhood is now the site of a major planned expansion by Columbia University.
Started in 2009, the Columbia University Manhattanville Expansion is a 17 acre
planned development just north of Columbia’s historic Morningside Heights campus.
In addition, other colleges have been building dormitories in the area. To the north, a
600-unit student dorm known as “The Towers” finished construction in June 2006 as
an extension of the City College of New York on St. Nicholas Terrace. To the south,
near 122nd Street, the Manhattan School of Music also built a dormitory in 2003. The
Jewish Theological Seminary of America opened a smaller dormitory on 122nd Street
between Broadway and Amsterdam Avenue in 2006. In August 2009, at 135th St. and
Convent Avenue, City College completed the construction of a new 135,000 sq. ft.
School of Architecture and Urban Design building.
The increase in student residences is one of several factors rapidly changing the
character of Manhattanville, and has resulted in the opening of cafes and restaurants
on Broadway, La Salle Street and Amsterdam Avenue to accommodate the population
growth.
Manhattanville has experienced significant gentrification since the mid-2000s. The
neighborhood’s historic brownstones, spacious pre-war apartments and elegant
townhouses serve a recent influx of young professionals, artists, and newly formed
families who are diversifying the neighborhood. The neighborhood’s history, culture,
and attitude coupled with its ongoing resurgence make for an exciting time to part of
the West Harlem community.
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369 West 126th Street, New York, NY 10027
Neighborhood Character
Points of Interest
The City College of The City University of New York (known more commonly as the City College of New York or
simply City College, CCNY, or colloquially as City) is a senior college of the City University of New York, in New
York City. It is also the oldest of the City University’s twenty-three institutions of higher learning. City College’s
thirty-five acre Manhattan campus along Convent Avenue from 130th Street to 141st Street is on a hill overlooking
Harlem; its neo-Gothic campus was mostly designed by George Browne Post, and many of its buildings are
landmarks. CCNY was the first free public institution of higher education in the United States and also for many
years has been considered the flagship campus of the CUNY public university system.
Dance Theatre of Harlem is a ballet company and school of the allied arts founded in Harlem, New York City, USA
in 1969 by Arthur Mitchell and Karel Shook. The company has not performed since 2004, however its Dancing
Through Barriers Ensemble continues to do so. Karel Shook was the first teacher and ballet master of the Dutch
National Ballet, from where he returned to the United States as co-director of the Dance Theatre of Harlem.
The Dance Theatre of Harlem School offers training to more than 1,000 young people annually with a community
program open to any child who wants to study dance. Its program is called Dancing Through Barriers. It accepts
pre-school children up to senior citizens. The school offers specializations in children’s movement, European ballet,
choreography, and musicology. It also has a program in Washington, D.C. for dancers to audition. If accepted the
students work with Robert Garland. They have three levels: advanced beginners, intermediate pre-pointe, and
advanced young ladies and men.
The Harlem School of the Arts (HSA) is a school in Harlem, New York. It was founded in 1964 by the soprano
Dorothy Maynor, and offers its programs to students of all ages. According to its website, the mission of the Harlem
School of the Arts is “to enrich the lives of children and their families in the Harlem community and beyond, through
exposure to and instruction in the arts.”[1] In 2005, the school was among 406 New York City arts and social
service institutions to receive part of a $20 million grant from the Carnegie Corporation, which was made possible
through a donation by New York City mayor Michael Bloomberg. The school offers courses in both classical and
jazz music, with instruction in musical instruments and voice, as well as dance (including ballet, modern, ethnic,
jazz, and tap dance). In addition, classes are offered in theater arts, and creative writing, and visual arts (including
sculpture and photography). Most of the school’s students are of African American or Latino cultural backgrounds,
and tuition is relatively inexpensive in contrast to other similar educational institutions in the United States.
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369 West 126th Street, New York, NY 10027
Neighborhood Character
Parks and Recreation
Riverside Park
Riverside Park is Manhattan’s most spectacular waterfront park, stretching four miles from 72nd to 158th Streets
along the Hudson River. Since 1875, the landscapes of Frederick Law Olmsted have offered escape from the city
and opportunities for people of all incomes to relax, play and socialize in tranquil settings. His design for Riverside
Drive made it is one of the most beautiful boulevards in the world, affording views of the Hudson River along its
serpentine route
Saint Nicholas Park
The land for St. Nicholas Park was acquired in part by condemnation for the Old Croton Aqueduct in 1885-86. New
York State laws of 1894 and 1895 authorized the creation of a public park to be known as St. Nicholas Park.
Additional property was assembled in 1900-06, and park construction began in 1906. Like Harlem’s other “ribbon
parks,” St. Nicholas was built on a rugged mass of rock, following the steep and irregular topography of northern
Manhattan. Landscape architect [and Parks Commissioner] Samuel Parsons was responsible for the design of the
rustic park, of which he said a “dominant note must be followed with a harmonious treatment, a high hill made
higher, a rugged slope more rugged, a deep valley made deeper, thus invariably following nature’s lead.” The
development of the park and the completion of the elevated rapid transit line made this area of Harlem a
fashionable residential district at the turn of the century.
In 1995 Harlem community members and City College joined together to “Take Back St. Nicholas Park.”
Neighborhood groups participating in the initiative to make the park a cleaner and safer place included the Hamilton
Heights Homeowners Association, A. Philip Randolph High School, Thurgood Marshall School, the Community
Helpers, and the Harlem YMCA.
Morningside Park
Morningside Park is a New York City public park in the northern portion of the New York City borough of
Manhattan. The 30-acre (12 ha) area occupies 110th to 123rd Streets from Morningside Avenue to Morningside
Drive at the border between Harlem and Morningside Heights. Its distinctive natural geography is a rugged cliff of
Manhattan schist rock. The park came into existence as a cost-saving measure to avoid the expense of extending
the street grid across difficult terrain.
Other points of interest include the Apollo Theater, one of the oldest and most famous music halls in the United
States, the Manhattanville Bus Depot, St. Mary's Church and the Fairway Supermarket, whose broad selections
attract distant customers from all over New York City and beyond.
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369 West 126th Street, New York, NY 10027
Neighborhood Description
125th Street Approved Rezoning
Strategy
Zoning and Urban Design – Zoning changes to promote commercial and housing development, including affordable housing.
Urban design principles to protect the corridor’s existing scale and character and to improve the street’s pedestrian experience.
Arts and Entertainment - Strengthen critical mass of arts and entertainment venues, promote the street’s identity and foster
complementary uses.
Retail - Encourage a balanced retail mix.
Transportation - Address traffic challenges.
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Main Goals
1.
2.
3.
4.
5.
6.
7.
Sustain and enhance the revitalization of 125th Street as a unique Manhattan Main Street.
Create incentives for new mixed-use development
Protect the corridor’s existing scale and character
Expand opportunities for the creation of housing, including affordable housing
Support the growth of 125th Street as a premier arts, culture and entertainment destination.
Promote distinctive signage
Improve the pedestrian experience
Shared Goals
1.
2.
3.
4.
5.
6.
7.
Strengthen 125th Street’s continuity and maintain its unique character
Increase density in areas that can accommodate it
Encourage more residential uses
Increase visitors and nighttime activity
Encourage a diverse mix of businesses, including arts and entertainment
Generate career opportunities for Harlem residents
Address cross-town transportation
369 West 126th Street, New York, NY 10027
Transportation
Subway
Transportation options are abundant for Northern Manhattan
residents. The Seventh Avenue Line stops at 125th Street, the 137th
Street – City College and 145th Street stations (1 train). The Eighth
Avenue Line runs under St. Nicholas Avenue, providing service at
135th Street (A B C trains), 145th Street (A B C D trains) and 155th
Street (A C trains). The IND Concourse Line branches off north of
the 145th Street station under Frederick Douglass Boulevard to
serve 155th Street (B D trains).
Bus
Like the rest of the island, Northern Manhattan has a variety of bus
options throughout the area. All major avenues have either
northbound or southbound service. Cross town service is available
at 110th Street, 116th Street, 125th Street, 135th Street, 145the
Street and 155th Street.
Metro-North Railroad
The Harlem 125th Street Metro-North Railroad station serves
residents of the Harlem neighborhood and commuters who work in
Harlem via the Hudson line, Harlem line and New Haven line. It is
the only station besides Grand Central Terminal that serves all three
lines east of the Hudson River. Trains leave for Grand Central
Terminal, the Bornx and the northern suburbs regularly.
Harlem’s125th Street is seldom used for travel to and from Grand
Central. However, it remains possible to do so. It is 4.19 miles from
Grand Central, and travel time is approximately ten minutes.
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369 West 126th Street, New York, NY 10027