208 West 123rd Street OM

208 WEST 123RD STREET,
NEW YORK, NEW YORK
Renovated 4-Unit Vacant Brownstone
nyinvestmentsales.com
CONFIDENTIALITY & CONDITIONS
This Offering was prepared by Cushman & Wakefield and has been reviewed by the Owner. It contains
select information pertaining to the Property and does not purport to be all-inclusive or to contain all of
the information which a prospective purchaser may desire. Financial projections shall not be relied upon,
are provided for general reference purposes only, and are based on assumptions relating to the general
economy, competition, and other factors beyond control and, therefore, are subject to material change
or variation. Actual results will differ from those projected. An opportunity to inspect the Property will be
made available to qualified prospective purchasers.
In this Offering, certain documents, including the 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 constitute a legal analysis of such documents. Interested parties are
expected to independently review all documents.
This Offering 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
Cushman & Wakefield or Owner. Each prospective purchaser is to rely solely upon its own investigation,
evaluation and judgment as to the advisability of purchasing the Property described herein.
Owner and Cushman & Wakefield expressly reserve the right, at their sole discretion, to reject any or all
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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 Offering 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 thereunder have been satisfied or waived. Cushman & Wakefield is not
authorized to make any representations or agreements on behalf of Owner.
This Offering is the property of Cushman & Wakefield and may be used only by parties approved by
Cushman & Wakefield. The Property is privately offered and, by accepting this Offering, the party in
possession hereof agrees (i) to return it to Cushman & Wakefield immediately upon request of Cushman
& Wakefield or Owner and (ii) that this Offering and its contents are of a confidential nature and will be
held and treated in the strictest confidence. No portion of this Offering may be copied or otherwise
reproduced or disclosed to anyone without the prior written authorization of Cushman & Wakefield and
Owner.
Your obligations to keep the Evaluation Material confidential shall not include information that: (i) is or
becomes publicly available other than as a result of acts by you or your Representatives in breach of this
agreement; or (ii) on your counsel’s advice must be disclosed pursuant to law or a subpoena or other
court order, but only to the extent specified in such subpoena or court order; provided prior to complying
with any such order you shall give written notice to us that such demand has been made upon you and
to the extent not legally prohibited you shall provide us with an opportunity to contest any such direction
or order.
The terms and conditions set forth above apply to this Offering in its entirety.
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OFFERING PROCEDURES
PRICE: $2,650,000
BROKER CONTACT INFORMATION
Josh Lipton
Director
Capital Markets
(212) 660 7779
[email protected]
Andrew Levine
Associate
Capital Markets
(212) 589 5153
[email protected]
Cushman & Wakefield
275 Madison Avenue, 3rd Floor
New York, NY 10016
nyinvestmentsales.com
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CONTENTS
7
EXECUTIVE SUMMARY
11 PROPERTY OVERVIEW
18 FLOOR PLANS
22 FINANCIALS
32 AREA OVERVIEW
35 NEIGHBORHOOD INFORMATION
42 PROPERTY DUE DILIGENCE
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Executive Summary
nycapitalservices.com
EXECUTIVE SUMMARY
PROPERTY INFORMATION:
Cushman & Wakefield has been retained on an exclusive basis for the sale of 208 West 123rd Street, a
unique investment opportunity to own an approximately 3,520 sq. ft. brownstone in the heart of South
Harlem’s most vibrant sub-market. Located adjacent to Restaurant Row along Frederick Douglass Blvd
from 110th to 124th Streets, the property benefits from the wide range of cultural amenities and some of
the City’s finest dining establishments that give the streets of West Harlem a unique dynamism. The
boulevard is flooded with trended and hip gathering spots such as Bier International, Melba’s, Harlem
Food Bar, Red Rooster, Lido, Jado Sushi and Harlem Tavern, among many others, that welcome a
diverse audience. The lively streets of the neighborhood are also host to a stylish group of new retailers
that are transforming the area into a fashion destination and cultural hub with shops such as N
Boutique, Silvana and Land Yoga, Whole Foods has broken ground and will be arriving at 125th Street
and Lenox Avenue in the coming months—just blocks from this newly bustling area. In addition to the A,
B, C, and D subway lines at 125th Street and St. Nicholas Avenue and the 2 and 3 subway lines at 125th
Street and Lenox Avenue, the building is surrounded by premier outdoor spaces, including: Central Park
to the south, Morningside and Riverside Parks to the west, St. Nicholas Park to the north, and Marcus
Garvey Park to the east.
West 123rd Street
West 122nd Street
The property is a 16 ft. wide four story townhouse with four (4) apartments, including an owner’s duplex
with three bedrooms, a home office and a private garden, two (2) floor-thru one bedrooms and a parlorfloor studio. The building maintains two (2) gas water heaters, one (1) gas-boiler, individually metered
electricity, a sprinkler system throughout and a new roof. Ownership will deliver the brownstone vacant
making the asset a great investment property for an end-user seeking to live and receive income at the
same time. The property is also an ideal conversion opportunity into a single or two-family residence.
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Frederick Douglass Blvd
Adam Clayton Powell Blvd
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EXECUTIVE SUMMARY
BUILDING FEATURES
Location:
The subject property is located on the south side of West 123rd Street
between Adam Clayton Powell Jr Blvd & Frederick Douglass Blvd.
Block / Lot:
1928 / 138
Lot Dimensions:
16’ x 100.92’
(sq. ft. approx.)
Building Dimensions:
16’ x 55’
(sq. ft. approx.)
Stories:
4
Gross Square Footage:
3,520
(sq. ft. approx.)
Net Square Feet:
2,992
(sq. ft. approx.)
Units:
4
Lot Square Footage:
1,614
Zoning:
R7A
FAR:
4.00
Assessment (14/15):
$39,083
Taxes (14/15):
$5,024
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(sq. ft. approx.)
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Property Overview
nycapitalservices.com
LOCATION MAP
208 West 123rd Street
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SITE MAP
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AERIAL PHOTOS
208 West 123rd Street
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INTERIOR PHOTOS
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INTERIOR PHOTOS
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INTERIOR PHOTOS
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INTERIOR PHOTOS
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ROOFTOP PHOTOS
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MECHANICAL PHOTOS
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Floor Plans
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FLOOR PLAN
4 STORIES + BASEMENT
Private
Back
Yard
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Basement
Duplex Lower
Level Garden Level
Duplex Upper
Level Second Floor
Third Floor
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Fourth Floor
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Financials
nycapitalservices.com
FINANCIAL SUMMARY
FINANCIAL SUMMARY
BLOCK/LOT
1928/138
BUILDING SIZE
16’ x 100.92’
STORIES
4
GROSS SQUARE FEET (APPROX)
3,520
UNITS
4
ZONING
R7A
RE TAXES (14/15)
$5,024
GROSS MONTHLY RENT
(INCL. PROJECTIONS & OTHER
INCOME)
$10,250
GROSS ANNUAL REVENUE
$123,000
ESTIMATED EXPENSES
$15,424
NET OPERATING INCOME
$107,576
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RENT ROLL
Unit
Rooms
First Floor
Studio
Regulation
Projected Rent
FM
$1,500
Second Floor
3 Bedroom
FM
$4,250
Third Floor
1 Bedroom
FM
$2,250
Fourth Floor
1 Bedroom
FM
$2,250
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EXPENSES
ESTIMATED EXPENSES
Taxes (14/15)
Actual
$5,024
Water/Sewer
@ $700 / Unit
Insurance
@ $400 / Unit
$2,800
$1,600
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Electric
Tenant Pays
-
Fuel
@ $1.25 / SF
$4,400
Repairs
@ $400 / Unit
$1,600
Total:
$15,424
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Area Overview
nycapitalservices.com
AREA DESCRIPTION
Location
West Harlem has emerged as one of the most desirable submarkets in all of
Manhattan where residents can enjoy a coveted New York City living
experience without having to sacrifice the luxuries and conveniences of
midtown and downtown locations. Located adjacent to Restaurant Row along
Frederick Douglass Boulevard from 110th to 124th Streets, the development
project will benefit from the wide range of cultural amenities and some of the
City’s finest dining establishments that give the streets of West Harlem a
unique dynamism. Frederick Douglass Boulevard is flooded with trendy
gathering spots such as Bier International, Melba’s, Harlem Food Bar, Red
Rooster, Lido, Jado Sushi and Harlem Tavern, among many others, that
welcome a diverse audience. The lively streets of the neighborhood are also
host to a stylish group of new retailers that are transforming the area into a
fashion destination and cultural hub and include shops such as N Boutique,
Silvana and Land Yoga. Lastly, Whole Foods has announced its expansion to
125th Street and Lenox Avenue, which symbolizes growth and redevelopment
within the thriving neighborhood.
In addition to countless amenities offered to West Harlem residents, the
neighborhood is centrally located between Manhattan’s most premier outdoor
spaces. Central Park to the south, Morningside and Riverside Parks to the
west, St. Nicholas Park to the north, and Marcus Garvey Park to the east all
provide residents immediate access to ample green space which allows them
to participate in abundant outdoor activities and provides a relaxing
atmosphere in a way that is not easily replicated in other New York City
neighborhoods.
Through these modes of transportation, neighborhood
residents have the ability to be in midtown Manhattan
within just twenty minutes and have access to the boroughs
through convenient transfer stations as well. The excellent
transportation access is a major influence on the
neighborhood’s overwhelming success that has attracted a
new wave of wealthy residents and nationally recognized
and locally cherished retailers.
While the neighborhood has a tremendous amount to offer its residents, many
of whom work in and enjoy all corners of New York City, perhaps the most
beneficial aspect of living in West Harlem is that it provides remarkable
accessibility to the entire city. The neighborhood is primarily served by the A,
C, B, D, 1, 2, and 3 subway lines, all of which have stations that are located
within close proximity to 208 West 123rd Street.
The aforementioned reasons have resulted in
unprecedented growth in the West Harlem submarket, over
the past few years that bodes extremely well for the sale of
208 West 123rd Street. As the demand for the
neighborhood continues to increase, developers are given
the opportunity to capitalize on recent and future market
growth that shows no signs of slowing down.
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AREA OVERVIEW
208 WEST
123RD
STREET
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Neighborhood
Information
nycapitalservices.com
AERIAL OF NEIGHBORHOOD
West Harlem
208 West 123rd Street
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TRANSPORTATION
Subway Map
208 West 123rd Street
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TRANSPORTATION
Bus Map
208 West 123rd Street
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NEIGHBORHOOD DESCRIPTION
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NEIGHBORHOOD DESCRIPTION
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NEIGHBORHOOD DESCRIPTION
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NEIGHBORHOOD DESCRIPTION
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NEIGHBORHOOD DESCRIPTION
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NEIGHBORHOOD DESCRIPTION
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Property Due
Diligence
nycapitalservices.com
ZONING MAP
ZONING DESCRIPTION:
The property located at 208 West 123rd Street is zoned R7A. Below is a zoning map. 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.
208 West 123rd Street
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ZONING DESCRIPTION (15/16)
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REAL ESTATE TAX ASSESSMENT
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DOB VIOLATIONS
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CERTIFICATE OF OCCUPANCY
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FOR FURTHER INFORMATION OR INSPECTION,
PLEASE CONTACT EXCLUSIVE AGENTS:
Josh Lipton
Director
212 660 7779
[email protected]
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Andrew Levine
Associate
212 589 5153
[email protected]
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