243 West 60th Street - The Adagio

INVESTMENT SALES OPPORTUNITY
ONLY ONE SPACE REMAINING
The Adagio Retail Condominium
243 West 60th Street, New York, NY 10023
EXCLUSIVELY OFFERED BY:
INVESTMENT SALES OPPORTUNITY
The Adagio Retail Condominium
243 West 60th Street, New York, NY 10023
Between Amsterdam and West End Avenues

RETAIL CONDOMINIUM WITH 4 UNITS (SOLD INDIVIDUALLY OR COLLECTIVELY)
FOR SALE WITHIN STEPS OF LINCOLN CENTER, ST. LUKE’S-ROOSEVELT HOSPITAL,
AND JOHN JAY COLLEGE

LOCATED IN THE HEART OF THE FAR WESTSIDE WITH OVER 3,000 HIGH END
RESIDENTIAL UNITS IN THE SURROUNDING AREA
For More Information, Please Contact Agents:
| President | (212) 792-2636 | [email protected]
Sam Mann| Associate | (212) 792-2635 | [email protected]
Steven E. Baker
Winick Realty Group LLC- Licensed Real Estate Brokers
655 Third Avenue, 8th Floor, New York, NY 10017 T: 212-792-2600 F: 212-792-2660 www.winick.com
TABLE OF CONTENTS
EXECUTIVE SUMMARY
Page 1
FINANCIAL SUMMARY
Page 2
NEIGHBORHOOD OVERVIEW
Page 3
FLOOR PLAN
Page 5
DEMOGRAPHICS
Page 6
TRADE AREA MAP
Page 7
AERIAL MAP
Page 8
ALTHOUGH ALL INFORMATION REGARDING PROPERTY FOR SALE, RENTAL OR FINANCING IS FROM SOURCES DEEMED RELIABLE SUCH
INFORMATION HAS NOT BEEN VERIFIED, AND NO EXPRESS REPRESENTATION IS MADE NOR IS ANY TO BE IMPLIED AS TO THE ACCURACY THEREOF, AND IT IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR
SALE, LEASE OR FINANCING, OR WITHDRAWAL WITHOUT NOTICE.
Executive Summary
THE RETAIL AT ADAGIO
Winick Realty Group LLC has been retained to exclusively represent the sale of all
ground floor retail units in the Adagio located at 243 West 60th Street, New York, NY
10023.
The retail condominium at the Adagio consists of approximately 7,825 square feet of
ground floor space and 1,176 square feet of cellar space. The property features 129’
of retail frontage along West 60th Street. The property is divided into 4 units, which can
be purchased individually or collectively.
RETAIL FLOOR PLAN
SO
LD
SO
LD
SO
LD
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Vacant
Vacant
Nail
Salon/Spa
Vacant
1
2
3
4
7,825
1,248
1,427
1,715
3,435
RSF
N/A
5/1/2011
N/A
N/A
LEASE
DATE
$55.00*
$55.00*
RENT/
PSF
N/A
$55.00*
4/31/2021 $53.81
N/A
N/A
LEASE EXP.
$428,690
$68,640
$76,800**
$94,325
$188,925
ANNUAL
RENT
** TENANT RENT ESCALATION: 3% PER ANNUM YEARS 1-7 , 3.5% PER ANNUM YEARS 8-10
* PROJECTION
TENANT
UNIT
$8,856.84
$1,347.60
$1,540.20
$1,850.76
$5,589.74
$849.90
$971.79
$1,167.92
$2,600.13
CHARGES
TAXES (10/11)
$4,118.28
CAM
REAL ESTATE
$14,446.58
$2,197.50
$2,511.99
$3,018.68
$6,718.41
EXPENSES
TOTAL
$414,243.42
$66,442.50
$74,288.01
$91,306.32
$182,206.59
INCOME
NET OPERATING
Financial Summary
Winick Realty Group LLC - Investment Sales, Page 2
Neighborhood Overview
THE UPPER WEST SIDE
An upscale Manhattan neighborhood, the Upper West Side is primarily comprised of
residential dwellings. Most of the Upper West Side’s population work in the commercial
areas of Midtown and Lower Manhattan. Bounded by 125th Street to the North, 58th
Street to the South, Central Park to the East, and the Hudson River to the West.
THE ADAGIO AND RECENT RESIDENTIAL DEVELOPMENTS
The Adagio, a luxury residential building with 41 condo units, is an ideal balance of
boutique living with grand style. The building is comprised of 9 floors located in a
densely populated residential neighborhood with over 3,000 apartments in the immediate area.
LANDMARKS/CULTURAL AND EDUCATIONAL INSTITUTIONS
The Upper West Side area is rich with historical landmarks and cultural and educational
institutions such as the Time Warner Center, Beacon Theater, American Museum of
Natural History, American Folk Art Museum, American Broadcasting Company, Metropolitan Opera, Lincoln Center, Juilliard School of Music, School of American Ballet,
New York Public Library for the Performing Arts, Fordham University, Metropolitan Opera House, and Avery Fisher Hall.
With over 25,000 students in the area from Pre-School to Graduate programs, the
neighborhood businesses benefit from energy of the youth in the area.
NAME OF
LEVEL OF
NUMBER OF
SCHOOL
EDUCATION
STUDENTS
John Jay College of Criminal Justice
Fordham University Lincoln Center Campus
Martin Luther King Jr. High School Campus
Fiorello H. LaGuardia High School
The Beacon School
Abraham Joshua Heschel School
The Museum Magnet School
College
College
High School
High School
High School
High School
14,000
8,060
3,200
2,545
1,144
300
Pre-K— 8th Grade
497
of Inquiry, Innovation and Imagination
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Neighborhood Overview
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Floor Plan
SO
LD
S
O
LD
SO
LD
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Demographics
POPULATION AND HOUSEHOLD
.25 Mile
.50 Mile
.75 Mile
1 Mile
TOTAL POPULATION
14,461
49,476
99,370
141,576
TOTAL HOUSEHOLDS
7,134
27,806
56,977
81,875
AVERAGE HOUSEHOLD SIZE
2.02
1.78
1.74
1.73
$89,200
$109,746
$107,313
$103,657
TOTAL EMPLOYEES
13,737
60,530
141,431
320,547
TOTAL BUSINESSES
698
3,377
8,964
16,067
.25 Mile
.50 Mile
.75 Mile
1 Mile
12.30%
9.50%
9.70%
10.60%
$15,000 - $24,999
8.20%
6.00%
5.80%
6.60%
$25,000 - $34,999
6.10%
5.30%
5.70%
5.60%
$35,000 - $49,999
7.20%
6.80%
7.30%
7.40%
$50,000 - $74,999
12.10%
12.50%
12.40%
12.30%
$75,000 - $99,999
8.60%
10.80%
11.40%
10.70%
$100,000 - $149,999
14.50%
16.10%
16.20%
15.80%
$150,000 - $199,999
8.80%
8.80%
8.70%
9.00%
22.20%
24.20%
22.80%
21.90%
MEDIAN HOUSEHOLD INCOME
$102,009
$107,580
$102,430
$100,731
AVERAGE HOUSEHOLD INCOME
$174,463
$189,704
$182,656
$175,413
POPULATION BY RACE
PER CAPITA INCOME
HOUSEHOLDS BY INCOME
<$14,999
$200,000 or More
.25 Mile
.50 Mile
.75 Mile
1 Mile
WHITE
BLACK
AMERICAN INDIAN, ESKIMO OR ALEUT
ASIAN OR PACIFIC ISLANDER
OTHER
HISPANIC ORIGIN
65.80%
12.70%
0.30%
12.10%
9.20%
17.20%
76.00%
7.30%
0.30%
10.10%
6.40%
12.50%
78.90%
5.70%
0.30%
8.90%
6.20%
11.80%
79.40%
5.90%
0.30%
8.50%
5.90%
11.20%
POPULATION BY EDUCATION
.25 Mile
.50 Mile
.75 Mile
1 Mile
TOTAL POPULATION 25+
11,043
40,637
82,758
118,895
LESS THAN 9TH GRADE
4.00%
3.00%
2.90%
3.00%
9TH-12TH GRADE
4.20%
3.00%
2.70%
2.80%
10.40%
8.80%
9.30%
9.60%
SOME COLLEGE, NO DEGREE
7.90%
8.10%
8.50%
8.60%
ASSOCIATE’S DEGREE
2.50%
2.50%
2.90%
3.00%
BACHELOR’S DEGREE
34.90%
36.50%
37.20%
37.40%
MASTER’S/PROFESSIONAL/DOCTORATE DEGREE
35.90%
38.00%
36.40%
35.60%
HIGH SCHOOL GRADUATE
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Trade Area Map
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Aerial Map
Winick Realty Group LLC - Investment Sales, Page 8