121-123...street; inwood to the north along dyckman street or hillside avenue; the hudson river to...

1 2 1 - 1 2 3H A V E N A V E N U E

N E W Y O R K , N Y

Prime Corner Asset32 Spacious Apartments

table of contents04

TRANSACTION OVERVIEW PROPERTY DESCRIPTION

AERIALTAX LOT MAP

PROPERTY PHOTOS

11FINANCIAL SUMMARYINCOME & EXPENSES

RENT ROLL

14MARKETPLACE OVERVIEW

DEMOGRAPHICSTRANSIT MAP

ZONING OVERVIEWPROPERTY MAP

transactionoverview

|transaction overviewAlthough all information furnished 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, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal

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1 2 1 - 1 2 3HAVEN AVENUEN E W Y O R K , N Y

Address: 121-123 Haven Avenue aka 720 West 172nd Street New York, NY 10032

Location: Southeast Corner of Haven Avenue and West 72nd Street

GFI Realty Services is pleased to present the exclusive offering of 121-123 Haven Avenue (aka 720 West 172nd Street), a corner six-story walk-up multifamily asset comprised of 32 units and a cell phone antenna located

in the Washington Heights section of Manhattan. The property was constructed in 1918 and totals 36,125 square-feet. The apartments are configured as six (1)-bedroom units, seventeen (2)-bedroom units and nine (3)-bedroom units. Four of the units are free market, twenty-seven are rent stabilized and one is rent controlled. There are approximately 8,260 square-feet of air rights available.

Building Improvements Include:MCI (All Between 2014 and 2018)Roof 90,950Boiler 140,000Hallways 253,403Electric 255,521Front Door 23,490Cameras 40,000 $803,364*The Roof and Boiler MCIs have been approved.The other MCIs are pending$955,077 was spent on individual apartments (see rent roll for details)

The asset is ideally situated in proximity to the Broadway commercial corridor, New York-Presbyterian/Columbia University Medical Center, J, Hood Wright Park, the George Washington Bridge, Riverside Drive and the Henry Hudson Parkway. The A & 1 subway lines are conveniently located just blocks from the property.

There continues to be interest in development in Washington Heights, due largely to the strong fundamentals in the area as well as the recent rezoning in this sub-market. Notably, HAP Investments secured a $52.5 million construction loan for a mixed-use development site at 4452 Broadway. HAP plans to finish construction during the third quarter of 2020. Additionally, 2420 Amsterdam Avenue broke ground in November 2018; a 22-story mixed-use tower with a hotel, retail and office space. Other recent projects include a pair of high-end condominiums called The Ammann at 40 Pinehurst Avenue and The Highbridge at 446 W. 167th Street.

TRANSACTION OVERVIEW


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PROPERTY Description

Layout: 6/3; 17/4 9/5 = 131 Total Rooms

Block/Lot: 2139/350

Assessment: $833,940

Year Built: 1918

Lot Size: 169 x 54

Built Size: 160 x 46

Built SF: appx. 36,125 sf

Zoning: R8

FAR: 6.02

FAR As Built: 4.90

Tax Class: 2

Mortgage: Delivered free and clear.

PROPERTY DESCRIPTION


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7

AERIAL


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TAX LOT MAP


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property photos - Apartments

RENOvaTEd uNITS fEaTuRE

haRdwOOd fLOORS

STaINLESS STEEL aPPLIaNCES

aMPLE CLOSET SPaCE

dIShwaShER

waShER/dRyER


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property photos - Building

MCIAll Between 2014 and 2018

Roof 90,950Boiler 140,000Hallways 253,403Eclectic 255,521Front Door 23,490Cameras 40,000 $803,364

Entryway hallway

boiler electric meters

Financial Summary

|financial summaryAlthough all information furnished 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, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal

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12

income & Expenses

FINANCIALS - income & expenses

36,125 Gross SF

32 Units 131 Rooms6 (1)-Bedroom Apt17 (2)-Bedroom Apts9 (3)-Bedroom Apts

Avg Rent By Unit Type$1,759.27 (1)-Bedroom Apt$2,308.98 (2)-Bedroom Apts$2,467.04 (3)-Bedroom Apts

Income Apartments $ 825,540 Cell Phone Antenna $ 29,071 Vacancy $ (17,092) Effective Gross Income $ 837,519

Estimated Expenses Real Estate Taxes (19/20) $ 105,177 Water/Sewer $ 33,673 Heat & Hot Water (Gas) $ 32,750 Electric $ 5,240 Insurance $ 14,400 Payroll $ 20,800 Management $ 16,750 Repairs & Replacements $ 16,000

Total Expenses $ 244,790

NOI $ 592,729

Asking Price: $ 11,000,000

Apartments: 32Rooms: 131Avg. Rent Per Apt. $ 2,150Avg. Rent Per Room $ 525Price Per SF: $ 304GRM: 12.9 x RRCAP Rate: 5.4%

|financial summaryAlthough all information furnished 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, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal

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rent roll - residential

Unit

AABB1A1B1C1D1E1F2A2B2C2D2E2F3A3B3C3D3E3F4A4B4C4D4E4F5A5B5C5D5E5FANT

Legal Rent

$ 1,584.92 $ 3,100.00 $ 3,426.14 $ 2,300.00 $ 2,581.57 $ 946.65 $ 1,881.00 $ 1,113.31 $ 3,096.35 $ 1,411.38 $ 1,314.33 $ 1,453.63 $ 2,500.00 $ 3,067.39 $ 3,000.00 $ 1,559.74 $ 1,236.15 $ 2,331.98 $ 2,623.92 $ 1,591.49 $ 3,233.73 $ 4,113.38 $ 3,188.86 $ 4,195.62 $ 815.87 $ 1,774.11 $ 960.78 $ 1,335.54 $ 3,277.37 $ 4,217.13 $ 920.89 $ 1,858.22 $ 2,422.56

Pref. Rent

$ - $ - $ (426.14) $ - $ (281.57) $ - $ - $ - $ (596.35) $ - $ - $ - $ - $ (67.39) $ - $ - $ - $ - $ (323.92) $ - $ (233.73) $ (213.38) $ (188.86) $ (295.62) $ - $ - $ - $ - $ (277.37) $ (312.13) $ - $ - $ -

Net Rent $ 1,584.92 $ 3,100.00 $ 3,000.00 $ 2,300.00 $ 2,300.00 $ 946.65 $ 1,881.00 $ 1,113.31 $ 2,500.00 $ 1,411.38 $ 1,314.33 $ 1,453.63 $ 2,500.00 $ 3,000.00 $ 3,000.00 $ 1,559.74 $ 1,236.15 $ 2,331.98 $ 2,300.00 $ 1,591.49 $ 3,000.00 $ 3,900.00 $ 3,000.00 $ 3,900.00 $ 815.87 $ 1,774.11 $ 960.78 $ 1,335.54 $ 3,000.00 $ 3,905.00 $ 920.89 $ 1,858.22 $ 2,422.56

Size

54443443454534454534454534454534

Status

RSFMRSFMRSRSRSRSRSRSRSRSFMRSFMRSRSRSRSRSRSRSRSRSRCRSRSRSRSRSRSRS

LXP

3/31/2021 4/30/2020 7/31/2020 10/31/2019 3/31/2020 4/30/2021 MTM 5/30/2020 2/22/2020 10/31/2019 11/30/2020 1/31/2021 MTM 7/31/2020 7/31/2021 4/30/2020 10/31/2019 5/31/2020 3/31/2020 4/30/2021 4/30/2020 4/30/2019 3/31/2020 8/31/2019 - 12/31/2019 12/31/2019 10/31/2019 12/31/2019 5/31/2020 7/31/2021 MTM 3/16/2029

FINANCIALS - REsidential Rent Roll

Total Monthly Income $ 74,34.01 $ (3,216.46) $ 71,217.55 Total Annual Income $ 893,208.12 $ (38,597.52) $ 854,610.60 $ 955, 077

IAI Cost & Year

$ 141,000 2016$ 61,400 2018$ 7,329 2015$ 42,500 2018 $ 37,547 2015$ 74,000 2015$ 34,351 2015 $ 31,300 2019 $ 58,200 2018$ 128,400 2017$ 77,100 2015$ 127,000 2018 $ 35,000 2017$ 99,950 2017

Marketplace overview

|marketplace overviewAlthough all information furnished 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, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal

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15

MARKETPLACE OVERVIEW

Washington Heights is a neighborhood in the northern portion of the New York City

borough of Manhattan. Washington Heights is bordered by Harlem to the south, along 155th Street; Inwood to the north along Dyckman Street or Hillside Avenue; the Hudson River to the west, and the Harlem River and Coogan’s Bluff to the east. As of 2016, it has 200,000 inhabitants.

Washington Heights has some of the largest parks in northern Manhattan, which collectively has over 500 acres including Bennet Park, Fort Tryon Park, Fort Washington Park and High Bridge Park.

A popular cultural site and tourist attraction in Washington Heights is The Cloisters in Fort Tryon Park at the northern end of the neighborhood, with views across the Hudson to the New Jersey Palisades. Audubon Terrace, a cluster of five distinguished Beaux Arts institutional buildings, is home to another major, though little-visited museum, The Hispanic Society of America. Manhattan’s oldest remaining house, the Morris–Jumel Mansion, is located in the landmarked Jumel Terrace Historic District, between West 160th and West 162nd Street, just east of St. Nicholas Avenue. The Paul Robeson Home, located at 555 Edgecombe Avenue on the corner of Edgecombe Avenue and 160th Street, is a National Historic Landmark building.

University education includes Yeshiva University

and Boricua College. The medical campus of Columbia University hosts the College of Physicians and Surgeons, the College of Dental Medicine, the Mailman School of Public Health, the School of Nursing, and the biomedical programs of the Graduate School of Arts and Sciences, which offer Masters and Doctorate degrees in several fields. These schools are among the departments that comprise the Columbia University Medical Center.

Washington Heights is connected to Fort Lee, New Jersey across the Hudson River via the Othmar Ammann-designed George Washington Bridge, the world’s busiest motor vehicle bridge.

Washington Heights is well served by the New York City Subway. On the IND Eighth Avenue Line, service is available at the 155th Street and 163rd Street – Amsterdam Avenue stations (A and C trains), the 168th Street station (A and C trains), and the 175th Street, 181st Street, and 190th Street stations (A train). Along the IRT Broadway – Seventh Avenue Line, the 1 train stops at 157th Street, 168th Street, 181st Street, and 191st Street.

Rents in Brooklyn have steadily increased over the years leading to residents seeking lower priced rentals in Upper Manhatttan. Washington Heights offers the most affordable rents in Manhatttan as well as convenient access to the rest of the borough via mass transit and numerous amenities and attractions.


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POPULATION DEMOGRAPHICS

Total population 59,069Female population 50.4%Male population 50.4% Median age 34.6Male median age 32.3Female median age 36.7

ECONOMIC/EMPLOYMENT

White collar 84.6%Blue collar 15.4%

HOUSING

Family households 53.5%Households with kids 27.3%Housing units 21,208Occupied housing units 19,821Owner occupied units 7.3%Average number of people per household 2.92Median year structure built 1939

DEMOGRAPHICS


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RETAIL MAP

Key Food SupermarketsYoung Hee Beauty SupplySprint StoreRite AidDII Deals & DiscountsCloseout by BernardoSano Health Food CenterCK Fish MarketBravo SupermarketsBank of AmericaCitibankShell Gas StationWestern UnionDollar Discount DealT-Mobile

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RetailPapa John’s PizzaEl Paso CentroamericanoEmpire SzechuanMcDonald’sWimpy’sEl Manatial BakeryChipotle Mexican GrillStarbucksDunkin’Manolo TapasPocion LoungeFloridita BakeryIHOPMambiSubway

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Eateries/BarsColumbia University Medical CenterNewYork-Presbyterian Columbia UniversityColumbia University College of DentalDaVita Haven DialysisPediatrics 2000 IIIHighbridge Recreation CenterFort Washington LibraryUnited States Postal ServiceTennis World NYCFort Washington ParkGeorge Washington Bridge ParkJ. Hood Wright ParkUnited PalaceMindBodySoul Yoga + WellnessPlanet Fitness

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121-123 Haven avenue

J. Hood Wright Park

Fort Washington Park

George Washington Bridge Park

1


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Washington Heights is well served by the New York

City Subway. On the IND Eighth Avenue Line, service is available at the 155th Street and 163rd Street – Amsterdam Avenue stations (A and C trains), the 168th Street station (A and C trains), and the 175th Street, 181st Street, and 190th Street stations (A train). Along the IRT Broadway – Seventh Avenue Line, the 1 train stops at 157th Street, 168th Street, 181st Street, and 191st Street.

TRANSIT MAP


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Apartment buildings in R8 districts can range from mid-rise, eight- to ten-story buildings to much taller, narrower

buildings set back from the street on large zoning lots. New buildings in R8 districts may be developed under either height factor regulations or the optional Quality Housing regulations that reflect the traditional neighborhood streetscape.

Height Factor Regulations: The floor area ratio for height factor development in R8 districts ranges from 0.94 to 6.02; the open space ratio ranges from 5.9 to 11.9. A taller building may be obtained by providing more open space. For a 17-story building, 64% of the zoning lot is required to be open space (6.02 FAR and 10.7 OSR). Thus, the maximum FAR is achievable only where the zoning lot is large enough to accommodate a practical building footprint as well as the required amount of open space. The building must be set within a sky exposure plane which, in R8 districts, begins at a height of 85 feet or nine stories, whichever is less, above the front lot line and then slopes inward over the zoning lot.

Parking is required for only 40% of dwelling units since these districts are easily accessed by mass transit. It can be waived if 15 or fewer spaces are required or if the zoning lot is 10,000 square feet or less.

ZONING OVERVIEW


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121-123 HavenAvenue

PROPERTY MAP

121-123...street; inwood to the north along dyckman street or hillside avenue; the hudson river to...

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