221 east 48th street, new york, ny - amazon web …...arrange for the sale of 221 east 48th street,...

For More Information, Please Contact: Cushman & Wakefield275 Madison Ave, 3rd FlNew York, NY 10016phone: +1 212 696 2500nyinvestmentsales.com

Clint OlsenExecutive Managing Director(212) 660 7747clint.olsen@cushwake.com

Alex WoodliefAssociate(212) 660 7713alex.woodlief@cushwake.com

Cushman & Wakefield Copyright 2017.  No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

John CirauloVice Chairman(212) 660 7700john.ciraulo@cushwake.com

Craig WaggnerDirector(212) 660 7744craig.waggner@cushwake.com

REDUCED PRICE: $6,900,000

Will ConradAssociate(212) 660 7740william.conrad@cushwake.com

221 East 48th Street, New York, NYVACANT VALUE-ADD MULTIFAMILY Significant Conversion & User Potential

Cushman & Wakefield has been retained exclusively to arrange for the sale of 221 East 48th Street, a vacant five-story multifamily building in the heart of Midtown East, adjacent Turtle Bay Gardens. The property presents the incredible opportunity for an investor, developer or user to acquire and reposition a vacant value-add building with significant upside and conversion potential.

The property is currently configured as professional/residential on the ground floor and residential units above. The property is 20’-wide and features a private rear garden.

On the north side of East 48th Street between Second and Third Avenues, the location benefits from superior access to public transportation just blocks from Grand Central. Nearby attractions include Turtle Bay, Chrysler Building, the United Nations Headquarters, and countless retail and restaurants.

PROPERTY HIGHLIGHTS:

• Five-story multifamily building delivered vacant.

• Adjacent historic and prestigious Turtle Bay Gardens.

• Five-minute walk (1/4-mile) to Grand Central Terminal and United Nations Headquarters.

• Potential townhouse, multifamily, UN-Mission or other user conversion.

• Benefits from bolstering 2nd & 3rd Ave. retail corridors.

• Quiet tree-lined block steps from countless neighborhood amenities, shops and restaurants.

• Easily accessible via 4, 5, 6, E, M & future T subway lines.

PROPERTY FEATURES

Location North side of East 48th Street between Second and Third Avenues

Block / Lot 1322 / 11Lot Dimensions 20.00' x 100.42' (Approx.)Lot Size (SF) 2,008 (Approx.)Stories 5

Building Dimensions 20’ x 80’, 62’, 62’, 62’, 52’ (Approx.)Total Building GSF 6,360 (Approx.)

Zoning R8B FAR 4.00 (Residential)Total BSF 8,034 (Approx.)Existing SF 6,360 (Approx.)Available Air Rights 1,674 (Approx.)Assessment (17/18) $677,680Annual Taxes (17/18) $87,367

PROPERTY DESCRIPTION

FOR SALE PRICE DROP

For More Information, Please Contact: Cushman & Wakefield275 Madison Ave, 3rd FlNew York, NY 10016phone: +1 212 696 2500nyinvestmentsales.com

Clint OlsenExecutive Managing Director(212) 660 7747clint.olsen@cushwake.com

Alex WoodliefAssociate(212) 660 7713alex.woodlief@cushwake.com

Cushman & Wakefield Copyright 2017.  No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

John CirauloVice Chairman(212) 660 7700john.ciraulo@cushwake.com

Craig WaggnerDirector(212) 660 7744craig.waggner@cushwake.com

Will ConradAssociate(212) 660 7740william.conrad@cushwake.com

Asking Price: $6,900,000

221 East 48th Street, New York, NY

Real Estate Taxes (17/18) Actual $87,367

Insurance $1.00/GSF $6.360

Water & Sewer $0.75/GSF $4,770

Heating Fuel $1.25/GSF $7,950

Electric $0.50/GSF $3,180

Repairs & Maintenance $0.50/GSF $3,180

Superintendant $400/Month $4,800

Management 3% of EGI $11,124

TOTAL $128,731

EXPENSES (PROJECTED)

Gross Monthly Income $31,856

Gross Annual Income $382,272

Less Vacancy & Credit Loss (3%) ($11,468)

EFFECTIVE GROSS INCOME $370,804

Effective Gross Income $370,804

Less Expenses ($128,731)

NET OPERATING INCOME $242,073

221 EAST48TH STREET

UNITED NATIONS

GRAND CENTRAL TERMINAL

WALDORF ASTORIA

PR

OP

OS

ED

SE

CO

ND

AV

EN

UE

SU

BW

AY

T

DAG HAMMAR-SKJOLD

TURTLE BAY GARDEN

FINANCIAL SNAPSHOT

PROPERTY HIGHLIGHTS

• VALUE-ADD MULTIFAMILY

• DELIVERED VACANT

• CONVERSION POTENTIAL

• TOWNHOUSE/USER

• NEAR SUBWAY & GRAND CENTRAL TERMINAL

• QUIET TREE-LINED BLOCK

• ADJACENT TURTLE BAY GARDENS

REVENUE (PROJECTED)

AREA MAP

For More Information, Please Contact: Cushman & Wakefield275 Madison Ave, 3rd FlNew York, NY 10016phone: +1 212 696 2500nyinvestmentsales.com

Clint OlsenExecutive Managing Director(212) 660 7747clint.olsen@cushwake.com

Alex WoodliefAssociate(212) 660 7713alex.woodlief@cushwake.com

Cushman & Wakefield Copyright 2017.  No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

John CirauloVice Chairman(212) 660 7700john.ciraulo@cushwake.com

Craig WaggnerDirector(212) 660 7744craig.waggner@cushwake.com

Will ConradAssociate(212) 660 7740william.conrad@cushwake.com

UNITED NATIONS MAP

221 East 48th Street, New York, NY

UN

ITE

D

NA

TIO

NS

United Nations Map

1 2

3 4

56

7 8 9

10 11

12

1413

15

16

17

18

19

202122

23 2425

26

27

302928

32 31

3334 35

36

37

3938

40 414243

44

4546

47

48

49

50

1. Consulate General of Bulgaria2. Permanent Mission of Somalia3. Consulate General of the Arab Repub-

lic of Egypt4. Permanent Mission of Cambodia5. Consulate General of Spain6. Consulate General of the Republic of

Korea7. Consulate General of Argentina8. Consulate General of Slovenia9. Permanent Mission of Zimbabwe10. Consulate General of Ireland11. Irish Consulate12. British Consulate General 13. Consulate General of Hungary14. Permanent Mission of Zambia15. Norwegian Consulate General16. Permanent Mission of Tanzania17. Embassy of Tonga

18. Consulate General of Germany19. Embassy of the Republic of Kenya20. Consulate General of Ukraine21. Consulate General of Nepal22. Consulate General of Japan23. Consulate General of Sweden24. Permanent Mission of Denmark25. Consulate General of Belgium26. Consulate General of Jamaica27. Consulate General of Peru28. Consulate of the Republic of Singa-

pore29. Consulate General of Estonia30. Consulate General of Antigua 31. Permanent Mission of Ethiopia32. Consulate General of Jordan33. Consulate General of India34. Consulate General of Pakistan

35. Permanent Mission of Pakistan36. Permanent Mission of the Russian

Federation37. Colombian Permanent Mission38. Permanent Mission of Brazil39. Permanent Mission of Poland40. Costa Rican Permanent Mission41. Permanent Mission of India42. Permanent Mission of Syria43. Permanent Mission of Malaysia44. Permanent Mission of the Republic of

Korea45. Consulate General of Ghana46. Consulate General of Algeria47. Permanent Mission of Equatorial

Guinea48. Consulate General of Qatar49. Consulate General of Venezuela50. Consulate General of Uruguay

-Missions, Consulates & Embassies

-1-Mile Radius from U.N. Headquarters221 EAST48TH STREET