loopnet · 2019. 2. 11. · scalinatella 33. learning express toys 34. invite health 309 east 60th...

BESEN

INVESTMENT

SALES TEAM

Greg Corbin

Executive Managing Director

(646) 424-5077

[email protected]

Aaron Kline

Director

(646) 472-8747

[email protected]

Miguel Jauregui

Director

(212) 951-8402

[email protected]

Brandon Serota

Associate

(646) 472-8732

[email protected]

Leah Chen

Associate

(646) 604-7020

[email protected]

Paul J. Nigido

Senior Financial Analyst

(646) 424-5350

[email protected]

Besen & Associates

381 Park Avenue South

New York, NY 10016

Tel: (212) 689-8488

Fax: (212) 689-9518

LOCATION OVERVIEW

TABLE OF CONTENTS

PROPERTY OVERVIEW

EXECUTIVE SUMMARY

15

11

EXECUTIVE SUMMARY

INVESTMENT HIGHLIGHTS

PROPERTY OVERVIEW

LOCATION MAP

PROPERTY PHOTOS

FINANCIAL OVERVIEW

INCOME/EXPENSE REPORT

RENT ROLL

LOCATION OVERVIEW

TRANSPORTATION MAPS

ZONING OVERVIEW

R8-B

11

15

21

41

55

PROPERTY PHOTOS

309 East 60th Street, New York, NY 10022 | 9

25

43

EXECUTIVESUMMARY

• Located in Lenox Hill on the north side of East 60th Street in the heart of Manhattan’s Midtown East

Decoration & Design District, steps from the Roosevelt Island Tram, close to all transportation

• User Opportunity - vacant ground floor retail includes 500 sq ft basement and 1,000 sq ft rear yard

• Two of the studio apartments have been renovated and combined into a 1-bedroom unit, creating

two separate entrances with two separate full bathrooms, gorgeous bamboo floors, new kitchen and

tons of natural light

• Tax Class 2B preserves a low and stable expense ratio, as well as capping increases in assessed

values

• The Certificate of Occupancy permits “Eating and drinking place with unlimited entertainment, Use

Group 12” on the ground floor – ideal for restaurant/wine bar, day care, fitness, & spa/nails

• Additional air rights of approximately 6,800± BSF are intact for future development

EXECUTIVE SUMMARY

Besen & Associates, as exclusive agent for Ownership, is pleased to offer for sale 309 East 60th

Street, New York, NY 10022 (the “Property”); a well-maintained, 4-story, 5,740± square foot mixed-use

building located between First and Second Avenue in the Lenox Hill neighborhood of the Upper East

Side.

The Property features six (6) one-bedroom apartments, ground floor retail, useable basement space,

and a sun-drenched 1,000 sq. ft. rear yard. The vacant ground-floor retail contains 1,200 sq. ft. on-

grade, a 500 sq. ft. storage basement, 6,800 Sq. Ft. of air rights, and 25’ of prime retail frontage. Only

one of the units is market at $2,700 / month, the remaining five units average only $826 /

month providing for a 232% jump in income for these units when rents are raised to

market. This property presents an exceptional investment opportunity to purchase and reposition a

25’ wide mixed-use building on Manhattan’s prestigious Lenox Hill / Upper East Side.

The Property benefits from incredible access to public transportation, neighborhood attractions,

restaurants, retail, and local amenities. Two blocks away is the Lexington Avenue/59th Street Station

servicing the 4,5,6 as well as the N,R,W subway trains. Nearby attractions include the Bloomingdale’s

Flagship Store, Central Park, the Decoration & Design Building, the Church of Our Lady Peace, Trinity

Baptist Church, Roosevelt Island Tramway and the headquarters to the United Nations.

Asking Price: $4,000,000


INVESTMENT & PROPERTY HIGHLIGHTS

50 Orange Street, Brooklyn, NY 11201 | 14

PROPERTYOVERVIEW

PROPERTY OVERVIEWNeighborhood Lenox Hill – Upper East Side

LocationNorth side of East 60th Street between Second

and First Avenues

Block / Lot 1435 / 7

Lot & Built Size 25’ x 100.42’ (Built 53’)

Lot Size (SF) 2,510± SF

Gross Building Area 5,740± SF

Stories & Building Class 4-Story Mixed-Use Building (C7)

Zoning C8-4

FAR (built / allowed) 2.29 / 5.0

Available Air Rights 6,800± SF

Year Built Circa 1940 | Altered 1987

Assessment & Taxes (18/19) $433,501 / $55,136

7

EAST 60th STREET

EAST 61st STREET

2nd

AV

EN

UE

1stA

VE

NU

EBlock: 1435

Lot

TAX MAP


LOCATION MAP

309 East 60th Street

AERIAL MAP

Central Park

Lenox Hill

Upper East Side



FINANCIALOVERVIEW

FINANCIALOVERVIEW

FINANCIALOVERVIEW

REVENUE AMOUNT

Residential (actual) $82,000

Commercial (projected) $120,000

EFFECTIVE GROSS INCOME: $202,000

ESTIMATED EXPENSES

Real Estate Taxes (18/19) $55,150

Water & Sewer $3,500

Fuel $10,700

Utilities $1,200

Insurance $5,850

Management / Visiting Super $4,500

Repairs, Maintenance & Supplies $5,000

TOTAL EXPENSES: $85,900

NET OPERATING INCOME: $116,100

PROJECTED INCOME & EXPENSE


APT # TENANT MONTHLY RENT LAYOUT STATUS

2W Tenant 1 $138.00 1 – Bedroom / 1 Bath RS

2E Tenant 2 $248.45 1 – Bedroom / 1 Bath RS

3W Tenant 3 $1,321.97 1 – Bedroom / 2 Bath RS

3E Tenant 4 $1,408.76 1 – Bedroom / 1 Bath RS

4W Tenant 5 $2,700.00 1 – Bedroom / 1 Bath FM

4E Tenant 6 $1,017.28 1 – Bedroom / 1 Bath RS

Residential Monthly Income: $6,834.46

Residential Annual Income: $82,013.52

RESIDENTIAL RENT ROLL

FLOOR TENANT MONTHLY RENT RENTABLE SF $/SF

Ground Vacant (Projected) $10,000.00 1,200 $100.00

Commercial Monthly Income: $10,000.00

Commercial Annual Income: $120,000.00

Total Building Monthly Income: $16,834.46

Total Building Annual Income: $202,013.52

PROJECTED COMMERCIAL RENT ROLL

FINANCIALOVERVIEW

PROPERTYPHOTOS

PROPERTY PHOTOS

RETAIL / COMMERCIAL

BACK PATIO


BOILER / MECHANICALS

STREET VIEWS

LOCATIONOVERVIEW

LOCATIONOVERVIEW

The neighborhood is named for the hill that “stood at what became 70th Street and Park Avenue.” The

name “Lenox” is that of the immigrant Scottish merchant Robert Lenox (1759-1839), who owned about 30

acres of land “at the five-milestone”, reaching from 5th Avenue to 4th Avenue and from East 74th Street to

68th Street. For the sum of $6,420 ($103,000 in current dollar terms) he had purchased a first set of three

parcels in 1818, at an auction held at the Tontine Coffee House of mortgaged premises of Archibald

Gracie, in order to protect Gracie’s heirs from foreclosure, as he was executor of Gracie’s estate. Several

months later he purchased three further parcels, extending his property north to 74th Street. According to

one source, “Thereafter these two tracts were known as the ‘Lenox Farm.’” The tenant farmhouse stood

on the rise of ground between Fifth and Madison avenues and 70th and 71st Streets, which would have

been the hill, if the property had ever been called “Lenox Hill.” The railroad right-of-way of the New York &

Harlem Railroad passed along the east boundary of the property.

Robert Lenox’s son James Lenox divided most of the farm into blocks of building lots and sold them during

the 1860s and 1870s; he also donated land for the Union Theological Seminary along the railroad right-of-

way, between 69th and 70th Streets, and just north of it a full square block between Madison and Fourth

Avenue, 70th and 71st streets, for the Presbyterian Hospital, which occupied seven somewhat austere

structures on the plot; He built the Lenox Library on a full block-front of Fifth Avenue, now the site of the

Frick Collection.

Lenox Hill is serviced by the New York City Subway’s 68th Street–Hunter College station on the 4, 6, and

trains. Bus routes include M1, M2, M3, M4, M15, M66, M72, M98, M101, M102, M103.

LOCATION OVERVIEW – LENOX HILL


RETAIL

RETAIL MAP

E 61st ST

E 60st ST

E 59st ST

E 58th ST

TH

IRD

AV

EN

UE

SE

CO

ND

AV

EN

UETRAMWAY

PARK

TRAMWAY TO

ROOSEVELT

ISLAND

1 3 4 6 7 9 10

2 5 8

12 13 16 17 18 19

11 14 15 20

22 24 25 28

21 23 26 27 29 30 31

33

32 3458TH STREET

1. CB2

2. Hastens

3. Waterworks

4. Ilumé

5. Koleksiyon Furniture

6. sohoConcept

7. Duxiana

8. Club A Steakhouse

9. Auffrance

10. Felidia

60TH STREET

21. Dylan's Candy Bar

22. Anassa Taverna

23. Flywheel Sports

24. Patsy's Pizzeria

25. Canaletto

26. Serendipity

27. Venfield

28. Alt Box

29. John Salibello

30. Ann-Morris Inc.

31. Pascal Boyer

59TH STREET

11. McKinnon and Harris

12. Waterworks

13. Lutron

14. Janus et Cie

15. The Shade Store

16. Lapicida

17. Galerie Van Den Akker

18. Michael Dawkins Home

19. Safavieh Carpets

20. De Gournay

61ST STREET

32. Scalinatella

33. Learning Express Toys

34. InVite Health


E 61st ST

E 60th ST

E 59th ST

E 58th ST

CENTRAL

PARK

E 63rd ST

E 62nd ST

E 61st ST

E 60th ST

E 59th ST

E 57th ST

E 56th ST

FIFT

H A

VE

NU

E

MA

DIS

ON

AV

EN

UE

PA

RK

AV

EN

UE

LEX

ING

TO

N A

VE

NU

E

TH

IRD

AV

EN

UE

GRAND

ARMY

PLAZA

TRAMWAY

PARK

TRAMWAY TO

ROOSEVELT

ISLAND

E 58th ST

SE

CO

ND

AV

EN

UE

UNITED NATIONS MAP


5th

AV

E

5th

AV

E34

309 East 60th StreetWEST DRIVE

THE POND

CENTRAL

PARK

ZOO

QUEENSBOROUGH BRIDGE

7th

AV

E

CENTRAL PARK SOUTH

MA

DIS

ON

AV

E

5th

AV

E

PA

RK

AV

E

LEX

ING

TO

N A

VE

3rd

AV

E

2nd

AV

E

1stA

VE

YO

RK

AV

E

W 58th ST

W 57th STCARNEGIE

HALL

W 54th ST

MoMA

W 51st ST

ROCKEFELLER

CENTERW 48th ST

W 47th ST

ST PATS

E 54th ST

E 56th ST

E 58th ST

E 60th ST

E 62nd ST

E 64th ST

E 65th ST

E 64th ST

E 63rd ST

E 60th ST

E 59th ST

E 57th ST

E 55th ST

E 53rd ST

E 51st ST

E 49th ST

W 54th ST

W 56th ST

W 58th ST

E 50th ST

E 48th ST

E 46th ST

E 45th ST

E 44th ST

E 45th ST

AV

EN

UE

OF

TH

E A

ME

RIC

AS

TIMES SQUAREMIDTOWN

33

3536

12

3 4

4856

737

8 9

16

4610 11

49

50 22

43

4241

40

39 38 3231 44

19

18

13 14

12 17

15 47

27 2021

26 23 24 25

28 29

30U

NIT

ED

NA

TIO

NS

1. Consulate General of Bulgaria

2. Permanent Mission of Somalia

3. Consulate General of the Arab Republic

of Egypt

4. Permanent Mission of Cambodia

5. Consulate General of Spain

6. Consulate General of the Republic of

Korea

7. Consulate General of Argentina

8. Consulate General of Slovenia

9. Permanent Mission of Zimbabwe

10. Consulate General of Ireland

11. Irish Consulate

12. British Consulate General

13. Consulate General of Hungary

14. Permanent Mission of Zambia

15. Norwegian Consulate General

16. Permanent Mission of Tanzania

17. Embassy of Tonga

18. Consulate General of Germany

19. Embassy of the Republic of Kenya

20. Consulate General of Ukraine

21. Consulate General of Nepal

22. Consulate General of Japan

23. Consulate General of Sweden

24. Permanent Mission of Denmark

25. Consulate General of Belgium

26. Consulate General of Jamaica

27. Consulate General of Peru

28. Consulate of the Republic of

Singapore

29. Consulate General of Estonia

30. Consulate General of Antigua

31. Permanent Mission of Ethiopia

32. Consulate General of Jordan

33. Consulate General of India

34. Consulate General of Pakistan

35. Permanent Mission of Pakistan

36. Permanent Mission of the Russian

Federation

37. Colombian Permanent Mission

38. Permanent Mission of Brazil

39. Permanent Mission of Poland

40. Costa Rican Permanent Mission

41. Permanent Mission of India

42. Permanent Mission of Syria

43. Permanent Mission of Malaysia

44. Permanent Mission of the Republic of

Korea

45. Permanent Mission of Canada

46. Permanent Mission of Thailand

47. Permanent Mission of Equatorial

Guinea

48. Consulate General of Qatar

49. Consulate General of Venezuela

50. Consulate General of Uruguay

SUBWAYJust a short walk from the property are multiple

trains stations.

BY CARTwo blocks away from the Franklin Delano Drive.

A few miles from the West Side Highway and

tunnels to New Jersey. Within 17 miles to all NYC

airports.

AIRPORTSThree major airports are located within 17 miles

of the site. LaGuardia and John F. Kennedy

international airports are both within the New

York City borough of Queens, while Newark

Liberty International Airport is situated across the

Hudson River in New Jersey.

BIKE & BUSSteps away, Citi Bike docking stations on E 62nd St

& 1st Avenue/3rd Avenue and E 58th St & 1st

Avenue/3rd Avenue. Bus lines include M1, M2, M3,

M4, M15, M66, M72, M98, M101, M102, and

M103.

TRANSPORTATION

at 63rd Street 0.22 miles

at Lexington Av-59 St 0.27 miles

at Lexington Av 0.32 miles

at Lexington Av-53 St 0.44 miles

at 68th St 0.47 miles


SUBWAY MAP

BUS MAP

ZONINGOVERVIEW

ZONINGOVERVIEW

ZONINGOVERVIEW

C8 districts, bridging commercial and manufacturing uses, provide for automotive and other heavy

commercial services that often require large amounts of land. Parts of Bay Ridge in Brooklyn and

Castleton Corners on Staten Island are mapped C8. Typical uses are automobile showrooms and repair

shops, warehouses, gas stations and car washes—although all commercial uses (except large, open

amusements) as well as certain community facilities are permitted in C8 districts. Housing is not permitted

and performance standards are imposed for certain semi-industrial uses (Use Group 11A and 16).

C8 districts are mapped mainly along major traffic arteries, such as Boston Road and Jerome Avenue in

the Bronx and Coney Island Avenue in Brooklyn, where concentrations of automotive uses have

developed.

The floor area ratio (FAR) ranges from 1.0 in C8-1 districts to 5.0 in C8-4 districts.

Off-street parking requirements vary with district and use. Automotive uses in C8-1 to C8-3 districts require

substantial parking. C8-4 districts are usually exempt from parking requirements.

*Note: Data taken from NYC Department of City Planning.

C8-4 ZONING



C8-4 ZONING

CERTIFICATE OF OCCUPANCY

The information contained in this listing (“Listing”) is confidential, furnished solely for the purpose of review by a

prospective purchaser of the following property: 309 E 60th St, New York, NY 10022 and is not to be used for

any other purpose or made available to any other person without the express written consent of Besen &

Associates, Inc. or Owner. The material is based in part upon information supplied by the Owner and in part

upon information obtained by Besen & Associates from sources it deems reliable. Summaries of documents

are not intended to be comprehensive or all inclusive, but rather only an outline of some of the provisions

contained therein. No warranty or representation, expressed or implied, is made by Owner, Besen &

Associates or any of their respective affiliates, as to the accuracy or completeness of the information contained

herein or as to engineering or environmental matters. Prospective purchasers should make their own

projections and conclusions without reliance upon the materials contained herein and conduct their own

independent due diligence, including inspections.

This Listing contains selected information pertaining to the Property and does not purport to be all-inclusive or

to contain all of the information a prospective purchaser may desire. Graphics are only a representation of

property features, are not to scale and are subject to change. All financial projections are provided for general

reference purposes only and are based on assumptions relating to the general economy, competition and other

factors beyond control and are, therefore, subject to material change or variation. An opportunity to inspect the

Property will be made available to qualified prospective purchasers.

In this Listing, certain documents, including leases and other materials, are described in summary form. The

summaries do not purport to be complete or 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 Listing 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 Besen & Associates or Owner. Each prospective purchaser is to rely upon its own evaluation as to

the advisability of purchasing the Property described herein.

Owner and Besen & Associates expressly reserve the right, at their sole discretion, to reject any or all

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

Listing 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 there

under have been satisfied or waived. Besen & Associates is not authorized to make any representations or

agreements on behalf of Owner.

This Listing is the property of Besen & Associates and may be used only by parties approved by Besen &

Associates and Owner. The Property is privately offered and, by accepting this Listing, the party in possession

hereof agrees (i) to return it to Besen & Associates immediately upon request of Besen & Associates or Owner

and (ii) that this Listing and its contents are of a confidential nature and will be held and treated in the strictest

confidence. No portion of this Listing may be copied or otherwise reproduced or disclosed to anyone without

the prior written authorization of Besen & Associates and Owner. The terms set forth above apply to this Listing

in its entirety.


CONFIDENTIALITY & DISCLAIMER

Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any

implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal

without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied. Rendering

pictured in offering materials is not specifically approved for referenced development site. Buildable square footage is subject to verification by purchaser’s own

architect and/or zoning attorney.

Greg Corbin

Executive Managing Director

(646) 424-5077

[email protected]

Miguel Jauregui

Director

(212) 951-8402

[email protected]

Leah Chen

Associate

(646) 604-7020

[email protected]

Aaron Kline

Director

(646) 472-8747

[email protected]

Brandon Serota

Associate

(646) 472-8732

[email protected]

Paul J. Nigido

Senior Financial Analyst

(646) 424-5350

[email protected]

loopnet · 2019. 2. 11. · scalinatella 33. learning express toys 34. invite health 309 east 60th...

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