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118-120 W 27th St 39,528 SF 100% Leased Office Building New York, NY 10001 For Sale
Investment Highlights
- Phenomenal Location in Dynamic Midtown South
- City of Yes zoning revisions ease conversion of vacant commercial space to residential
- Proof of Residential Conversion Concept: 5 Free Market residential units have already created & rented @ $75/sf
- MSMX re-zoning allows conversion of 9,384 SF of office space to resi use, supporting transformation into a highly desirable 24/7 NYC neighborhood
- Ideal Opportunity to use 467-M Tax Incentive Program to convert remaining vacant 3.5 floors to residential use
- 84% of Building Legalization Work is Complete to obtain a mixed-use CofO
Executive Summary
• The property is a 12-story, 37.5’ wide, mixed-use building that has undergone an intensive renovation program to convert the upper 11 floors to residential use.
• The residential zoning created by the MSMX plan allows for conversion of the 9,384 SF vacant commercial space on Floors 4,5,6 and the rear of 2 to residential use (This path to convert the remaining commercial had been lacking, as the prior M1-6 zoning would not allow residential use as-of-right).
• The incentives found in the newly minted 467-M tax incentive program, combined with the zoning reforms under City of Yes, allow for efficient conversion of the existing 3.5 floors of vacant office space (9,384 sf approx.) and for a 90% real estate tax exemption for this converted space.
• The program to obtain a residential CofO was launched in 2010. At present, 84% of this legalization program has been completed at cost of over $8,600,000.
• New mechanicals, including a new gas-fired boiler with hydronic heat, new plumbing, upgraded electric service – 1,200 AMPs, new meter bank and panels, new life safety systems, two upgraded elevators, and a building intercom system with key card access have been installed.
• 7,281 sf, spanning three floors, have been converted to 5 luxurious two-bedroom apartments renting at an average of $75/sf ($8,000 - $8,750/mth).
• An additional 1,320 unit is vacant and a First Rent can be set upon completion of the building legalization program.
• 7,950 sf on Floors 4, 5, 6 have been white-boxed and are ready for conversion. An additional 1,436 sf of office space at the rear of the second floor is vacant, gutted and ready for conversion.
• There are 5 IMD units spanning 9,615 sf. – 1 of the IMD tenants sold their IMD rights. On vacancy, this full-floor unit could be split into two Free Market apartments.
• The 2,532 SF retail space has been marketed for lease and several strong offers obtained.
• 118 West 27th Street represents a tremendous opportunity to take over a conversion project (where most of the onerous and expensive work is already complete), benefit from the MSMX rezoning to complete the conversion of the property into a luxurious mixed-use building.
Property Facts
Amenities
- Air Conditioning
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Alicart Inc
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- Evolve Media
- Public Administration
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- Mechanism Digital Inc
- Information
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- Manufacturing
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At Pietro, tradition never goes out of style. Since 1982, Pietro has been delivering quality and precision from the heart of New York City under the direction of leather craftsman Pierre Dabagh and his son Alex. Every bag that leaves the factory passes through the family’s hands, a reflection of their love for the art and dedication to quality. Each Pietro piece is handcrafted with the utmost attention to detail, beginning with genuine Italian leather hand-selected by Pierre before every new collection. As one of the last standing factories in New York’s Garment District, Pietro makes every step of the production process count — from the number of stitches to the finishing of the edges.
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- Professional, Scientific, and Technical Services
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Established in 1996 Polanko has been working in a traditional printing environment and recently has been able to offer Marketing/Advertising services. In 2006 using their experiences in both industries Polanko is now stronger than ever. Since then Polanko offers a new service for small or medium size businesses to grow into a large corporation. Using the new service Polanko has used creative methods through their marketing and consistent commercial printing to help achieve their client’s marketing goals.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Alicart Inc | Information | - | - | - | ||
| Evolve Media | Public Administration | - | - | - | ||
| Mechanism Digital Inc | Information | - | - | - | ||
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Manufacturing | - | - | - | ||
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Professional, Scientific, and Technical Services | - | - | - |
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
Newly renovated space with brand-new glass storefront. White-box retail ideal for fitness, wellness, gallery, or showroom. Can be vented; gas in the building.
| Space | Size | Space Use | Condition | Available |
| 1st Floor | 4,000 SF | Retail | Shell Space | 30 Days |
1st Floor
| Size |
| 4,000 SF |
| Space Use |
| Retail |
| Condition |
| Shell Space |
| Available |
| 30 Days |
1st Floor
| Size | 4,000 SF |
| Space Use | Retail |
| Condition | Shell Space |
| Available | 30 Days |
Newly renovated space with brand-new glass storefront. White-box retail ideal for fitness, wellness, gallery, or showroom. Can be vented; gas in the building.
Property Taxes
| Parcel Number | 0802-0056 | Improvements Assessment | $8,140,263 CAD |
| Land Assessment | $2,216,646 CAD | Total Assessment | $10,356,909 CAD |
Property Taxes
Contacts
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Christoffer Brodhead -
Shimon Shkury -
Howard Raber, Esq. -
Michael Tortorici -
Daniel Mahfar -
Jason M. Gold -
Erik Moloney -
Ariel Property Advisors
Presented by
118-120 W 27th St
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