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Mixed Use Conversion Opportunity 118-120 W 27th St 39 528 pi² Bureau Immeuble New York, NY 10001 À vendre
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Faits saillants de l'investissement
- 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
Résumé de l'annonce
• Ariel Property Advisors has been retained on an exclusive basis to sell 118-120 West 27th Street. Located between Sixth and Seventh Avenue in Midtown South, the property lies within the new Midtown South Mixed-Use Plan (MSMX) area and benefits from a central location with arguably the best transportation in the world. Now re-zoned, this area is poised to become one of the most dynamic and sought-after areas of New York City.
• 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.
• 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.
Faits sur la propriété
Type de vente
Investissement
Type de propriété
Bureau
Sous-type de propriété
Bureau résidentiel
Taille du bâtiment
39 528 pi²
Classe d’immeuble
B
Année de construction
1910
Revenu net d’exploitation
1 343 138 $ CAD
Location
Multiples
Hauteur du bâtiment
12 étages
Superficie de plancher typique
3 294 pi²
Coefficient d’occupation des sols de l’immeuble
10,67
Taille du lot
0,09 AC
Zonage
M1-8A / R11 - Industrielle légère avec bureaux, hôtels et la plupart des utilisations au détail autorisées.
Commodités
- Climatisation
1 1
Exceptionnellement accessible à pied
100/100
Relativement adapté aux voitures
40/100
Transports en commun exceptionnels
100/100
Très accessible en vélo
80/100
Impôts fonciers
| Numéro de lot | 0802-0056 | Évaluation des bâtiments | 8 871 920 $ CAD |
| Évaluation du terrain | 2 285 334 $ CAD | Évaluation totale | 11 157 254 $ CAD |
Impôts fonciers
Numéro de lot
0802-0056
Évaluation du terrain
2 285 334 $ CAD
Évaluation des bâtiments
8 871 920 $ CAD
Évaluation totale
11 157 254 $ CAD
(212) 544-9500
x100
Contacts
-
Christoffer Brodhead -
Shimon Shkury -
Howard Raber, Esq. -
Michael Tortorici -
Daniel Mahfar -
Jason M. Gold -
Erik Moloney -
Ariel Property Advisors
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Mixed Use Conversion Opportunity | 118-120 W 27th St
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