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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of
any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an
example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. June 10, 2015 10:24 AM
701 West 135th Street, New York, NY 10031
19,186 Sq. Ft. Retail Building | FOR SALE
Prime West Harlem Location, Steps Away from Columbia University Expansion
19,186
$645k
Building Size
6.48%
Net Operating Income
Cap Rate
West Harlem
Location
Property Information
Location
The subject property located on the northeast corner of West 135th Street and 12th Avenue
Address
701 West 135th Street, New York, NY 10031
Block (Lot)
2101 / 58
Stories
2
Number of Units
3
Zoning (FAR)
M1-1
(1.00)
Lot Dimensions
362.03' x 36.28'
(Irr.)
Lot Size
11,873
Sq. Ft. (Approx.)
Building Dimensions
362.03' x 36.28'
(Irr.)
Building Size
19,186
Sq. Ft. (Approx.)
Assessment (15/16)
$870,013
Taxes before Exemptions (15/16)
$92,952
ICIP Exemption
($80,740)
Taxes (15/16)
$12,212
Investment Highlights
EXPENSES: (ESTIMATED)
Ariel Property Advisors presents 701 West 135th Street, a (2) two story commercial building located in the Manhattanville
Real Estate Taxes (15/16)
section of Northern Manhattan. Spanning 19,186 square feet, the building is located on the northwest corner of West
Tenant Tax Reimbursement
135th Street and 12th Avenue. The property consists of three (3) commercial units, of which (2) two are currently occupied by a popular nightclub and a restaurant and the third unit was recently vacated. Originally constructed in 1926, the
property has undergone extensive renovations in recent years and will enjoy an ICIP Tax Exemption until 2033.
701 West 135th Street is located in a prime retail area of the expanding Manhattanville neighborhood. Columbia University has recently begun a facility expansion program just one block south of the property, drastically uplifting the local
Insurance
Legal/Miscellaneous
$46,858
one of the most rapidly appreciating and dynamic areas of Northern Manhattan.
Current Roll
($21,396)
Gross Operating Income:
$691,804
Less Expenses:
($46,858)
7%
% of SGI
Net Operating Income:
$644,946
6.48%
Cap Rate
$6,918
Gross Operating Expenses
oughs. This offering presents investors a rare opportunity to generate strong cash-flow and experience future upside in
Less Vacancy Rate Reserve (3.0%):
$19,186
$20,754
from the 1 train at West 137th Street and Broadway and enjoys easy access to downtown Manhattan and the outer bor-
$713,200
($12,212)
Management
economy with an influx of retailers, research and community facilities. 701 West 135th Street is situated just 3 blocks
Scheduled Gross Income:
$12,212
Asking Price: $9,950,000
For More Information Please Contact Our Exclusive Sales Agents
Victor Sozio
Shimon Shkury
Michael A. Tortorici
Josh Berkowitz
212.544.9500 x.12
212.544.9500 x.11
212.544.9500 x.13
212.544.9500 x.41
[email protected]
[email protected]
[email protected]
[email protected]
Ariel Property Advisors | Building Results | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of
any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an
example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein. June 10, 2015 10:24 AM
701 West 135th Street, New York, NY 10031
19,186 Sq. Ft. Retail Building | FOR SALE
Prime West Harlem Location, Steps Away from Columbia University Expansion
Scheduled Income
Current Rents
Tenant
Actual/Projected
Sq. Ft.
$ / SF
Monthly Rent
Lease Expiration
Covo Restaurant
Actual
4,767
$43
$17,250
10/31/2020
Vacant
Projected
7,400
$35
$21,583
-
Vacant
Projected
5,100
$48
$20,600
-
Total Monthly Rent
$59,433
Total Annual Rent
$713,200
Total # of Units
3
Tenant
Start
End
Monthly Rent
11/1/2016
10/31/2019
$19,838
11/1/2019
10/31/2020
$22,813
100
115
60
Hudson River Greenway
3
West 1
Covo Restaurant
tax Map
eet
5th Str
Rent Escalations
58
2101
12th Avenue
55
Location map
3d View
Subject Property
1
1
3 A B
C
1
2
A B
C
1 The City College of New York 2 Columbia University
3 St. Nicholas Park
Metro Stations: 1 A C B
Asking Price: $9,950,000
For More Information Please Contact Our Exclusive Sales Agents
Victor Sozio
Shimon Shkury
Michael A. Tortorici
Josh Berkowitz
212.544.9500 x.12
212.544.9500 x.11
212.544.9500 x.13
212.544.9500 x.41
[email protected]
[email protected]
[email protected]
[email protected]
Ariel Property Advisors | Building Results | 122 East 42nd Street, Suite 1015 - New York NY 10168 | 212.544.9500 | arielpa.com