Building for Sale Asking $12.8M Midtown / Plaza District ...€¦ · Midtown / Plaza District 14...
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Building for Sale Asking $12.8M Midtown / Plaza District 14 East 44th Street, NY, NY 10017 BD15F001D Location - Neighborhood Midtown / Plaza District - Geographically, Midtown is commonly defined as the section of Manhattan Island south of 59th Street , and though its southern border is less clear, it is taken to be variously 34th Street, 23rd Street, or even 14th Street. Midtown spans the entire island of Manhattan west–east; Manhattan is surrounded by the Hudson River to the west and the East River to the east - The "Plaza District ", a term used by Manhattan real estate professionals to denote the most expensive area of midtown from a commercial real estate perspective, lies between 42nd Street and 59th Street, from Third Avenue to Seventh Avenue, about a square kilometer or half a square mile.
Transcript of Building for Sale Asking $12.8M Midtown / Plaza District ...€¦ · Midtown / Plaza District 14...
Building for Sale Asking $12.8M Midtown / Plaza District
14 East 44th Street, NY, NY 10017 BD15F001D
Location - Neighborhood
Midtown / Plaza District
- Geographically, Midtown is commonly defined as the section of Manhattan
Island south of 59th Street, and though its southern border is less clear, it is taken to
be variously 34th Street, 23rd Street, or even 14th Street. Midtown spans the entire
island of Manhattan west–east; Manhattan is surrounded by the Hudson River to the west
and the East River to the east
- The "Plaza District", a term used by Manhattan real estate professionals to denote
the most expensive area of midtown from a commercial real estate perspective, lies
between 42nd Street and 59th Street, from Third Avenue to Seventh Avenue, about a
square kilometer or half a square mile.
Building for Sale Asking $12.8M Midtown / Plaza District
14 East 44th Street, NY, NY 10017 BD15F001D
Location - Neighborhood
Office + Shopping + Hotel & Public property
- Public Property and community
• Grand Central Station, Central Park, Public Library, Bryan Park …
- Hotels
• POD 51 hotel, The Kimberly hotel, Concorde hotel, The New York Palace…
- Retail
• Best Buy, Citibank, Apple Store, ORVIX, Brook Brother, H&M, Starbucks and
more
Building for Sale Asking $12.8M Midtown / Plaza District
14 East 44th Street, NY, NY 10017 BD15F001D
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Comparables
1. Comparable A
Address 207-211 East 34th Street
Building Size / Use 13,687 SF / Mixed Use
Price $21,000,000 $1,534/SF
Sale Date 01/06/2014
2. Comparable B
Address 141 East 45th Street
Building Size / Use 8,032 SF / Mixed Use
Price $9,980,000 $1,243/SF
Sale Date on Market
3. Subject Property (14 East 44th St.)
Address 14 East 44th Street
Building Size / Use 11,560 SF / Mixed Use
Price $12.800,000 $1,108/SF
Sale Date on Market
Building for Sale Asking $12.8M Midtown / Plaza District
14 East 44th Street, NY, NY 10017 BD15F001D
Real Estate Market Trend
Retail Market Overview
•The NYC sales market continued to be active as evidenced by many commitments from
several large investors who purchased valuable retail condos, mixed-use properties, as
well as top-tier office properties. 2014 was the year of the billion dollar office building
sale where six sales were announced over $1.5 billion dollars
Source: Cushman & Wakefield 2014년 4Q Report
Building for Sale Asking $12.8M Midtown / Plaza District
14 East 44th Street, NY, NY 10017
Lot
Lot sq. ft. 2,513
Lot dimension 25ft X 100.42 ft
Corner lot No
Building on lot 1
Floor Area Ratio (FAR)
Max allowed FAR 12
Far as built 4.6
Maximum usable floor area 30,156
Usable Floor area 11,560
Building
Sq. ft. 11,550
Building Dimension 25 ft X 94 ft
Stories 5
Has garage No
Year Built 1939
Year last altered 1996
Use
Residential n/a
Commercial units 3
Office sq. ft. 4,014
Retail sq. ft. 5,530
Storage sq. ft. 2,006
Zoning
District code C5-2.5 M/D
BD15F001D
MinYoung An
Stamp
Building for Sale Asking $12.8M Midtown / Plaza District
14 East 44th Street, NY, NY 10017 BD15F001D
Financial Analysis
Rent-roll
Floor Monthly Rent RE Tax (year) Remark
1F 34,300 Retail
Gourmet Food (11yrs) 2F
3F 6,500 Office (2yrs)
4F 6,950 Office (2yrs)
5F 7,000 Office (3yrs)
Income /M 54,750 Income /Y $ 657,000
Expense
Item Amount Remark
Tax 120,000
Year
Insurance 15,000
Year
Electricity 3,000
Year
Maintenance -
Year
Total Expense 138,000
Total Gross Income 657,000
Total Expense 138,000
Net Operating Income 519,000
Asking Price 12,800,000
Exclusively represented by PD Properties, LLC 38 WEST 32nd STREET, SUITE 500 NEW YORK, NY 10001
Tony Park | CEO
O 646.843.0992| M 917.843.6622 | [email protected]
Elad Dror| President
O 646.843.1700| M 917.669.1866 | [email protected]
David Park| Senior Executive
O 646.843.0992| M 917.459.1940 | [email protected]
