Offering Memorandum€¦ · Park, NoMad and Gramercy Park. Kip’s Bay is an extremely vibrant...

Offering Memorandum

138-140 East 30th Street

138 East 30th Street

138 East 30th Street is a 12.5' wide, 4-story, approximately 3,308 SF apartment building located on the south side of East 30th Street between Lexington and Third Avenues. According to the Certificate of Occupancy the English basement, though currently configured as a one-bedroom/one bath apartment with a washer dryer and access to a ~581 sf garden, is approved for use as a doctor’s office. The parlor floor consists of a finely detailed two-bedroom/ one-bathroom unit. Floor three, four, and five is a beautifully renovated 5 bedroom triplex unit, open concept kitchen with stainless steel appliances, high end finishes, and a washer dryer. The units are cooled via window units and heated by an 8 year old gas-fired boiler via steam radiators.

140 East 30th Street140 East 30th Street is a 12.5' wide, 4-story approximately 3,209 sf apartment building located on the south side of East 30th Street between Lexington and Third Avenues. The basement and parlor floors are duplexed consisting of a two bedroom/two bath, a washer dryer, and has access to a ~581 sf private garden. Floors three, four, and five each consist of two studio apartments per floor. The units are cooled via window units and heated by an 8 year old gas-fired boiler via steam radiators. The building is currently being leased as furnished rentals and include cable, Wi-Fi, gas, and electric. All units are individually metered for electric and gas.

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The Beyond Capital Team is pleased to offer the sale of 138-140 E 30th Street, located between 3rd Avenue and Lexington Avenue in the Kips Bay section of Manhattan, New York.

138 & 140 East 30th Street, are two contiguous beautifully pointed brick façade apartment buildings with arched front windows and adorned with original wrought iron balconies and front fencing. Located on a quiet tree-lined street in Kip’s Bay steps away from the bustling and vibrant neighborhoods of Murray Hill, Madison Square Park, NoMad and Gramercy Park. Kip’s Bay is an extremely vibrant neighborhood consisting of high end residential, commercial, hospitals, schools, and an array of retail destinations culminating into a very desirable neighborhood to live in.

The subject properties offer a multitude of uses potentially fitting the needs for many types of investor or users. 138-140 E 30th has the ability to be delivered with an existing rent roll with an upside for long term investment. In the following pages, you will be provided with the potential to convert the triplex 5 bedroom into 6 studios to increase the existing rent roll. The additional 3,359 SQ FT of air rights can be used for an extension of the existing structures.

Upon request, we can provide you with current rent rolls along with the short term leases we have in place, proposal from the architect to convert the 5 bedroom triplex into 6 studios and the option to add on to the current building.

Investment Highlights

• 2,359 SQ FT Available Air Rights • Located 3 blocks from 6 train Green Line• Ten Free Market Apartments• Attractive Unit Mix• Major Upside in triplex conversion• Located 1 block from park Ave South Retail Corridor• Major universities and schools in the vicinity• Few Blocks from Madison Square Park


Block/Lot 885/59

Lot Dimensions 12.5" X 98.75"

Building Dimensions 12.5" X 55.3"

Gross SqFt 3,308

Lot SqFt 1,234

Zoning R8B

FAR 4

Total Buildable SqFt 4,938

Existing Structure 3,308

Available Air Rights 1,630

Taxes (2018) 34,831


Block/Lot 885/58

Lot Dimensions 12.5" X 98.75"

Building Dimensions 12.5" X 51.35"

Gross SqFt 3,209

Lot SqFt 1,234

Zoning R8B

FAR 4

Total Buildable SqFt 4,938

Existing Structure 3,209

Available Air Rights 1,729

Taxes (2018) 46,351

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3D Map/Tax MapLocated between Third Avenue and Lexington Avenue

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Location Map

1. Beyond Capital Listing 138 East 30th Street

2. Beyond Capital Listing 140 East 30th Street

3. NYU Medical Center, Tisch Hospital 550 1st Ave

4. Bellevue Hospital Center 462 1st Ave

5. Baruch College 55 Lexington Ave

6. Madison Square Park 11 Madison Ave

7. 28th Street Train Station 28th Street and Park Ave

8. 33rd Street Train Station 33rd Street and Park Ave

9. Equinox Park Ave 1 Park Ave

10. Trader Joe’s 200 E 32nd Street

11. Fairway Market Kips Bay 550 2nd Ave

12. School of Visual Arts 209 E 23rd Street

13. Starbucks 585 2nd Ave

E 30th St

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E 29th St

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3rd Ave

Lexington Ave

Asking Price $6,750,000.00

Gross Square Feet 6,517

Price Per Sq Ft $1,035.75

Number of Existing Units 10

Existing CAP Rate % 4.24

Proposed CAP Rate % 4.79

Value Indicators

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Annual Expenses Existing Proposed

Property Taxes $81,182.00 $81,182.00

Fuel $6,517.00 $6,517.00

Water & Sewer $8,500.00 $8,500.00

Insurance $7,000.00 $7,000.00

Repairs & Maintenance $5,000.00 $5,000.00

Common Area Electric $978.00 $978.00

On Site Super $7,200.00 $7,200.00

Management Fee (3%) $14,000.00 $14,000.00

Total Expenses $130,377.00 $130,377.00

Annual Income Existing Proposed

Residential Gross Potential Income $425,346.00 $463,200.00

Vacancy/Collection Loss (3%) $8,506.92 $9,264.00

Net Operating Income $286,462.08 $323,559.00

CAP RATE 4.24 4.79

138-140 E 30th Street Existing Rent Roll

138-140 E 30th Street Proposed Rent Roll

Unit Bedrooms Unit Type Unit Status Approx SF Rent Rent PSF Lease Type Lease Expiration

138 English Basement 1Medical

OfficeFM 800 / / No Lease N/A

138 Unit 1 2 Residential FM 1000 $3,500.00 $42.00 Annual N/A

138 Unit 2 (triplex) 5 Residential FM 1850 $8,900.00 $57.73 Annual N/A

140 English Basement Duplex 2 Residential FM 900 $5,500.00 $73.33 Annual N/A

140 Unit 2F Studio Residential FM 250 $2,975.50 $142.82 Short Term 7/31/18

140 Unit 2R Studio Residential FM 250 $2,850.00 $136.80 Short Term 8/15/18





Residential Monthly Income $35,445.50

Residential Annual Income $425,346.00

Unit Bedrooms Unit Type Unit Status Approx SF Rent Rent PSF Lease Type

138 English Basement Duplex 2 Residential FM 1000 $5,500.00 $66.00 Annual

138 Unit 2F Studio Residential FM 250 $2,300.00 $110.40 Annual

138 Unit 2R Studio Residential FM 250 $2,300.00 $110.40 Annual





140 English Basement Duplex 2 Residential FM 900 $5,500.00 $73.33 Annual







Residential Monthly Income $38,600.00

Residential Annual Income $463,200.00

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BALCONY

BEDROOM14’5 x 11’9"

CLOSETBATH

11’10” x 4’10’

CLOSET

CLOS

ET

BEDROOM13’3” x 11’9"


BATH6’2” x 4’11”BATH

7’2” x 4’10"

CLOSET

CLOSET


BALCONYLIVING ROOM15’1 x 11’9"

KITCHEN11’8” x 8’

POWDER5’ x 4’6”

CLOSET

BEDROOM14’9" x 11’9"BALCONY

BEDROOM13’3" x 11’9”

CLOS

ETCL

OSET

KITCHEN16’10" x 11’9"

REF

REF

BATH7’ x 4’9”CLOSET

CLOSET

BEDROOM10’9" x 7’3"

ENTRY

TERRACE TERRACE

KITCHEN7’ x 9’7”

GARDENLIVING ROOM13’ x 12’1”

CLOS

ET

CLOSET

BATH8’1" x 4’9"BOILER ROOM

CLOSET

BASEMENT

FOURTH LEVEL

THIRD LEVEL

SECOND LEVEL

FIRST LEVEL

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. 5000 30th Ave NE, Seattle, WA 98105 | 206.330.0314

COMPASS

138 E 30th Street Existing Floor Plans


LIVING ROOM11’2" x 12’4"

DINETTE11’2" x 10’3"KITCHEN

KITCHEN

KITCHEN

KITCHEN

KITCHEN

KITCHEN

KITCHEN

REF

REF

REF REF REF

BATH

CLOSET

MECHANICALROOM

LAUNDRYW

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GROUND FLOOR FIRST FLOOR SECOND FLOOR THIRD FLOOR FOURTH FLOOR


STUDIO11’2" x 15’2"

STUDIO11’4" x 15’2"

STUDIO11’8" x 18’6"

STUDIO11’4" x 15’2"

STUDIO11’8" x 18’6"

STUDIO12’1" x 17’9"

BATH


ENTRY

CLOSET

CLOSET

CLOSET

CLOSET

CLOSET

CLOSET

BATH

BATH

BATH

BATH BATH

BATH

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N140 E 30th Street Existing Floor Plans

GROUND FLOOR FIRST FLOOR SECOND FLOOR THIRD FLOOR FOURTH FLOOR


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N138 E 30th Street Proposed Floor Plans

UNIT 111’10" x 14’9"

BALCONY11’10" x 12’1"

BALCONY11’9" x 2’8"

BATH5’ x 6’4"

BATH

CLOSET

UNIT 2

CLOSET

REF

REF

UNIT 311’10" x 14’9"

BATH

BATH

CLOSET

UNIT 4

CLOSET

UNIT 511’10" x 14’9"

UNIT 610’9" x 18’3"

BATH

BATH

CLOSET

CLOSET

KITCHEN KITCHEN KITCHEN

KITCHEN KITCHEN KITCHEN

The existing 5 bedroom triplex can be converted into 6 studios. Proposed plans can be sent upon request from the architect. This is a proposed plan which has not been sent for approval to the Dept of Buildings.

THIRD FLOOR FOURTH FLOOR FIFTH FLOOR

Kips Bay Overview

Kips Bay is a part of community board six, bordered on the north by Murray Hill; on the west by Madison Square, NoMad, or Rose Hill; on the south by the Gramercy Park neighborhood and the Peter Cooper Village apartment complex; and on the east by the East River. The boundaries are defined as the area between East 23rd Street to the south, East 34th Street to the north, Lexington Avenue to the west, and the East River to the east.

Due to its convenient location, Kips Bay has become a center for medicine in New York City featuring NYUMedical Center, NYU College of Dentistry, The VAMedical Center, Beth Israel Medical Center, Bellevue Hospital and The Rusk Institute. Many doctors and hospital staff reside in the area because of the easy access. Over the past decade the neighborhood hasbecome more popular amongst young professionals because of the proximity to great restaurants as well as plenty of nightlife along Third Avenue.

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27th Street & Third AvenueA 34-story, mixed-use tower is coming to the corner of 27th Street and Third Avenue. New building applications have been filed in the middle of last year, revealing that the development at 368 Third Avenue will rise 388 feet into the air, and fill most of the block between 26th and 27th streets. The residential portion would hold 103 apartments across 113,200 square feet, averaging 1,100 square feet per unit. The ground floor would have 3,000 square feet of retail, followed by a single apartment and amenities on the second floor. The third to 25th stories would host three to four units each, and the last six stories would host just two units apiece. There will be two penthouse duplexes that will fill the top two stories. Those amenity spaces on the second floor include: fitness room, lounge, and children’s playroom.

15 E 30th StreetConstruction has begun at 15 E 30th street, located on the corner of Madison Avenue in Nomad. The site will consist of a 51-story, 180 unit mixed-use tower, and will encompass 361,785 square feet. There will be 7,519 square feet of ground floor retail, and the residential units, located on the fifth through 49th floors, will average 1,644 square feet a piece. J.D. Carlisle Development Corporation and Fosun International are the developers.

88 & 90 Lexington AvenueHFZ Capital is planning to convert the 19 and 13-story buildings at 88 and 90 Lexington Avenue, in NoMad, into condominiums. Both buildings, formerly rental apartments, are being combined to share a lobby and amenity space. The shorter building has also receive a totally new façade, which appears to be mostly complete.

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ts543 Second AvenueA new 20-unit mixed-use building is headed for 543 Second Avenue, at thenorthwest corner with East 30th Street in the Kips Bay section of Manhattan, The 11-story, 100-foot-tall building is being developed by Shalimar Management and will feature two retail storefronts on the ground floor, followed by one one-bedroom unit and one two-bedroom unit each on floors two through seven. On floors eight through 11, there will be one two-bedroom unit and one three-bedroom unit each. The residential entrance will be on 30th Street. The design comes from Dan Sehic of Chelsea-based C3D Architecture, a significant change from the design by Bluarch Architecture. The building will be constructed of cast in place concrete. A four-story portion of the building will be placed on top of its neighbor at 249 East 30th Street, appearing as a cantilever but actually supported by the existing building structure.

Bio

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Sought after by high-end, discerning clientele and

developers alike, Mirza specializes in new construction

developments, commercial land sales and investment

sales. In his first two years in real estate, Mirza secured

six new developments, simultaneously bringing to

market four ground up developments in Astoria.

As a real estate investor himself, Mirza’s knowledge of

rezoning laws and construction allows him to provide

invaluable alternative investment market research,

data and insight to his clients. He believes that credible

real-time data and outside-the-box solutions are the

keys to providing service at the highest level. He has

been credited with achieving record-breaking prices for

his land deals and was the recipient of the prestigious

REBNY Rookie of the Year Award.

Mirza AvdovicFounder of Beyond Capital

The Beyond Capital Team at Compass90 Fifth Avenue, 3rd FloorNew York, NY 10011

[email protected]

Offering Memorandum€¦ · Park, NoMad and Gramercy Park. Kip’s Bay is an extremely vibrant...

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