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Mixed Use Conversion Opportunity 118-120 W 27th St Bureau 3 672 m² À vendre New York, NY 10001
Certaines informations ont été traduites automatiquement.
Informations principales sur 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 analytique
• 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.
Informations sur l’immeuble
Caractéristiques
- Climatisation
Principaux occupants
- Occupant
- Secteur d’activité
- m² Occupés
- Loyer/m²
- Fin du bail
- Alicart Inc
- Information
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- Evolve Media
- Administration publique
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- Mechanism Digital Inc
- Information
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- Manufacture
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Chez Pietro, la tradition ne se démode jamais. Depuis 1982, Pietro offre qualité et précision au cœur de New York, sous la direction du maroquinier Pierre Dabagh et de son fils Alex. Chaque sac qui quitte l'usine passe entre les mains de la famille, ce qui reflète leur amour pour l'art et leur attachement à la qualité. Chaque pièce Pietro est fabriquée à la main avec la plus grande attention portée aux détails, à commencer par du cuir italien véritable sélectionné à la main par Pierre avant chaque nouvelle collection. Pietro est l'une des dernières usines encore en activité du Garment District de New York. Chaque étape du processus de production compte, du nombre de points à la finition des bords.
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- Services professionnels, scientifiques et techniques
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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.
| Occupant | Secteur d’activité | m² Occupés | Loyer/m² | Fin du bail | ||
| Alicart Inc | Information | - | - | - | ||
| Evolve Media | Administration publique | - | - | - | ||
| Mechanism Digital Inc | Information | - | - | - | ||
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Manufacture | - | - | - | ||
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Services professionnels, scientifiques et techniques | - | - | - |
Disponibilité de l’espace
- Espace
- Surface
- Type de bien
- Aménagement
- Disponible
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.
| Espace | Surface | Type de bien | Aménagement | Disponible |
| 1er étage | 372 m² | Local commercial | Espace brut | 30 jours |
1er étage
| Surface |
| 372 m² |
| Type de bien |
| Local commercial |
| Aménagement |
| Espace brut |
| Disponible |
| 30 jours |
1er étage
| Surface | 372 m² |
| Type de bien | Local commercial |
| Aménagement | Espace brut |
| Disponible | 30 jours |
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.
Taxes foncières
| Numéro de parcelle | 0802-0056 | Évaluation des aménagements | 5 417 236 € |
| Évaluation du terrain | 1 395 436 € | Évaluation totale | 6 812 671 € |
Taxes foncières
Contacts
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Christoffer Brodhead -
Shimon Shkury -
Howard Raber, Esq. -
Michael Tortorici -
Daniel Mahfar -
Jason M. Gold -
Erik Moloney -
Ariel Property Advisors
Présenté par
Mixed Use Conversion Opportunity | 118-120 W 27th St
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