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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
• 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.
Informations sur l’immeuble
Type de vente
Investissement
Type de bien
Bureau
Sous-type de bien
Bureau résidentiel
Surface de l’immeuble
3 672 m²
Classe d’immeuble
B
Année de construction
1910
RNE
828 989 €
Occupation
Multi
Hauteur du bâtiment
12 étages
Surface type par étage
306 m²
Coefficient d’occupation des sols de l’immeuble
10,67
Surface du lot
0,03 ha
Zonage
M1-8A / R11 - Industrie légère avec bureaux, hôtels et la plupart des utilisations commerciales autorisées.
Caractéristiques
- Climatisation
1 1
Exceptionnellement praticable à pied
100/100
Relativement adapté aux voitures
40/100
Transports en commun exceptionnels
100/100
Très praticable en vélo
80/100
Taxes foncières
| N° de parcelle | Évaluation des aménagements | 8 298 828 € | |
| Évaluation du terrain | 1 929 636 € | Évaluation totale | 10 228 463 € |
Taxes foncières
N° de parcelle
Évaluation du terrain
1 929 636 €
Évaluation des aménagements
8 298 828 €
Évaluation totale
10 228 463 €
(212) 544-9500
x100
Contacts
-
Christoffer Brodhead -
Shimon Shkury -
Howard Raber, Esq. -
Michael Tortorici -
Daniel Mahfar -
Jason M. Gold -
Erik Moloney -
Ariel Property Advisors
1 sur 10
Vidéos
Visite extérieure 3D Matterport
Visite 3D
Photos
Street view
Rue
Carte
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Présenté par
Mixed Use Conversion Opportunity | 118-120 W 27th St
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