2301 Broadway, New York, NY 10024

Upper West Side, New York, New York 10024

$56,000,000  

Listing ID Number

25371

Property Description

Cushman & Wakefield has been retained exclusively to arrange for the sale of 2301 Broadway, a 61,250 SF, 7 story pre-war elevator building located on the Northwest corner of Broadway and West 83rd Street. The property has been owned by the same family since the 1970’s and is being presented to the market for the first time in generations.

The property presently generates approximate $2.8M of gross annual revenue of which 54% is derived from the commercial component and 46% from the residential portion. The residential component is accessed via an entrance on the north side of West 83rd Street and contains 33 apartments (17 FM, 14 RS & 2 RC) plus a basement super’s unit. The apartments average approximately 1,300 SF and are currently configured as 7 one-bedrooms, 4 two-bedrooms, 4 three-bedrooms, 6 four-bedrooms and 12 five-bedroom units. The combination of spacious layouts and ample light resulting from a low rise landmarked building to the north and the building’s corner position should present purchasers with the flexibility to either expand bedroom counts or divide units into smaller footprints. The Free Market apartments have been lightly renovated in one-off fashion over the years and are currently leased for an average of approximately $53.23 PNSF which represents a discount of approximately 25-30% below prevailing market rates. The remaining regulated apartments are leased for an average of approximately $13.24 per NRSF which represents a discount of approximately 75-85% below market. The Broadway retail component consists of 4 stores which occupy the full 70’ of frontage running north from the corner of West 83rd Street. The units are currently leased to Bank of America (exp. 4/18), BlueMercury (parent company is Macy’s as of March 2015 - exp. 1/23), Kolorbar (exp. 1/27) & K.C. Signatures (exp. 11/18) for a blended average of $321 PRSF.

The building has been well maintained and managed by a 3rd party agency for over 30 years. In regards to infrastructure the building is serviced by a centrally located elevator with a wrap-around stair, heated by a #4 oil-fired boiler (3,000 gallon tank) and is individually metered for gas and electric. The basement is quite large with high ceilings and contains a superintendent’s apartment, laundry room, lower level retail space, tenant laundry and a significant amount excess space that could be re-positioned to generate additional income. The property sits in an R10 zone within the Riverside-West End Historic District (Extension 1) and possesses approximately 33,657 square feet of unused air rights. Any future use of the air rights will be subject to Landmarks & Preservation Commission Approval.

2301 Broadway offers purchasers a unique opportunity to acquire a legacy-owned elevator building featuring prime retail frontage and substantial long-term up-side potential in one of Manhattan’s most supply constrained neighborhoods.

Ownership requests that interested parties submit offers.

Overview

Building Type:Mixed-Use Investment Buildings
Location:Upper West Side

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Paul B. Smadbeck
Senior Managing Director
(212) 660 7760
paul.smadbeck@cushwake.com

Hall Oster
Senior Managing Director
(212) 660 7723
hall.oster@cushwake.com

Teddy Galligan
Associate Director
(212) 589 5137
teddy.galligan@cushwake.com

Conrad Martin
Associate Director
(212) 307 8175
conrad.martin@cushwake.com

Bryan Smadbeck
Senior Associate
(212) 589 5169
bryan.smadbeck@cushwake.com

Tim OBrien

(212) 589-5125
Tim.OBrien@cushwake.com


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Aerial View


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 it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, 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 HEREIN.