402 west 22nd street€¦ · alex furst | licensed associate real estate broker 205 east 42nd...

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402 WEST 22nd STREET

PRIME CHELSEA MULTI-FAMILY TOWNHOUSE FOR SALE


EXCLUSIVE AGENTS:

MARC ROMAN | Licensed Real Estate Salesperson

205 East 42nd Street, 6th Floor

New York, NY 10017

O: 212.776.4375 | [email protected]

M: 646.709.4587

LOUIS PUOPOLO | Licensed Associate Real Estate Broker


New York, NY 10017


M: 917.374.0099

ALEX FURST | Licensed Associate Real Estate Broker


New York, NY 10017


M: 347.381.3165


CONTENTS

PROPERTY ASSUMPTIONS Page 4

MAP Page 5

FLOOR PLANS Page 6

RENT ROLL Page 13

COMPARABLE SALES Page 14

ZONING STUDY Page 15

DISCLOSURES Page 16


PROPERTY DESCRIPTION

ADDRESS: 402 West 22nd Street, New York, NY

LOCATION: Chelsea - Manhattan

BLOCK AND LOT: 00719-0045

ZONING: R7B, C2-5

BUILDING SIZE: 4,791 SF

BUILDING

DIMENSIONS: 14 ft x 52 ft

LOT SIZE 1,026 SF

LOT DIMENSIONS: 14.25 ft x 72 ft

UNITS: 8

DESCRIPTION:

I Ideally situated on Chelsea's most coveted block, a tree-lined

oasis close to gourmet dining, mass transit and the prestigious

Avenues: The World School, this multi-family property offers a

variety of potential to both investors and owner-users. The

property, built in 1900, is configured as an eight (8) unit multi-

family income producing asset, with 100% free-market

tenancy. The greater opportunity includes repositioning the

unit mix to accommodate higher rent, a potential commercial

element, and future assemblage to accommodate new

development. The location is a short walk to Google

headquarters, the Chelsea Market, the Highline, and the

Hudson Yards development, Manhattan's future epicenter of

media and finance. Accessible to major transportation hubs,

including the A,C,E1,2,3 subway stations.


MAP


FLOOR PLANS

Measurements are approximations


GARDEN FLOOR

The following is a rendering for concept purposes, and may not reflect the current layout and/or finishes.


PARLOUR FLOOR



2ND FLOOR



3RD FLOOR



4TH FLOOR


402 WEST 22nd STREETCURRENT RENT ROLL & BUILDING EXPENSES

CURRENT RENT:

Unit Type Rent Status

Unit 1: 4 Bed Duplex $8,100 EXP 7/31/18

Unit 2: Studio $2,200 EXP 3/31/18

Unit 3: Studio with Patio $2,350 EXP 8/31/18

Unit 4: Studio $2,400 EXP 7/31/18

Unit 5: Studio Owner Occupied NA

Unit 6: 1 Bedroom Duplex $3,220 EXP 8/31/18

Unit 7: Studio $2,300 EXP 8/31/18

Unit 8: Studio $2,250 EXP 7/31/18

Total: $22,820

Total Annualized: $273,840

CURRENT EXPENSES:

RE Taxes: $46,602

Super Salary $6,000

Con Ed (Fuel / Elec): $3,674

Water / Sewer: $3,583

Insurance: $5,659

Gas / Heating: $3,674

Repairs/Maintenance $6,266

Total: $74,844

Current Net Operating Income: $198,996

402 WEST 22nd STREETRECENT NEIGHBORING SALES

ADDRESS: 444 W 22nd St

UNIT SIZE: 3,725 SQF

SALES PRICE: $8,300,000

SALE DATE: 2/2/2017


UNIT SIZE: 3,042 SF


SALE DATE: 2/6/2017




SALE DATE: 12/30/2016

ADDRESS: 439 W 21st St



SALE DATE: 9/15/2017

SALES AVERAGE ($/PF): $ / PER SF

$7,712,500 $2,077

*Does not factor concessions, condition, or fixtures


ZONING ANALYSIS


Confidentiality and Disclaimer

This Offering Memorandum has been prepared by Douglas Elliman Commercial, LLC (“DEC”) on behalf of Ownership,

the (“Owner”), regarding the purchase of the property described herein at 402 West 22nd Street, New York, New York

(the “Property”). The materials and information contained in this Offering Memorandum do not purport to be all-inclusive

or to contain all of the information which prospective investors may need or desire. All materials have been developed

by DEC, the Owners and other sources and are subject to variation.

No representation is made by DEC or the Owners as to the accuracy or completeness of the information contained

herein and nothing contained herein is or shall be relied on as a promise or representation as to the future performance

of the property. Although the information contained herein is believed to be correct, DEC and the Owners and their

employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due

diligence in verifying all such information. Further, DEC, the Owners and their employees disclaim any and all liability

for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or

any other written or oral communication transmitted or made available to the recipient.

The Offering Memorandum does not constitute a representation that there has been no change in the business or

affairs of the Property or the Owners since the date of preparation of the Offering Memorandum. Analysis and

verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective

purchaser. Additional information and an opportunity to inspect the Property will be made available upon request to

interested and qualified investors. The Owners and DEC each expressly reserve the right, in their sole discretion, to

reject any and all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at

any time with or without notice. The Owners shall have no legal commitment or obligation to any entity reviewing the

Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the

purchase of the properties has been fully executed, delivered and approved by the Owners and its legal counsel and

any conditions to the Owners’ obligations thereunder have been satisfied or waived. DEC is not authorized to make any

representations or agreements on behalf of the Owners.

This Offering Memorandum and its contents, except such information which is a matter of public record or is provided in

sources available to the public (such contents as so limited herein called the “Contents”) are of a confidential nature. By

accepting the Offering Memorandum, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or

duplicate it, (iii) not to disclose the Offering Memorandum or any of its contents to any other entity (except to outside

advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you

have obtained an agreement of confidentiality) without the prior written authorization of the Owners or Douglas Elliman,

(iv) not to use the Offering Memorandum or any of its contents in any fashion or manner detrimental to the interest of

the Owners or DEC, and (v) to return it to DEC immediately upon request of DEC or the Owners.

If you have no further interest in the Property, please return the Offering Memorandum forthwith. No inspections of the

Property are permitted unless accompanied by the Owners or a representative from DEC.


DOS AGENCY DISCLOSURE

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