6 stone street stone street... · pricing and financial analysis 6 stone street rent roll 6 stone...

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. Activity ID: Z0330538 © 2018 Marcus & Millichap. All rights reserved

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6 Stone StreetFinancial District Manhattan, New York, NY

Offering Memorandum

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of New York, Inc. © Activity ID: Z0330538 2018 Marcus & Millichap. All rights reserved

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6 Stone Street

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

Non-endorsement Notice

All property showings are by appointment only. Please consult your Marcus & Millichap agent for more details.

Pricing and Financial Analysis6 Stone Street - Financial District Manhattan, NY


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6 Stone StreetPricing and Financial AnalysisFinancial Overview

Value Indicators Annual Income Pro Forma

Price $7,500,000 Residential Gross Potential Income $144,000

Gross Square Feet 8,605 Other Income $0

# Units 5 Retail Gross Potential Income $363,000

Price Per SF $871.59 Expense Reimbursements $0

Price Per Unit $1,500,000 Vacancy/Collection Loss (3%) ($15,210)

Proforma Cap Rate 4.54% Effective Gross Income $491,790

Proforma GRM 14.79

Annual Expenses Pro Forma

Property Taxes $110,902

Fuel $9,000

Water & Sewer $2,500

Insurance $8,500

Repairs & Maintenance $2,500

Common Area Electric $1,361

On Site Payroll $1,500

Management Fee (3%) $15,210

Total Expenses $151,473

Net Operating Income $340,317

Unit Mix AnalysisUnit Type No. of Units Average Rent Avg Rent PSF Monthly Rent FM Retail/Comm.

Retail 1 $25,000.00 $96.77 $25,000.00 N/A 1

Office 2 $2,625.00 $40.58 $5,250.00 N/A 2

1 Bedroom Apartment 2 $6,000.00 $46.45 $12,000.00 2 N/A

Total 5 $42,250 2 3

Building Delivered Vacant


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6 Stone StreetPricing and Financial Analysis

Rent Roll6 Stone Street, Financial District, Manhattan, NY

Retail

Unit Tenant Approx SF Pro Forma Rent Pro Forma Rent PSF Lease Expiration

Ground & 2nd Floor Retail Murphy’s Tavern 3,100 $25,000.00 $96.77 12/31/2020 (NNN)

3rd Floor Office - 550 $1,850.00 $40.36 -

3rd Floor Office - 1,000 $3,400.00 $40.80 -

Retail Monthly Income $30,250.00

Apartments

Unit Bedrooms Approx SF Status Pro Forma Rent Pro Forma Rent PSF

4th Floor 1 1,550 FM $6,000.00 $46.45

5th Floor 1 1,550 FM $6,000.00 $46.45

Residential Monthly Income $12,000.00

Total Annual Income $507,000

Building Delivered Vacant


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6 Stone StreetPricing and Financial AnalysisIncome & ExpensesBuilding Gross Square Footage 8,605

Number of Units 5

Commercial Units 3

Residential Units 2

Approximate Available Air Rights (SF) 0

Current Potential Income Pro Forma %PGI Per SF

Retail Gross Potential Income $363,000 71.60%

Vacancy/Collection Loss (3%) ($10,890)

Expense Reimbursements $0

Retail Effective Gross Income $352,110

Residential Gross Potential Income $144,000 28.40%

Vacancy/Collection Loss (3%) ($4,320)

Other Income $0

Residential Effective Gross Income $139,680

Total Effective Gross Income $491,790

Expenses Pro Forma %EGI Per SF

Property Taxes $110,902 22.55% $12.89

Fuel $9,000 1.83% $1.05

Water & Sewer $2,500 0.51% $0.29

Insurance $8,500 1.73% $0.99

Repairs & Maintenance $2,500 0.51% $0.29

Common Area Electric $1,361 0.28% $0.16

On Site Payroll $1,500 0.31% $0.17

Management Fee (3%) $15,210 3.09% $1.77

Total Expenses $151,473 30.80% $17.60

Net Operating Income $340,317

Property Description6 Stone Street - Financial District Manhattan, NY


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6 Stone Street

Marcus & Millichap is pleased to offer 6 Stone Street New York, New York 10004 located between Broadway and Broad Street in the Financial District section of Manhattan, New York.

6 Stone Street is a five-story mixed-use building that consists of one-retail unit, two-residential units and two-office units. The property is built irregular, approximately 24 feet by 80 feet and sits on a 24.5- foot by 80-foot-lot with approximately 9,075 gross square feet. The property is zoned C5-5/LM (Block: 10, Lot: 32) This property offers investors the rare opportunity to purchase a mixed-use building in the Financial District section of Manhattan, New York.

Property DescriptionInvestment Overview

Investment Highlights

• Rare Prime Stone Street Mixed-Use Building

• Building Delivered Vacant

• One-Block to “4” & “5” Subway Lines

• There is 24 Feet of Retail Frontage on Stone Street

• Two Free Market Apartment Lofts, Two Offices, and a

Restaurant


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6 Stone Street

Site Description

The Offering

Property Address

Accessor’s Parcel Number 00010-0032

Zoning C5-5/LM

6 Stone Street New York, NY 10004

Number of Units

Year Built

Number of Buildings

Gross Square Feet

1

9,075

Number of Stories

Lot Size

Type of Ownership

5

24.5 FT x 77.83 FT

Fee Simple

5

1910

Property DescriptionProperty Summary


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6 Stone StreetProperty DescriptionMaps


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6 Stone StreetProperty DescriptionAerial View


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6 Stone Street

The Financial District, also commonly referred to as FiDi, is a neighborhood located at the southern tip of the borough of Manhattan in New York City, which comprises the offices and headquarters of many of the city’s major financial institutions, including the New York Stock Exchange and the Federal Reserve Bank of New York.

The Financial District is South of Chambers Street and the Brooklyn Bridge. Wall Street hustle and bustle may rule the streets by day, but come happy hour and weekends, the waterfront-adjacent neighborhood is gaining a reputation as a fun place to take it easy. Battery Park City and the South Street Seaport are outdoor concert and food festival destinations for all of New York. Stone Street Tavern is a must for burger, beer, and comfort-food lovers. And posh hotels and shopping spots like The Setai and Tiffany offer plenty of retail therapy.

Financial District is home to the “1”, “2”, “3”, “4”, “5”, “9”, “A”, “C”, “E”, “J”, “M”, “R”, “W”, and “Z” trains.

Property DescriptionNeighborhood Overview


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6 Stone Street

FXFOWLE

FXFOWLE Architects and Trinity Place Holdings have partnered together to create a 35-story, 85-unit mixed-use tower at 77 Greenwich Street in the Finan-cial District. A 476-seat elementary school will take up the first nine floors of the building with roughly 85 condominium units and 7,000 square feet of retail space above the school which will offer expansive waterfront views. Some of the air rights from 85 Greenwich Street are being used for the project

Property DescriptionSurrounding Developments

Madison Equities and Pizzarotti

Madison Equities and Pizzarotti-IBC have released the renderings of an 86-story, 245-unit residential tower at 45 Broad Street, in the Financial District. CetraRud-dy has designed the 1,100-foot building. The first five floors will be dedicated to commercial space and the residential units will come in studio, one-, two-, and three-bedroom configurations. The project also includes a pool, a fitness center, and an outdoor garden.

118 Fulton Street

The renderings for 118 Fulton Street in the Financial District have re-cently been released to the public. Camel Partners bought the lot from Lightstone group last September for $171 million. Once finished, the building will have 49,941 square feet of commercial space and 470,896 square feet of residential space. Gerner Kronick + Valcarcel were chosen to design the building.

World Trade Center

The $3.9 billion World Trade Center Transportation Hub in the Financial Dis-trict has recently opened to the public in early March. This Santiago Calatrava designed structure will have 365,000 square feet of retail space. This new transit hub will now serve as the connection point for 11 subway lines, the Path Train, multiple bus lines, as well as ferry service to New Jersey.

Offering Memorandum 6 Stone Street - Financial District Manhattan

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6 stone street stone street... · pricing and financial analysis 6 stone street rent roll 6 stone...

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