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Second Avenue
2 Story Commercial Building
54 Feet of Frontage
Part of a Four Building Package


ID: 15621EL729
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied.

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Second Avenue
2 Story Commercial Building
54 Feet of Frontage
Part of a Four Building Package
 
ADDRESS: 2053-55 Second Avenue,  New York,  NY  10029
INTERSECTION: Second Avenue between 105th & 106th Streets
DESCRIPTION:

Two story commercial building with 2 stores on the ground floor and one commercial tenant on the second floor with access via a stair case.  Both stores have access to the basement and utilize some of it for storage.  Tenants consist of a Self service/full service Laundry store (since 1994); a Fish market (since 1995) and a Tutorial center (in business since 1958, in this location since 2004) on the second floor focusing on youth living in East Harlem specializing on one-on-one, homework help, SAT preparation etc.  The lot and building are irregularly shaped with 28.6 feet of frontage (Laundry) that are 93.6 feet deep and 25.5 feet (Fish market) that are 73 feet deep for a total of 54.9 feet of frontage.

 

STORIES: 2
LOT SIZE: 54.9 feet x 93.5 feet (Irregular)
BLDG. BUILT: 12 foot setback on 1/2 of the building
LOT SF: 4,385
BLDG. GROSS SF: 7,560
BLOCK: 1655 / LOT: 24
ASSESSMENT: $332,100
ZONING: C1-5A / R8A overlay
FAR: Res:6.02; Comm: 2.00; Com Fac.:6.50
AVAIL. AIR RIGHTS: 26,397 Residential above grade
SPECIAL DISTRICT: Yes     TA (Transit Land Use District)
LAYOUT:
         Total Store: 2    Total Comm: 1
1ST MORTGAGE: Will deliver free and clear.
INCOME:
Type
Sq. Feet
No. of Units
Amount
Laundry
2,250
1
$88,380.00
Lease exp. 10/31/2021. 5% increase/year. Water is submetered. Pay 50% RE tax incr. base year 2011.
Fish market
1,500
1
$55,572.00
Lease exp. 6/30/2015. Rent increases 5% in 7/2012 and 5% in 7/2014. Been in location since 1995. Water is submetered. No tax contribution.
Tutorial center
4,000
1
$86,894.64
Lease exp. 7/14/2014. No increases through expiration. Pays 33% of total RE taxes. Lease began in 2004. Pay difference between reimbursed W&S and total on meter.
Tax Reimbursement
$11,135.00
Paid by Harlem Tutorial
CAM
$4,950.00
Total Estimated:
$246,931.64
ESTIMATED EXPENSES:
Type
Yearly Amount
Taxes
$33,743.00
Insurance
$3,917.00
Water & Sewer
$0.00
Sub-metered: $40,000 100% paid by tenants
Gas (heat) & Electric
$5,500.00
Tenants pay 90% and are billed based on number of radiators they have in their space.
Repairs & Maintenance
$2,400.00
Total Estimated:
$45,560.00
Estimated Net Profit:
$201,371.64
PRICE:
$0 TERMS:   all Cash
COMMENTS For sale as part of a 4 building package including 2057, 2059 & 2061 Second Avenue. Price $9,000,000 all cash
AVERAGES
Avg.Retail Rents/SF $35.62 Avg.Comm. Rents/SF.: $21.72

REMARKS:

Building is very well maintained with new rubber roof replaced in 4/2009; gas boiler replaced in 2000; water main replaced in 2005.  Stairs totally replaced with steel/concrete in 2005 and new copper plumbing throughout.

Measurements are approximate.


ID: 15621EL729
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied.