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Second Avenue
4 Story Mixed-Use Building
25 Feet of Frontage
Part of Four Building Package


ID: 15631EL728
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
4 Story Mixed-Use Building
25 Feet of Frontage
Part of Four Building Package
 
ADDRESS: 2057 Second Avenue,  New York,  NY  10029
INTERSECTION: Second Avenue between 105th & 106th Streets on the west side of the block
DESCRIPTION:

Four story mixed use residential building with 5 apartments (plus supers apartment) and 2 stores.  Businesses include a Jewelry store (since 1995) and a Nail salon (since 1990) with approximtely 650 square feet each.  All 6 are railroad apartments and are decontrolled.  Commercial tenants pay 100% of the real estate taxes.

YEAR BUILT: 1920
STORIES: 4
LOT SIZE: 25 feet x 73 feet
BLDG. BUILT: 25 feet x 60 feet
LOT SF: 1,825
BLDG. GROSS SF: 6,100
BLOCK: 1655 / LOT: 26
ASSESSMENT: $35,608
ZONING: C1-5A / R8A overlay
FAR: Res:6.02; Comm: 2.00; Com Fac.:6.50
AVAIL. AIR RIGHTS: 10,986 above grade
SPECIAL DISTRICT: Yes     TA (Transit Land Use District)
LAYOUT:
1/2; 1/4; 4/3    Total Apts: 6    Total Rooms: 18    Total Store: 2   
1ST MORTGAGE: Will deliver free and clear.
INCOME:
Type
Sq. Feet
No. of Units
Amount
Jewelry Store
650
$2,800.00
$33,600.00
Lease exp. 1/31/2014. Has been there since 1995. 5% increase in 1/2012. Pays 50% of RE taxes. Submetered W&S
Nail Salon
650
$2,300.00
$27,600.00
Lease exp. 12/31/2014. Has been there since 1990. Increase to $2380/m on 1/1/2012 for term of lease. Pays 50% of RE taxes. W&S is submetered
Apt. 2G
400
$645
$7,740.00
Lease exp. 5/31/2011. Decontrolled studio (supers apartment)
Apt. 2N
900
$1,855.00
$22,260.00
Lease exp. 5/31/2011. Decontrolled 2 bedroom
Apt. 3N
650
$1,390.00
$16,680.00
Lease exp. 3/31/2012. Decontrolled one bedroom
Apt. 3S
650
$1,400.00
$16,800.00
Lease exp. 6/30/2011. Decontrolled one bedroom
Apt. 4N
650
$1,375.00
$16,500.00
Lease exp. 9/30/2011 Decontrolled one bedroom
Apt. 4S
650
$1,335.00
$16,020.00
Lease exp. 4/30/2011. Decontrolled one bedroom
Tax Reimbursement
$5,760.00
100% tax reimbursements
Total Estimated:
$162,960.00
ESTIMATED EXPENSES:
Type
Yearly Amount
Taxes
$5,760.00
Tenants pay 100% of RE taxes.
Water & Sewer
$3,006.00
Reimbursed by commercial tenants
Insurance
$3,800.00
Gas (heat) & Electric
$5,827.00
Repairs & Maintenance
$2,500.00
Low thanks to good condition of the building
Total Estimated:
$20,893.00
Estimated Net Profit:
$142,067.00
PRICE:
$0 TERMS:   All Cash
COMMENTS For sale as part of four building package including 2053-55, 2059 & 2061 Second Avenue. Price $9,000,000. Can be purchased without air-rights.
AVERAGES
Avg.Retail Rents/SF $47.08 Avg.Apt. Rents/Mo.: $1,333.33 Avg.Room Rents/Mo.: $444.44

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. 

The building was gut renovated in the 80's and the C of O is for 5 apartments plus a supers studio (2G) and two stores.

Commercial tenants pay 100% of real estate taxes.  Measurements are approximate.

 


ID: 15631EL728
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.