17
Eric RothAssociate Director
(212) [email protected]
Ian BrooksDirector
(212) [email protected]
Robert M. ShapiroExecutive Managing Director
(212) [email protected]
EXECUTIVE SUMMARY
THE NEIGHBORHOOD
FINANCIAL OVERVIEW
PROPERTY PHOTOS
DUE DILIGENCE
1
3
9
17
21
TABLE OFCONTENTS
ASKING PRICE$27,500,000
PROPERTY HIGHLIGHTS
1 EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY 2
Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale
of The General Washington located at 1401 Saint Nicholas Avenue. The 100’ x 100’
mixed use elevator building consists of 33 large apartments and 10 retail spaces that
span over 46,000 gross square feet. Located on the northeast corner of Saint Nicholas
Avenue and West 180th Street, the subject property is perfectly situated for both
strong retail and residential use.
Future ownership will benefit from significant in-place retail income while being able
to capitalize on a large below market residential component. Currently, the residential
portion of the building is renting below $20 per net square foot in a market that can achieve
north of $35 per net square foot. The average apartment in The General Washington is
over 1,000 SF and layouts range from one to four or more bedrooms.
The General Washington is in one of Manhattan’s most flourishing neighborhoods,
Washington Heights. The property is located on the same block as the 1 train and is a
short walk west to the express A train. One block north of 1401 Saint Nicholas Avenue
is Washington Heights’ popular 181st Street retail corridor which is home to AT&T,
Modell’s Dunkin’ Donuts, Subway and multiple other national retailers. The property’s
location also allows for easy access to the Henry Hudson Parkway, Harlem River Drive
and the George Washington Bridge.
The Opportunity:
• On top of the 1 train and just blocks from the express A train.
• Major MCI opportunities remain
• Located on a prime retail corridor
• Large upside in the residential rents
• 33 Apartments and 10 Stores
• 100’ x 100’ elevator mixed use building
THENEIGHBORHOOD
THE NEIGHBORHOOD 43 THE NEIGHBORHOOD
5 CUSHMAN & WAKEFIELD
1401 ST. NICHOLAS AVENUE
5 THE NEIGHBORHOOD
Columbia University Medical Center
George Washington Bus Station
AERIAL MAP
HUDSON RIVER
THE NEIGHBORHOOD 6
HARL
EM R
IVER
GEORGE WASHINGTON BRIDGE
HIGHBRIDGEPARK
J. HOODWRIGHT PARK
FORT WASHINGTON PARK
THE HIGH BRIDGE
ALEXANDER HAMILTON BRIDGE
BROADWAYST NICHOLAS AVE
AMSTERDAM AVE
GEORGE WASHINGTON BRIDGE BUS STATION
HARLEM RIVERPARK
181ST STREET
191ST STREET
190TH STREET
181ST STREET
175TH STREET
168TH STREET168TH STREET
GEORGE WASHINGTON BRIDGE BUS STATION
COLUMBIA UNIVERSITYMEDICAL CENTER
1401 ST. NICHOLAS AVENUE TRANSPORTATION MAP
Bus TerminalLocated at the east end of the George Washington Bridge between 178th and 179th Streets, is the GW Bridge Bus Station. This bus station accommodates approximately 20,000 people on a daily use with over 1,000 buses coming in and out throughout the day. A renovation was recently completed that included an expansion of retail space from 30,000 to 120,000 square feet and renovated waiting rooms, for a cost of approximately $200 million.
ParksWashington Heights consists of many public parks such as, Highbridge Park, J. Hood Wright Park, Fort Washington Park, and Fort Tryon Park. Highbridge Park is located on the banks of the Harlem River, between 155th Street and Dyckman Street, and contains 119 acres. J. Hood Wright Park is located between Fort Washington and Haven Avenue, between West 173rd and 176th Streets. Fort Washington Park is located along the Hudson River next to Riverside Drive from West 155th Street to Dyckman Street.
HospitalsAside from the 20-acre campus of Columbia Medical Center, there are multiple hospitals located in Washington Heights as well. New York-Presbyterians Morgan Stanley Children’s Hospital is the only pediatric hospital in all of New York City. Located at 3939 Broadway and West 165th Street, the hospital is named after the financial firm, Morgan Stanley, who largely funded the construction of the current building in 2003.
Higher EducationColumbia University Vagelos College of Physicians and Surgeons, is a graduate college of Columbia University and founded in 1767 as the first medical school in the United States. Columbia Medical School is one of the most selective medical schools in the country with nearly 7,000 applicants, and just 169 admissions per class.
Yeshiva University, founded in 1886, is the oldest institution for higher education in the United States that combines Jewish Scholarship with studies in medicine, law, business, social work, and liberal arts. Yeshiva University enrolls 11,000 students, which includes its undergraduate students, graduate students, and students from its affiliated high schools.
7 THE NEIGHBORHOOD THE NEIGHBORHOOD 8
to Grand Central via
to Penn Station via
35min
35min to Penn Station via
35min
Travel Times:
FINANCIALOVERVIEW
FINANCIAL OVERVIEW 109 FINANCIAL OVERVIEW
PROPERTY FEATURES
PRICE PER SQUARE FOOT: $594
PRICE PER UNIT: $639,535
CAPITALIZATION RATE: 3.50%
GROSS RENT MULTIPLE: 16.04x
GROSS ANNUAL REVENUE: $1,714,062
VACANCY LOSS & EXPENSES: $751,260
NET OPERATING INCOME: $962,802
FINANCIAL OVERVIEW 12
ASKING PRICE$27,500,000
PPSF: $594
GRM: 16.04x
Financial Summary:
11 FINANCIAL OVERVIEW
Address: 1401 St. Nicholas Avenue, New York, NY 10033
Alternate Address: 601 West 180th Street, New York, NY 10033
Location: The northwest corner of St. Nicholas Avenue and West 180th Street
Block & Lot: 2162-68
Lot Dimensions: 100' x 100'
Lot Square Footage: 10,000 SF (approx.)
Building Dimensions: 98' x 100'
Building Square Feet: 46,290 SF (approx.)
Stories: 6
Residential Units: 33 + Super
Commercial Units: 10
Total Units: 43
Gross Residential SF; 39,123 SF (approx.)
Net SF: 33,255 SF (approx.) less 15% loss factor
Avg. Net Unit Size: 1,008 SF (approx.)
Gross Commercial SF: 7,167 SF (approx.)
Zoning: R7-2, C1-4
Residential FAR: 4.00
Facility FAR: 6.50
Total Buildable SF: 40,000 SF (approx.)
Minus Existing Structure: 46,290 SF (approx.)
Available Air Rights: Overbuilt
Assessment (18/19): $3,695,600
Taxes (18/19): $470,043
1401 ST. NICHOLAS AVENUE
13 FINANCIAL OVERVIEW FINANCIAL OVERVIEW 14
REVENUE & BREAKDOWN
Gross Total Monthly Rent: $142,839
Gross Total Annual Rent: $1,714,062
Combined Income:
Gross Monthly Residential Rent: $54,850
Gross Annual Residential Rent: $658,195
Average Rent Per Unit: $1,662
Average Rent Per Net Square Foot: $19.79
Residential Income:Residential Income:
UNIT ROOMS STATUS EXP. BASE RENT MCI OTHER CHARGES MONTHLY RENT
21 4 RS Apr-19 $1,060 $15 $1,075
22 7.5 FM Aug-18 $3,800 $3,800
23 6.5 RS Dec-18 $1,265 $23 $5 $1,293
24 6.5 RS Jul-19 $1,344 $21 $1,364
25 7.5 RS Oct-19 $1,409 $21 $1,430
26 5 FM Apr-19 $2,725 $2,725
31 4 RS Dec-18 $936 $19 $956
32 7.5 RS Jan-19 $1,155 $26 $21 $1,202
33A 3 RS Nov-18 $1,010 $5 $1,015
33B 3 FM Dec-18 $1,695 $1,695
34 6.5 RS May-20 $1,143 $23 $26 $1,191
35 7.5 RS Sep-19 $1,865 $20 $1,885
36 5 RS Aug-19 $1,233 $31 $1,264
41 4 RS Jul-18 $833 $15 $848
42 7.5 RS Oct-18 $1,532 $26 $36 $1,594
43A 3 RS Nov-19 $1,120 $1,120
43B 3 RS Vacant $1,850 $1,850
44 6.5 RS Dec-19 $1,317 $21 $1,338
45 7.75 FM Mar-19 $2,750 $2,750
46 5 FM Mar-19 $2,700 $2,700
51 4 RS Nov-18 $1,934 $1,934
52 7.5 RS Dec-18 $1,491 $21 $1,511
53 6 FM Dec-18 $2,515 $15 $2,530
54 6.5 RS Jan-19 $1,387 $1,387
55 7.75 FM Dec-18 $3,000 $3,000
56 5 RS Feb-20 $946 $946
61 4 RS Dec-19 $865 $865
62 7.5 RS Jun-19 $1,356 $26 $21 $1,403
63A 3 RS May-19 $1,625 $1,625
63B 3 RS Mar-19 $930 $11 $5 $946
64 6.5 RS Oct-18 $1,003 $23 $1,026
65 7.5 FM Feb-18 $3,000 $3,000
66 5 RS Apr-19 $1,564 $19 $1,583
BSMT 4 SUPER Dec-20
SCRIE Units: 21, 23, 31, 32 43A, 44, 56, 61, 62, 63B
Retail Income:
UNIT TENANT SF EXP. RPSF TAX REIMB. MONTHLY RENT TOTAL RENT
ST1 Staffing 400 Oct-18 $90 $3,000 $3,000
ST11 Metro Com 715 May-23 $143 $104 $8,400 $8,504
ST2 Nail Salon 437 Jun-22 $69 $263 $2,251 $2,514
ST3 Multiservice 412 Aug-22 $139 $104 $4,660 $4,764
ST4 Porta Bella 2,203 Mar-21 $106 $19,500 $19,500
ST5 Momo 1,003 Jun-24 $217 $104 $17,998 $18,102
ST6 City Knights 512 Jan-21 $214 $104 $9,018 $9,122
ST7 Jewelry Store 490 May-23 $260 $104 $10,500 $10,604
ST8 Munchies 495 Jul-25 $203 $104 $8,275 $8,379
ST9_10 Barber Shop 500 Feb-23 $84 $3,500 $3,500
Gross Monthly Retail Rent: $87,989
Gross Annual Retail Rent: $1,055,867
Average Retail Rent Per Square Foot: $147.32
1401 ST. NICHOLAS AVENUE EXPENSES & INVESTMENT VALUE
15 FINANCIAL OVERVIEW FINANCIAL OVERVIEW 16
UNIT STATUS BREAKDOWN UNIT NUMBER BREAKDOWN
Taxes (18/19) Full Taxes $470,043
Water/Sewer Actual $39,077
Insurance @ $450 / Unit $19,350
Fuel @ $0.85 / GSF $39,347
Common Electric @ $0.15 / GSF $6,944
Repairs & Maintenance @ $500 / Unit $21,500
Cleaning & Maintenance @ $400 / Month $4,800
General & Administrative @ $250 / Month $3,000
Super @ $750 / Month $9,000
Management @ 4.0% / EGR $65,661
Total Expenses: $678,721
Expenses (Estimated): C&W Projected
EFFECTIVE GROSS ANNUAL REVENUE: $1,641,523
LESS EXPENSES: 44% ($678,721)
NET OPERATING INCOME: $962,802
Combined Revenue:
Gross Annual Residential Revenue $658,195
Vacancy Allowance @ 3% of Gross Annual Revenue ($19,746)
Gross Annual Commercial Revenue $1,055,867
Vacancy Allowance @ 5% of Gross Annual Revenue ($52,793)
Effective Gross Annual Combined Revenue $1,641,523
STATUS NUMBER
FM 8
RS 25
SUPER 1
Retail 10
44
ROOMS NUMBER AVG. MONTHLY RENT
3 6 $1,375
4 5 $1,135
5 5 $1,844
6 1 $2,530
6.5 6 $1,267
7.5 8 $1,978
7.75 2 $2,875
33
Average Total Rent BreakdownUnit Status Breakdown
Breakdown Charts:
FM RS SUPER Retail
23%18%
57%
2%
3%
18%
25%
6%
18%
15%
15%
17 PROPERTY PHOTOS
PROPERTYPHOTOS
DUE DILIGENCE 18
1401 ST. NICHOLAS AVENUE
19 PROPERTY PHOTOS
PROPERTY PHOTOS
PROPERTY PHOTOS 20
21 DUE DILIGENCE
DUEDILIGENCE
DUE DILIGENCE 22
1401 ST. NICHOLAS AVENUE
23 DUE DILIGENCE
Zoning Map:
DUE DILIGENCE
DUE DILIGENCE 24
Certificate Of Occupancy:
Tax Map:West 181st Street
West 180th Street
Wad
swo
rth
Ave
nue
Saint N
icholas A
venue
Tax Bill:
Water Bill:
Statement Details
Did your mailing address change?If so, please visit us at nyc.gov/changemailingaddress or call 311.
When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronicfund transfer from your account or to process the payment as a check transaction.
Home banking payment instructions:
1. Log into your bank or online bill pay website.2. Add the new payee: NYC DOF Property Tax. Enter your account number, which is your boro,
block and lot, as it appears here: 1-02162-0068 . You may also need to enter the address for theDepartment of Finance. The address is P.O. Box 680, Newark NJ 07101-0680.
3. Schedule your online payment using your checking or savings account.
November 17, 2017601 West 180 St. NYC LLC
1401 Saint Nicholas Ave.1-02162-0068
Page 2
Current Charges Activity Date Due Date AmountFinance-Property Tax 01/01/2018 $227,657.24
Adopted Tax Rate $-6,187.06Housing-Emergency Repair 01/01/2018 $238.31Washington Hgts BID 01/01/2018 $6,244.92Rent Stabilization fee $10/apt. # Apts RS fee identifiersHousing-Rent Stabilization 27 01/01/2018 013235300 235300 $270.00Total current charges $228,223.41
How We Calculated Your Property Tax For July 1, 2017 Through June 30, 2018Tax class 2 - Residential, More Than 10 Units Tax rate Original tax rate billed June 2017 12.8920% New tax rate 12.7190%
Estimated market value $8,605,000 Billable assessed Newvalue Tax rate Taxes**
Tax before exemptions and abatements $3,576,340 X 12.7190% = $454,875**Tax before abatements $454,875**
McI Capital Improvement Abatement $-4,294**Annual property tax $450,581**
Original property tax billed in June 2017 $456,768**Change in property tax bill based on new tax rate $-6,187**
If you own income producing property, you must file a Real Property Income and Expense Statement or a Claim ofExclusion unless you are exempt by law. The deadline to file is June 1, 2018. Failure to file will result in penalties andinterest, which will become a lien on your property if they go unpaid. To see if you are exempt from this requirement andto learn more, please visit nyc.gov/rpie.
1401 ST. NICHOLAS AVENUE
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DUE DILIGENCE
DUE DILIGENCE 26
DOB Overview / Violations:
1401 ST. NICHOLAS AVENUE
27 DUE DILIGENCE
HPD Building, Registration & Violation
W 181ST ST
W 176TH
W 177TH
W 179TH ST
W 178TH
W 180TH ST
W 182ND ST
W 184TH ST
W 183RD ST
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WASHINGTON BRIDGE
ALEX HAMILTON BRIDGE
BR
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DW
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GW BRIDGE
BUS TERMINAL
Retail Map:
DUE DILIGENCE 28
LOCATION OVERVIEW
Boiler Information:
For more information contact:
Eric RothAssociate Director(212) 660 [email protected]
Robert M. ShapiroExecutive Managing Director(212) 660 [email protected]
Ian BrooksDirector(212) 589 [email protected]
Cushman & Wakefield Copyright 2018. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
