Exclusive offering Memorandum Vacant Office Condo
110 E 40th Street, New York, NY 10016 Grand Central Vicinity / Prime Midtown East
2 110 E 40th St, New York, NY 10016
TABLE OF CONTENTS
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13-15
Executive Summary
Floor Plans
Rent Roll - Projected Income & Expenses Eighth
Amendment
Interior Photos
Points of Interest
Neighborhood Details
Nearby Transportation
Transportation Map
Certificate of Occupancy Confidentiality & Disclaimer
Ety LeeVice PresidentM: 917.680.2668 [email protected]
3 110 E 40th St, New York, NY 10016
Block 00895-7501
Location Between Lexington & Park Avenues
Borough Manhattan
Building Size/SF 95 ft x 85 ft - 66,567 sq ft
Lot Size 95 ft x 98.75 ft - 9,481 sq ft
Year Built 1915
Year Converted 2008
Zoning C5-2.5, C5-3
FAR As Built 7.02
Max FAR 12
Description Gutted, vacant 3,062 RSF 5th floor office condo has 2 doors in a 9-story, Grand Central Vicinity/Prime Midtown East, commercial building for sale or for rent.
Remarks 2 short blocks from Grand Central Station and one Vanderbitt office building.
Real Estate Taxes 2019/2020
$33,453
Common Charges $23,952
Insurance Projected
$2,500
Projected NOI $139,120
INVESTMENT
Executive Summary As exclusive agent, Compass is pleased to offer the gutted, vacant 3,062 RSF office condo located at 110 East 40th Street for sale or lease, this property located in the very busy Grand Central Vicinity/ Prime Midtown East Manhattan. 110 East 40th Street has 9 stories and consists of 33 units. The plot is 95 ft x 98.75 ft and was built 95 ft x 85 ft. This properties impeccable location near Grand Central Station makes transportation to your desired location seamless and convenient. With a swift 2-3 minute walk, you can hop on the Metro North, 4, 5, 6, 7, B, D, F, M or S train and M1, M2, M3, M4, Q32, M42, M101, M102, M103 buses. Riders Paradise.This office condo has light, air from three sides. And this condo unit has 2 doors. This office condo is vacant, is ideal for investor and owner-user. Good for doctor's office, PR, law, accounting, real estate, venture capital, tech, media, advertising firms.
PROPERTY INFORMATION
Asking Price Reduced: Reduced Rent:
$2,850,000 with approved plans "As Is" $55 PRSF (3,062 SF)
FLOOR PLAN
4 110 E 40th St, New York, NY 10016
Approved Plans
Proposed Layout
6 exam rooms Consultation room Office Lab Pantry 2 Bathrooms Reception area (8 Patients)
FLOOR PLAN
5 110 E 40th St, New York, NY 10016
2,424 RSF
2,948 RSF 3,062 RSF
Quarter Divided Floorplate
INCOME & EXPENSES
6 110 E 40th St, New York, NY 10016
Rent Roll
RENT ROLL (PROJECTED) - Income & Expense
Tenant Rentable Square Footage
Percentage of Common Interest
Projected Monthly Rent
Projected Annual Rent Per Sq. Ft.
Vacant 3,062 3.1146% $16,586 $65
INCOME & EXPENSE
Projected Income $PRSF Monthly Income Annual Rent
Vacant - Total Rental Space $65 $16,586 $199,030
Total Base Rent Income $199,030
Operating Expenses $ PRSF Actual Rent
Real Estate Tax (2019/2020) $ 10.91 $33,453
Common Charges $7.8 $23,957
Insurance projected $2,500
Total Expense $59,910
Projected NOI $139,120
LOCATION
110 E 40th St, New York, NY 10016
Points of Interest
One Vanderbilt
In 2016, construction began what will become the tallest office building in
New York City, upon completion, which is expected by 2020.
Grand Hyatt
NYU Langone Medical Center
New York Public Library Main Branch
Grand Central Terminal
Located in the heart of Midtown, for over a century Grand Central Terminal has
served as a landmark of New York City that serves as a hub for transportation as
well as having many shops and restaurants, all of which are under the astounding artwork from the ceiling.
Manhattan’s East Side has emerged as one of the country’s premier healthcare
and life sciences corri- dors and is positioned in the heart of this dynamic area and sector of the economy. The
corridor is home to a roster of state of the art hospitals, research centers and
teaching colleges including New York
Presbyterian/Weill Cornell Medical Center, Lenox Hill Hospital Surgical Center
Memorial Sloan Kettering Cancer Center, NYU Langone Medical Center, Bellvue
Hospital, Alexandria Center for Life Sciences, Mount Sinai clinic and
Rockefeller University. As these institutions expand and new ones enter the market, commercial and residential investments
continue to benefit.
Chrysler Building
Built in 1919 first as the Commodore Hotel, now the Grand Hyatt Hotel offers
luxurious stays in premier destinations. Completely renovated in 2011, the hotel won the Corporate and Incentive Travel
magazine “Award of Excellence.”
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Established in 1911, the Main Branch of the New York Public Library serves as the home for an estimated 2.5 million volumes, and was declared a National Historic Landmark in 1965.
Located right next to Grand Central, the Chrysler Building finished completion in 1930 and has been on of New Yorks biggest tourist attractions ever since.
LOCATION
10 110 E 40th St, New York, NY 10016
Neighborhood Details
GRAND CENTRAL VICINITY: Ever since the initial upbringing of the Grand Central Vicinity as an upscale area in the early 1900’s, this neighborhood has only continued to foster a classic NYC charm
WHAT TO EXPECT: A location that fosters a young aura, filled with diversified dining options and a plethora of hip nightlife scenes. This area is an ideal place for professionals and commuters as its located conveniently by Grand Central Station. Given the lively feel of this area, it is proven to be a popular after-work destination as well as many happy hour specials attract young professionals to unwind with a drink and a fast bite after a long workday.
THE MARKET: This area is filled with class A office building and major retail hubs. There are a wide range of complexes that fall within a range of afford- able to luxury prices.
THE LIFESTYLE: This area truly has it all for someone looking to engulf in a multidimensional living experience. There are as many affordable dining areas as well as small boutique cafes, bagel shops and brunch spots that are coined neighborhood favorites. By night, a so- cial and welcoming atmosphere is fostered as local venues are filled with people indulging in the afford- able nightlife scene.
LOCATION
11 110 E 40th St, New York, NY 10016
Nearby Transportation
TRAIN SUBWAY STOP
To Times Square
Grand Central Terminal
42nd St–Bryant Park
BUS BUS STOP(S)
M1, M2, M3, M4, Q32 Madison Ave–E 41st St
5 Ave–W 41st St
M42 Lexington Ave–E 42nd St
M101, M102, M103 Lexington Ave–E 42nd St
3rd Ave–E 42nd St
LEGAL
15 110 E 40th St, New York, NY 10016
Confidentiality Agreement This Confidential Offering Memorandum has been prepared exclusively by Urban Compass, Inc. d/b/a Compass (“Compass”) on behalf of Ownership, the (“Owners”), regarding the purchase of the commercial condos 501/502 at 110 E 40th Street, New York, NY 10016 (the “Property”). The materials and information contained in this Confidential 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 Compass, the Owners and other sources and are subject to variation.
No representation is made by Compass or the Owners as to the accuracy or completeness of the infor- mation contained herein and nothing contained herein is or shall be relied on as a promise or representa- tion as to the future performance of the Property. Although the information contained herein is believed to be correct, Compass 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, Compass, the Owners and their employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Confidential Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Confi- dential 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 Memoran- dum. Analysis and verification of the information contained in the Confidential 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 Compass 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 Confidential Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the Property 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. Compass is not authorized to make any representations or agreements on behalf of the Owners.
This Confidential 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 Confi- dential Offering Memorandum or any of its contents to any other entity (except to outside advisors re- tained 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 Compass, (iv) not to use the Confidential Offering Memorandum or any of its contents in any fashion or manner detrimental to the interest of the Owners or Compass, and (v) to return it to Compass immediately upon request of Compass or the Owners.
No inspections of the Property are permitted unless accompanied by the Owners or a representative from Compass.
Confidentiality 8 Disclaimer Commercial Condo Units 501/502