Description

ID: 15865943.
JOINT VENTURE OR SALE. The Property currently consists of a 5-story elevator office building with approximately 7,800 SF, which can be further redeveloped into a 19-story hotel or an office tower with 25,675 SF (building has additional 17,875 sq' of air rights. Total buildable sq' is 25,675, which is FAR 10 as of right, which mean). All documents are filed with the New York City Building Department to allow building a hotel with around 27,000 sq', reception area and the retail space on the ground floor.
Monthly rental income is between $20,000 & $25,000 since all tenants have leases up to 4 months. Building will be delivered vacant at closing.
If keep the existing building as investment property, this building is in excellent condition. Central A/C, elevator directly to each floor, new aluminum windows, carpet through out. Forth and Fifth floors can be used as residential apartments according to C/O. With long term tenants the monthly income can go up to $35,000.
Block 826, Lot 28. Lot size 26' x 98.75' =2,568 sq.' Zoning M1-6. FAR 10. Total buildable: up to 25,675 sq.' Annual Taxes: $74,000.
Annual expenses: $110,000. Potential annual income: $444,000

This building is located in Manhattan, New York, within only 100 feet from Madison Square Park, on the intersection of Fifth Avenue, Broadway and West 24th Street. Ten blocks from Penn Station. Subway Trains: N, R, W, F, V, 6.