Description

$13.5m or BEST OFFER!!!
IDEAL FOR CONDO CONVERSION OR INDIVIDUAL USER OR GROUP OF USERS. 3rd,4th, 5th, 7th, 8th , 9th and 10th floors all have short term or no leasesCondo plan has been prepared.
Current Monthly Rental Income:
First Floor:$4,37 -Commercial Store
Second Floor:$2,518 -Rent Stabilized
Third Floor:$5,899 -Six month lease; fair market
Fourth Floor:$5,850 -Six month lease; fair market
Fifth Floor:$6,210 -Six month lease; fair market
Sixth Floor:$925 -Rent Stabilized
Seventh Floor:$5,950 -Six month lease; fair market
Eighth Floor:$5,796 -Six month lease; fair market
Ninth Floor:$5,847 -Six month lease; fair market
Tenth Floor:$2,400 -Six month lease; fair market
Gross Monthly Income:$45,772
Gross Annual Income:$549,264
TOTAL ANNUAL EXPENSES:$149,200
NET OPERATING INCOME:$400,064

Since assuming ownership of the building, the landlord has never had even a single month where a unit has been vacant. All rents have been fully paid and are up to date.
The building was converted to residential use and received a residential certificate of occupancy in April 1995. There is no super on the premises. The elevator is a manual elevator. The boiler is 9 years old and uses #2 oil. Many of the floors have had extensive renovations and most of the building fixtures and equipment are less than 10 years old.