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118-120 W 27th St 43,393 SF 100% Leased Office Building New York, NY 10001 For Sale
EXECUTIVE SUMMARY
Ariel Property Advisors has been retained on an exclusive basis to sell 118-120 West 27th Street.
Located between Sixth and Seventh Avenue, the property lies within the proposed Midtown South Mixed-Use Plan (MSMX) area and benefits from a central location with arguably the best transportation in the world. Once re-zoned, this area is poised to become one of the most dynamic and sought-after areas of New York City.
The property is a 12-story, 37.5’ wide, mixed-use building that has undergone an intensive renovation program to convert the upper 11 floors to residential use.
The program to obtain a residential CofO was launched in 2010. At present, 81% of this legalization program has been completed at a cost of $8,600,000.
• New mechanicals, including a new gas-fired boiler with hydronic heat, new plumbing, upgraded electric service – 1,200 AMPs, new meter bank and panels, new life safety systems, two upgraded elevators, and a building intercom system with key card access have been installed
• 7,281 sf, spanning three floors, have been converted to 5 luxurious two-bedroom apartments renting at an average of $75/sf ($8,000 - $8,750/mth).
• An additional 1,320 unit is vacant and a First Rent can be set upon completion of the building legalization program.
• 7,948 sf on Floors 4, 5, 6 have been white-boxed and are ready for conversion. An additional 1,436 sf of office space at the rear of the second floor is vacant, gutted and ready for conversion.
• There are 5 IMD units spanning 9,615 sf. – 1 of the IMD tenants sold their IMD rights. On vacancy, this full-floor unit could be split into two Free Market apartments.
• The 2,532 sf retail space is vacant and currently marketed for lease.
The residential zoning proposed under the MSMX plan would allow for conversion of the 9,384 vacant commercial space on Floors 4,5,6 and the rear of 2 to residential use (This path to convert the remaining commercial had been lacking to date, as the current M1-6 zoning will not allow residential use as-of-right).
The incentives found in the newly minted 467-M tax incentive program, combined with the zoning reforms under City of Yes, allow for efficient conversion of the existing 3.5 floors of vacant office space (9,384 sf approx.).
A ruling on a Tax Appeal proceeding is pending and is expected to result in significant real estate tax savings.
118-120 West 27th Street represents a tremendous opportunity to take over a conversion project (where most of the onerous and expensive work is already complete) and benefit from the MSMX rezoning to complete the conversion of the property into a luxurious mixed-use building.
Located between Sixth and Seventh Avenue, the property lies within the proposed Midtown South Mixed-Use Plan (MSMX) area and benefits from a central location with arguably the best transportation in the world. Once re-zoned, this area is poised to become one of the most dynamic and sought-after areas of New York City.
The property is a 12-story, 37.5’ wide, mixed-use building that has undergone an intensive renovation program to convert the upper 11 floors to residential use.
The program to obtain a residential CofO was launched in 2010. At present, 81% of this legalization program has been completed at a cost of $8,600,000.
• New mechanicals, including a new gas-fired boiler with hydronic heat, new plumbing, upgraded electric service – 1,200 AMPs, new meter bank and panels, new life safety systems, two upgraded elevators, and a building intercom system with key card access have been installed
• 7,281 sf, spanning three floors, have been converted to 5 luxurious two-bedroom apartments renting at an average of $75/sf ($8,000 - $8,750/mth).
• An additional 1,320 unit is vacant and a First Rent can be set upon completion of the building legalization program.
• 7,948 sf on Floors 4, 5, 6 have been white-boxed and are ready for conversion. An additional 1,436 sf of office space at the rear of the second floor is vacant, gutted and ready for conversion.
• There are 5 IMD units spanning 9,615 sf. – 1 of the IMD tenants sold their IMD rights. On vacancy, this full-floor unit could be split into two Free Market apartments.
• The 2,532 sf retail space is vacant and currently marketed for lease.
The residential zoning proposed under the MSMX plan would allow for conversion of the 9,384 vacant commercial space on Floors 4,5,6 and the rear of 2 to residential use (This path to convert the remaining commercial had been lacking to date, as the current M1-6 zoning will not allow residential use as-of-right).
The incentives found in the newly minted 467-M tax incentive program, combined with the zoning reforms under City of Yes, allow for efficient conversion of the existing 3.5 floors of vacant office space (9,384 sf approx.).
A ruling on a Tax Appeal proceeding is pending and is expected to result in significant real estate tax savings.
118-120 West 27th Street represents a tremendous opportunity to take over a conversion project (where most of the onerous and expensive work is already complete) and benefit from the MSMX rezoning to complete the conversion of the property into a luxurious mixed-use building.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Office/Residential
Building Size
43,393 SF
Building Class
B
Year Built
1910
NOI
$704,017
Percent Leased
100%
Tenancy
Multiple
Building Height
12 Stories
Typical Floor Size
3,703 SF
Building FAR
11.07
Lot Size
0.09 AC
Zoning
M1-6 - Light industrial with offices, hotels and most retail uses permitted.
AMENITIES
- Air Conditioning
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
Newly renovated space with brand-new glass storefront. White-box retail ideal for fitness, wellness, gallery, or showroom. Can be vented; gas in the building.
| Space | Size | Space Use | Condition | Available |
| 1st Floor | 4,000 SF | Retail | Shell Space | 30 Days |
1st Floor
| Size |
| 4,000 SF |
| Space Use |
| Retail |
| Condition |
| Shell Space |
| Available |
| 30 Days |
1 of 5
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1st Floor
| Size | 4,000 SF |
| Space Use | Retail |
| Condition | Shell Space |
| Available | 30 Days |
Newly renovated space with brand-new glass storefront. White-box retail ideal for fitness, wellness, gallery, or showroom. Can be vented; gas in the building.
1 1
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (93)
PROPERTY TAXES
| Parcel Number | 0802-0056 | Improvements Assessment | $5,949,180 |
| Land Assessment | $1,620,000 | Total Assessment | $7,569,180 |
PROPERTY TAXES
Parcel Number
0802-0056
Land Assessment
$1,620,000
Improvements Assessment
$5,949,180
Total Assessment
$7,569,180
(212) 544-9500
x100
CONTACTS
-
Christoffer Brodhead -
Shimon Shkury -
Howard Raber, Esq. -
Michael Tortorici -
Daniel Mahfar -
Jason M. Gold -
Ariel Property Advisors
1 of 8
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
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118-120 W 27th St
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