27-29 Madison St 25,559 SF 100% Leased Office Building New York, NY 10038 $9,500,000 ($371.69/SF) 5% Cap Rate

Property for sale with potential future development
27-35 Madison street and 31-35 st james places is located between two bridges at lower
manhattan, this property is zone R7-2 maximum Far is 6.5 X as of right, lot size 105X80
irregular, total lot area about
7601 SFT currently used as mixed used property with 130 feet of retail frontage and which was
grandfather-in,,
Property was built in 1910
and updated many times during these years.
property currently used
as 4 retail units 1 office, 1 storage, and 21 of Stabilized residential units, and was generating
potential gross income of $856,000 a years .
Expenses :
Property taxes $185000.00 a year
Insurance $ 38500.00
Utility :
gas $1,523.80
Electric $2,328.82
Water and Sewer Service $42,654.06
Fuels $32845.63
Management $48000.00
Repair $ $25000.00
Total expense $375,852.31
Potential net income $ 480,000 to 530,000
Development right
Zone : R7-2
Lot size 105X80 irregular
Lot SFT 7601 SFT
Far 6.5 with community facilities
With affordable housing 25%-35% more
Current building square footage
21901 SFT,
Air right available on the property
27505 SFT
As of right
Market value for the air right at between $170-$200 per SFT
Total buildable 49406 SFT
Market real land value 16.5 million
Price to sell prefer 1031 exchange or cash deal,
Deliver clear title and as is condition
Contact Eric at 5169966881
for more details info and
set up the appointment for you to see the property.