121 Ludlow Street, New York, NY 10002

Lower East Side, New York, New York 10002

$4,500,000   $4,500,000  

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Listing ID Number

18764

Property Description

121 Ludlow is a fully renovated 3 story building located in the heart of the Lower East Side on Ludlow Street between Delancey and Rivington Streets. It is currently vacant on the ground floor with two commercial tenants above, an art studio on the 2nd Floor and a Hair Salon on the 3rd Floor. Leases expire in 2011 for one tenant and 2012 for the other. Utilities are all submetered. 13' high ceilings on ground floor, 12' on 2nd floor and 10' on 3rd floor. It is fully equipped for restaurant use, with exhaust systems in place, kitchen, and full basement with 9’ ceilings. This is a one of a kind opportunity for a user or investor to purchase a property in the hottest part of the Lower East Side. This is an extremely well built, fully renovated building.

Overview

Building Type:Commercial Buildings, Development/Conversion Sites
Building Class:K9
Location:West side of Ludlow between Rivington and Delancey Street
Block/Lot:410/20
Lot Dimensions:18.92 x 88
Lot Sq Ft:1,672
Buildable Sq. Ft:10,032
proposed to change to 6,688 SF
Available Air Rights:5,472
proposed to change to 2,128 SF
Stories:3
plus usable basement
Commercial Units:3
Zoning:C6-1
proposed to change to C4-4A
FAR:6.0
proposed to change to 4.0
Residential FAR:3.44
proposed to change to 4.0
Commercial FAR:6.0
proposed to change to 4.0
Year Built:1893
Tax Year:2008/09
Assessment Value:$257,330
Taxes:$25,885
Building Sq Ft:4,560
Footprint:1,672 SF
Building Dimensions:19 x 80

Expenses

Real Estate Taxes:$25,885
Insurance:$4,560
Water/Sewer:$4,200
Fuel:$0submetered
Gas:$0submetered
Electric:$0submetered
Total Annual Expenses:$34,645

Investment Information

Gross Monthly Income:$18,875Actual w/ projected ground floor
Gross Annual Income:$226,500Actual w/ projected ground floor
Less Total Expenses:$34,645
Net Operating Income:$191,855

Summary

Price Per Sq Ft:$855
Price Per Buildable Sq Ft:$388
in existing zone
Capitalization Rate:5.00%
Gross Rent Multiple:17.00

Contact

For further information or inspection, please contact Exclusive Agents:

Michael F. DeCheser
First Vice President of Sales
(212) 696-2500 x 7772
mdecheser@masseyknakal.com

Philip Huang
Senior Associate
(212) 696-2500 x 7754
phuang@masseyknakal.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.