27-35 Madison Street, New York, NY 10038

Chinatown, New York, New York 10038

$12,500,000  

Listing ID Number

25312

Property Description

Cushman & Wakefield has been retained on exclusive basis to arrange for the first sale in approximately 100 years of the mixed use buildings located at 27-35 Madison Street. The owner operated properties are an assemblage of 4 buildings on two separate tax lots on Madison Street between Saint James Place and James Street in the Two Bridges neighborhood of Manhattan. The buildings have a total of 21 residential units and 8,000 square feet of commercial space that will be delivered vacant and can be subdivided. The subject property boasts about 105’ of frontage on Madison Street and 52’ of frontage Saint James Place. The 21 apartments are currently achieving rents of $31 / SF in a market that is closer to $60 / SF. Future ownership has the opportunity to reposition both the commercial and residential to capitalize on the changing neighborhood and upside in the current rents. Two Bridges is one of Manhattan’s most rapidly developing neighborhoods. Just blocks away from 27-35 Madison Street major developers such as Extell, JDS, L&M, CIM and Starrett Corp have multiple projects underway with over 3,500 new apartments combined and a waterfront park slated in the next few years. The sale of 27-35 Madison Street presents investors with the opportunity to own an assemblage in one of Downtown Manhattans hottest neighborhoods.

Overview

Building Type:Mixed-Use Investment Buildings
Location:Block bounded by Madison Street, St. James Place and James Street.
Block/Lot:116/43, 46
Lot Sq Ft:7,601
Residential Units:22
Commercial Units:2
Building Sq Ft:21,901
Approx. SF
Building Dimensions:50' x 83'
Irregular

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Robert M. Shapiro
Executive Managing Director
(212) 660 7717
robert.shapiro@cushwake.com

Michael F. DeCheser
Senior Managing Director
(212) 660 7772
michael.decheser@cushwake.com

Mei Ling Wong
Director
(212) 660 7716
meiling.wong@cushwake.com

Eric Roth
Senior Associate
(212) 660 7757
eric.roth@cushwake.com


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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.