410 W 36th Street, New York, NY 10018

Hudson Yards, New York, New York 10018

$10,250,000  

Listing ID Number

25378

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 410 West 36th Street, a 6-story mixed-use walkup located in Hudson Yards, one of the most dynamic neighborhoods in Manhattan. With record levels of equity pouring into real estate in the immediate neighborhood, this is a rare investment opportunity to purchase a well maintained, core Manhattan multifamily property that has potential to capitalize on upside in both residential and commercial rents.

The 6-story building contains two (2) commercial units on the ground floor, an office space and 20 one-bedroom units above. Of the 20 one-bedroom residential units, two (2) are rent controlled, eight (8) are rent stabilized and 10 are free market. The average apartment in the building is 406 square feet and rents at approximately $71 per net square foot in a market that can achieve close to $90. The building is also collecting antenna revenue of $41,000 annually.

Overview

Building Type:Apartment Buildings, Mixed-Use Investment Buildings
Location:The south side of West 36th Street between 9th & 10th Avenues.
Block/Lot:733/44
Lot Dimensions:25 x 98.75
Lot Sq Ft:2,469
Available Air Rights:3,408
Units:20
Residential Units:20
Commercial Units:3
Zoning:C1-7 / HY
Residential FAR:6.02 (wide street)
Tax Year:2017 / 2018
Taxes:$152,849

Expenses

Total Annual Expenses:$239,350

Investment Information

Gross Annual Income:$718,148
Less Total Expenses:$239,350
Net Operating Income:$478,798

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Robert A. Knakal
Chairman, New York Investment Sales
(212) 660 7777
robert.knakal@cushwake.com

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

Jonathan Hageman
Executive Managing Director
(212) 660 7773
jonathan.hageman@cushwake.com

Darragh Clarke
Director
(212) 660 7737
darragh.clarke@cushwake.com

Ian Brooks
Senior Associate
(212) 589 5107
ian.brooks@cushwake.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.