Connected Realty Group

Web id#:122715

Specific Location: Midtwon West
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Posting Headline:

12 floors loft building, income producing or condo conversion

Posting Description:

Property summery located on west 30th street between 7th ave and 8th ave

Building SF 27,770 Retail SF 2,000 Storage SF 25,770 Lot SF 2,271

Building dimensions 25 ft x 99 ft Lot dimensions 23 ft x 98.75 ft Corner lot No

This is relative to the intersection, not the block:
SW - southwest corner of the intersection
NE - northeast corner of the intersection
SE - southeast corner of the intersection
NW - northwest corner of the intersection

CR - This is a corner lot
No - This is NOT a corner lot

Stories 12

This doesn't always include basements. So if it says 3 floors it may mean 3 floors and a basement.

Buildings on lot 1 Total units 12 Residential units 1 Commercial units 1 has extension No

Added rooms, usually in the back or on the side of the main building.

Has garage No Year built 1927

The property is not currently on the market but owner will be receptive the $15,000,000 offer. How ever the property has a great upside.

The expenses of the property:

Real estate taxes: $90k

Insurance: $10k

Utilities: $8k

As of now they are 6free market lofts @ $7000 per month =$504000/a

6 rent stabilized tenant @$1700 per month=$122400/a

Total gross income: $626400

Expenses: $108000

NOI: $518400

CAP RATE: 3.45 percent.

Owner claim that the rents stabilized tenant are open to a buy out.

There some sublets and illegal renting operation in the building .the owner will disclose all if buyer is serious.

The building has great Upside and can reach to 1mill+ in gross income.

The income on this property can be doubled with the buy out of the rent stabilized tenant.

The the property can be converted in to a boutique loft condo.

The expenses of the property:

Real estate taxes: $90k

Insurance: $10k

Utilities: $8k

Ilan Benshosan
Fax:212 213 5503
Mobile:917 957 6174

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Listing details
Web id#: 122715
Price $16,000,000
Size: 2800
All information furnished is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and is submitted subject to errors, omissions, changes of price or other conditions, prior sales, or withdrawal without notice.
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