229 east 60th st. new york,...

For More Information, Please Contact:Cushman & Wakefield275 Madison Ave, 3rd FlNew York, NY 10016phone: +1 212 696 2500nyinvestmentsales.com

Clint OlsenExecutive Managing Director(212) 660 [email protected]

Alex WoodliefAssociate(212) 660 [email protected]

Cushman & Wakefield Copyright 2017. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.

Asking Price: $10,350,000

229 East 60th St. New York, NYPRISTINE TURN-KEY ELEVATOR BUILDING User Building | Mixed-Use | Delivered Vacant

PROPERTY FEATURES

Location North side of East 60th Street between Second and Third Avenues

Block / Lot 1415 / 14Lot Dimensions 20.00' x 100.42' (Approx.)Lot Size (SF) 2,008 (Approx.)Stories 5 (Plus Cellar)

Building Dimensions 20’ x 55’ (Approx.)Floor SF 1,110 (Approx.)Total Building GSF 5,600 (Approx./Plus Cellar)

Zoning R8B FAR 4.0 (Residential)Total BSF 8,034 (Approx.)Existing SF 5,600 (Approx.)Additional Air Rights 2,434 (Approx.)Assessment (17/18) $1,176,989Annual Taxes (17/18) $124,455

PROPERTY DESCRIPTION

PROPERTY HIGHLIGHTS• Newly Renovated• Delivered Vacant• Premier Location• Live/Work

• User Building• 3-Floors Commercial• 2-Floors Residential• Finished Cellar Floor

• Elevator• Rooftop Terrace• Private Garden• Security System

Cushman & Wakefield has been retained exclusively to arrange for the sale of 229 East 60th Street, a renovated turn-key mixed-use residential and commercial building in the heart of Manhattan’s Midtown East Decoration & Design District. The property presents an incredible opportunity to acquire a move-in ready trophy asset in a premier location with tremendous user, investor or conversion potential. Perfect for United Nations user groups, retail or gallery users or live/work investors.

The entire building underwent an extensive three-year renovation and features high-end custom finishes in pristine condition. Current configuration includes a renovated cellar, three floors of retail/office/showroom space (Use Group-6) and two full-floor one-bedroom residential units. The property benefits from a new elevator servicing all floors from the ground to the roof, an expansive rooftop terrace with skyline views and a large rear garden constructed with custom imported marble. The commercial floors offer extended custom windows, slate floors, multiple bathrooms and three hospitality kitchens. The residential units have oak floors, custom bathrooms and laundry in each unit. The entire building features new thermal windows and doors, LED lighting and Mitsubishi HVAC systems for heating and cooling.

On the north side of East 60th Street between Second and Third Avenues, the property benefits from superior access to public transportation, neighborhood attractions and amenities. Within one block is the Lexington Avenue/59th Street subway station servicing the 4,5,6 and N,R&W trains, and three blocks north is the entrance to the subway servicing the F and new Second Avenue Q train. Nearby attractions include Bloomingdale’s Flagship, Central Park, the Decoration & Design Building and the headquarters to the United Nations.

FOR SALE NEW





229 East 60th Street, New York, NY

229 EAST 60TH STREET | CUSHMAN & WAKEFIELD 14

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58TH STREET 1 CB22 Hastens3 Waterworks4 Ilumé5 Koleksiyon Furniture6 sohoConcept7 Duxiana8 Club A Steakhouse9 Auffrance10 Felidia

59TH STREET 11 McKinnon and Harris12 Waterworks13 Lutron14 Janus et Cie15 The Shade Store16 Lapicida 17 Galerie Van Den Akker18 Michael Dawkins Home19 Safavieh Carpets20 De Gournay

60TH STREET 21 Dylan's Candy Bar22 Anassa Taverna23 Flywheel Sports24 Patsy's Pizzeria25 Canaletto26 Serendipity27 Venfield28 Alt Box29 John Salibello30 Ann-Morris Inc.31 Pascal Boyer

61ST STREET 32 Scalinatella33 Learning Express Toys34 InVite Health

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1. Consulate General of Bulgaria2. Permanent Mission of Somalia3. Consulate General of the Arab Repub-

lic of Egypt4. Permanent Mission of Cambodia5. Consulate General of Spain6. Consulate General of the Republic of

Korea7. Consulate General of Argentina8. Consulate General of Slovenia9. Permanent Mission of Zimbabwe10. Consulate General of Ireland11. Irish Consulate12. British Consulate General 13. Consulate General of Hungary14. Permanent Mission of Zambia15. Norwegian Consulate General16. Permanent Mission of Tanzania17. Embassy of Tonga

18. Consulate General of Germany19. Embassy of the Republic of Kenya20. Consulate General of Ukraine21. Consulate General of Nepal22. Consulate General of Japan23. Consulate General of Sweden24. Permanent Mission of Denmark25. Consulate General of Belgium26. Consulate General of Jamaica27. Consulate General of Peru28. Consulate of the Republic of Singa-

pore29. Consulate General of Estonia30. Consulate General of Antigua 31. Permanent Mission of Ethiopia32. Consulate General of Jordan33. Consulate General of India34. Consulate General of Pakistan

35. Permanent Mission of Pakistan36. Permanent Mission of the Russian

Federation37. Colombian Permanent Mission38. Permanent Mission of Brazil39. Permanent Mission of Poland40. Costa Rican Permanent Mission41. Permanent Mission of India42. Permanent Mission of Syria43. Permanent Mission of Malaysia44. Permanent Mission of the Republic of

Korea45. Permanent Mission of Canada46. Permanent Mission of Thailand47. Permanent Mission of Equatorial

Guinea48. Consulate General of Qatar49. Consulate General of Venezuela50. Consulate General of Uruguay

-Missions, Consulates & Embassies

-1-Mile Radius from U.N. Headquarters

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Real Estate Taxes (17/18) Actual $124,455

Insurance $1.00/GSF $5,600

Water & Sewer $0.75/GSF $4,200

Electric $1.25/GSF $7,000

Repairs & Maintenance $0.50/GSF $2,800

Elevator Contract $5,000/Year $5,000

Superintendant $400/Month $4,800

Management 3% of EGI $11,329

TOTAL $160,984

Commercial Gross Income $249,048

Residential Gross Income $140,256

Less Vacancy & Credit Loss (3%) ($11,679)

EFFECTIVE GROSS INCOME $377,625

Effective Gross Income $377,625

Less Expenses ($160,984)

NET OPERATING INCOME $216,641

PROJECTED INCOME & EXPENSESCOMMERCIAL REVENUE (proj.)

FLOOR STATUS LXP SF* $/SFPOTENTIALMONTHLY RENT

POTENTIAL ANNUAL RENT

4 (Residential) FM Vacant 935 $75 $5,844 $70,128

5 (Residential) FM Vacant 935 $75 $5,844 $70,128

TOTALS 1,870 $75 $11,688 $140,256

RESIDENTIAL REVENUE (proj.)

*Square Footage is calculated using a 15% loss factor. NOTE: Rent is projected given current market conditions - property will be delivered vacant.

FLOOR STATUS LXP SF* $/SFPOTENTIALMONTHLY RENT

POTENTIAL ANNUAL RENT

LL (Finished Cellar) FM Vacant 1,020 $0 $0 $0

Ground (Commercial) FM Vacant 1,020 $125 $10,625 $127,500

2 (Commercial) FM Vacant 935 $70 $5,454 $65,448

3 (Commercial) FM Vacant 935 $60 $4,675 $56,100

TOTALS 3,910 $86 $20,754 $249,048

REVENUE (proj.)

EXPENSES (proj.)







PROPERTY PHOTOS

Ground floor rear facing commercial space with atrium, private rear garden and stairs to lower level.

Second floor commercial space facing East 60th Street with custom floors and large windows.

Fourth floor residential unit bedroom facing rear with large windows and natural light.

Fourth floor residential unit living/dining room and kitchen with custom lighting and high-end finishes.

Lower level (Cellar) finished with ample ceiling height, and two means of entry via interior custom decorative staircase or fire-stairs.

FLOOR PLANS

LL (CELLAR) GROUND FL SECOND FL THIRD FL

BALCONY

OFFICE

ATRIUM

MAIN ENTRY

MECHANICAL & STORAGE

REAR GARDEN

GROUND FL

EAST 60TH STREET

ATRIUM

CUSHMAN & WAKEFIELD | 229 EAST 60TH STREET35

PROPERTY PHOTOS

FLOOR PLANS

FOURTH FL FIFTH FL ROOF

BEDROOMBEDROOM

LIVING/DINING ROOM ROOFDECK

MECHANICAL

EAST 60TH STREET

LIVING/DINING ROOM

229 EAST 60TH STREET | CUSHMAN & WAKEFIELD 36

PROPERTY PHOTOS

229 east 60th st. new york,...

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