Market analysis

lamlam
TermProject.pdf

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 the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, 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 contained herein. 10 July 2019 3:19 pm

For More Information Please Contact Our Exclusive Sales Agents at 212.544.9500 I arielpa.nyc For Financing Info

arielpa.nyc 212.544.9500$8,000,000 $154

Asking Price $/BSF

Michael A. Tortorici x13 Howard Raber x23 Victor Sozio x12 Marko Agbaba x32 Matthew Lev x5271 mtortorici@arielpa.com hraber@arielpa.com vsozio@arielpa.com magbaba@arielpa.com mlev@arielpa.com

Eli Weisblum x41 eweisblum@arielpa.com

220-228 EAST 118TH STREET, NEW YORK, NY 10035 129.08’ Wide East Harlem Development Site | FOR SALE

52,076 129.08' 13,019 R7-A (4.00) EAST HARLEM Buildable SF Frontage Lot Size SF Zoning (FAR) Location

PROPERTY DESCRIPTION

Ariel Property Advisors presents 220-228 East 118th Street, a prime development opportunity located on the south side of east 118th Street between Second Avenue and Third Avenue in East Harlem.

The 129.08’ wide development site, assembled from three adjacent lots, is currently improved with a single-story 1,500 square foot church, a 3-story 4,224 square foot multifamily building that will be delivered vacant, and a vacant 5,551 square foot lot. R7-A (4.00 FAR) zoning provides approximately 52,076 buildable square feet (as-of- right). Please note that for this specific transaction, the purchaser will be required to build and transfer approximately 7,000 square feet (5,100 below grade community facility space and 1,900 sq. ft. of residential space above-grade) to the Assembly of Pentecostal Church. With most of this requirement being below-grade, the total buildable area that can be allocated to construction of free-market residential space is approximately 50,176 square feet. Additionally, ownership will consider splitting up the assemblage, thereby increasing flexibility of development potential.

220-228 East 118th Street is in the rapidly expanding neighborhood of East Harlem, an area slated for considerable growth given the neighborhood’s recently passed rezoning. The property is around the corner from a bustling Third Avenue retail corridor and is in close proximity to numerous landmarks such as the CUNY Silberman School of Social Work and The East River Plaza as well as the recently opened New York Proton Center and several new-construction, high-end mixed-use properties are also steps away, including 2283 Third Avenue, 2211 Third Avenue, 2141 Third Avenue, and 181 East 119th Street. Convenient access to lower Manhattan and outer borough locations is provided by the 6-subway train at Lexington Avenue and East 116th Street, the FDR Drive, and a variety of local bus lines. The future Second Avenue subway extension will also be a short walk at Second Avenue and 116th Street.

220-228 East 118th Street offers developers a prime opportunity to take advantage of neighborhood upside and a robust residential marketplace in East Harlem.

PROPERTY INFORMATION

Block / Lot 1667 / 37, 36, 34

Lot Dimensions 129.08' x 100.92'

Lot Size 13,019 Sq. Ft. (Approx.)

Existing Building Size 5,724 Sq. Ft. (Approx.)

Zoning R7A

FAR 4.00

Buildable Area (as-of-right) 52,076 Sq. Ft. (Approx.)

Community Facility Buildout Requirement (as-of-right)

7,000* Sq. Ft. (Approx.)

Total Resi. Potential, Less Above Grade Buildout Requirement

50,176 Sq. Ft. (Approx.)

Assesment (19/20) $528,396

Real Estate Taxes (19/20) $55,922

*approx. 5,100 sf below-grade, and 1,900 sf above-grade

East 118 th Street

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3 rd A

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East 117 th Street

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 the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made below, 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 contained herein. 10 July 2019 3:19 pm

For More Information Please Contact Our Exclusive Sales Agents at 212.544.9500 I arielpa.nyc For Financing Info

arielpa.nyc 212.544.9500$8,000,000 $154

Asking Price $/BSF

Michael A. Tortorici x13 Howard Raber x23 Victor Sozio x12 Marko Agbaba x32 Matthew Lev x5271 mtortorici@arielpa.com hraber@arielpa.com vsozio@arielpa.com magbaba@arielpa.com mlev@arielpa.com

Eli Weisblum x41 eweisblum@arielpa.com

220-228 EAST 118TH STREET, NEW YORK, NY 10035 129.08’ Wide East Harlem Development Site | FOR SALE

N S

South side of East 118th Street between 2nd Avenue and 3rd Avenue

1667 34, 36, 37 129.08’ X 100.92’ 13,019 Block Lot Total Lot Dimensions Total Lot Area SF

East 118th Street

East 117th Street

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METRO NORTH

MET RO

NOR TH

METRO NORTH

125 St

Columbia University

Pkwy (110 St) Pkwy (110 St) North (110 St)

116 St

Cathedral Cathedral

116 St117 St

Central Park

WARD’S ISLAND

LIRR, AMTRAK

WATERSIDE PLAZA

EAST RIVER PARK

Hunter College

ROOSEVELT ISLAND

TRAMWAY

59 St

51 St

49 St

Lexington Av / 63 St

68 St

Lexington Av / 53 St

Times Sq 42 St

42 St

66 St Lincoln Ctr

59 St

5 Av / 59 St

Columbus Circle

Bryant Park

47-50 Sts Rockefeller Ctr

42 St

Lexington Av / 59 St

5 Av

Grand Central

42 St

Times Sq 42 St

81 St - Museum of Natural History

34 St Herald Sq

34 St Penn Station

34 St Penn Station

28 St 28 St

M34A

M15

South Ferry

Bowling Green

Broad StWall St

Wall St

Whitehall St

Rector St

Fulton St Fulton St

Fulton St

Fulton St

World Trade Center

Park Place

Chamber St

Chambers St

Franklin St

City Hall

Cortlandt St

Canal St Canal St

Canal St Canal St

Bowery

Spring St

Spring St

Canal St

Canal St

Houston St

Christopher St Sheridan Sq

W 4 St

Astor Pl

14 St

14 St 8 Av

6 Av

14 St

18 St

8 St - NYU

14 St Union Sq

14 St Union Sq

23 St

PATH

PATH

PATH

PATH

PATH

PATH

PATH

TAXI

28 St

23 St23 St23 St

23 St

Grand St

Delancey St

Essex St

SBS South- bound stop only

Prince St

Bleecker St

Broadway- Lafayette St

1 Avenue 3 Avenue

2 Avenue

East Broadway

Chambers St

S

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BAKER FIELD

ISHAM

DYCKMAN NOUSE

PARK

BATTERY PARK

BMCC

INWOOD HILL

BR O

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AY BR

ID G

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NATURE CENTRE

THE CLOISTERN

MUSEUM

FORT TRYON

PARK

PETER JAY SHARP BOATHOUSE

FORT WASHINGTON

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RIVERBANK STATE PARK

ST NICHOLAS PARK

GRANT’S TOMB

COLUMBIA UNIVERSITY

MORNINGSIDE PARK

RI V

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PA RK

CATHEDRAL OF ST JOHN THE DIVINE

DANA DISCOVERY CENTRAL

LASKER RINK

HARLEM MEER

EL MUSEO DEL BARRIO

MUSEUM OF THE CITY OF NEW YORK

NORTH MEADOW

GRACIE MANSION

CARL SCHURZ

PARK

JEWISH MUSEUM

RESERVOIR

GREAT LAWNCHILDREN’S

MUSEUM OF MANHATTAN

79 ST BOAT BASIN

LAKE

BELVEDERE CASTLE NATURE CENTRE

WHITNEY MUSEUM

JOHN JAY

PARK

ASIA SOCIETY

HUNTER COLLEGE

ROCKEFELLER UNIVERSITY

NEW-YORK HISTORICAL SOCIETY

FRICK COLLECTION

SHEEP MEADOWN

JOHN JAY COLLEGE

FORDHAM UNIVERSITY COLUMBUS

CIRCLE

DE WITT CLINTON

PARK

HUDSON RIVER PARK

HUDSON RIVER PARK

PIER 92

PIER 86

PIER 79 PIER 78

PIER 84 NY WATER TAXI

PIER 83 CIRCLE LINE

PIER 81 WORLD YACHT

AMTRAK, NJ TRANSIT

PIER 63 NY WATER TAXI

CITY HALL

NELSON ROCKEFELLER

PARK

FERRIES TO BEW JERSEY

NORT COVE FERRIES TO

NJ LIBERTY STATE PARK NY WATER

BATTERY PARK CITY

SOUTH COVE

JEWISH HERITAGE MUSEUM

SLIP 6 NY WATER TAXI

SOUTH ST

FERRIES TO: ELLIS ISLAND, STATUE OF LIBERTY

PIER 5 FERRIES TO

STATEN ISLAND (ST. GEORGE)

PIER 11 EAST RIVER FERRY

NY WATER TAXI FERRIES TO NJ

PIER 16 SEAPORT

LIBERTY CRUISES

PIER 17 NY WATER TAXI

PACE UNIV.

SOUTH STREET SEAPORT

VIETNAM VETERAN’S MEMORIAL

NYSE

CHARGING BULL

9/11 MEMORIAL CENTRY

WORLD TRADE

CENTER SITE

WFC WORLD FINANCIAL

CENTER

BROOKLYN BRIDGE

CITY HALL

PIER 45 NY WATER TAXI

PIER 40

H IG

H L

IN E

CHELSEA PIERS

ABINGDONSO

HIGH LINE ELEVATED

PARK

FERRIES TO NEW JERSEY

PIER 90 PASSENGER SHIP

TERMINAL

INTREPID SEA-AIR-SPACE

MUSEUM

MUSEUM OF MODERN ART

RADIO CITY

ROCKEFELLER CENTER

GRAND CENTRAL TERMINAL

HELIPORT

E 34 St PIER East River Ferry NY Water Taxi Ferries to NJ

WOLLMAN RINK

CENTRAL PARK ZOO

POND

COOPER-HEWITT MUSEUM

NATIONAL ACADEMY MUSEUM

GUGGENHEIM MUSEUM

HAYDEN

METROPOLITAN MUSEUM

OF ART

AMERICAN

RIVERSIDE PARK

APOLLO THEATRE

STUDIO MUSEUM

IN HARLEM MARCUS GARVEY

PARK

JEFFERSON PARK

WESLEY WILLIAMS PL

CITY COLLEGE

SCHOMBURG CENTRE

JACKIE ROBINSON

PARK

WASHINGTON

MA CO

MB S

145 ST

BRI DG

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MAD ISO

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3 AV

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ROBERT F. KENNEDY BRIDGE

ROBERT F. KENNEDY BRIDGE

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YESHIVA UNIVERSITY

ICAHN STADIUM

HIGHBRIDGE PARK

GRORGE WASHINGTON BRIDGE BUS STATION

MORRIS-JUMEL MANSION

LITTLE RED LIGHTHOUSE

AUDUBON TERRACE

SOUTH STREET SEAPORT

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AD W

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W 120 ST

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FULTON ST

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UNIVERSITY HEIGHTS BRIDGE

Bx7 to Riverdale/ 263 St via Riverdale Av

Bx20 to Riverdale/ 246 St via Henry Hudson Pkwy

Bx12 to Bay Plaza via Fordham Rd. and Pelham Pkwy (To Orchard Beach summers only)

Bx3 Riverdale 238 St - Bway Bx11 to West Farm Rd via 170 St Bx13 to Yankee Stadium via Odgen Av Bx35 to West Farms Rd via 167 St Bx36 to Olmstead Av/Randall Av via 180 St

Bx6 to Hunts Pt Food Ctr via Yankee Stadium

Bx19 to Botanical Garden via Southern Blvd

Bx15 from Fordham Plaza

Bx15 to Fordham Plaza via Third Av

Q102 to Astoria 27 Av - 2St

Q32 to Jackson Heights 81 St - Northen Blvd

Q30 to Jamaica 109 Av - 157 St

Q101 to Astoria 19 Av - Hazen St

M60 LaGuardia Airport

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2 1

M15 Local

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INWOOD 207 ST

W 204 ST

ACADEMY ST

ELLWOOD ST

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DR MARTIN LUTHER KING BLVD

HILLSIDE AV

W 190 ST

W 191 ST

W 190 ST

W 186 ST

181 ST W 181 ST

W 179 S T

W 179 ST

W 178 ST

W 177 ST

W 175 ST

W 168 ST

W 165 ST

W 163 ST

W 157 ST

W 155 ST

W 150 ST

W 147 ST W 147 ST

W 146 ST

W 145 STW 145 ST

W 143 ST

W 139 ST

135 ST

W 139 ST

W 137 STW 137 ST

W 135 ST

W 129 ST

W 116 ST

W 113 ST

W 105 ST

W 104 ST

W 103 ST W 103 ST 103 ST 103 ST

W 101 ST

W 97 ST W 97 ST

W 96 ST

W 91 ST

W 87 ST

W 83 ST

W 81 ST

W 79 ST

W 77 ST

W 75 ST

W 72 ST

W 66 ST

W 65 ST

W 62 ST

W 58 ST

W 57 STW 57 ST

W 47 ST

W 46 ST

W 43 ST

W 44 ST

W 34 ST W 34 ST

W 35 ST

W 37 ST

W 36 ST

W 38 ST

W 39 ST

W 42 ST

W 40 ST

W 41 ST

W 33 ST

W 45 ST

W 49 ST W 49 ST

W 50 ST

W 54 ST

W 53 ST W 53 ST

5 Av / 53 St

W 50 ST

W 57 ST

63 ST

W 66 ST

W 70 ST

W 86 ST

96 ST

96 ST

86 ST

72 ST

79 ST

86 ST

W 100 ST

DUKE ELINGTON BLVD W 106 ST

W 116 ST

W 112 ST

E 116 ST

E 112 ST

E 110 STE 110 ST

E 106 ST E 106 ST

E 105 ST

E 104 ST

E 102 ST

E 100 ST

E 97 ST

E 96 ST

E 94 ST

E 92 ST

E 91 ST

E 89 ST

E 86 ST

E 83 ST

E 80 ST

E 79 STE 79 ST

E 77 ST

E 72 ST E 72 ST

E 70 ST

E 68 ST

E 67 ST

E 65 ST

E 60 STE 60 ST

E 59 ST

E 57 STE 57 ST

E 55 ST

E 53 ST

E 50 ST

E 49 ST

E 48 ST

E 47 ST

E 44 ST

E 42 ST

E 41 ST

E 38 ST

E 36 ST

E 34 ST

E 33 ST

E 29 ST

E 26 ST

W 32 STW 32 ST

W 31 ST W 31 ST

W 30 ST W 30 STW 30 ST

W 29 ST

W 27 ST

W 25 ST

W 23 ST W 23 ST E 23 ST E 23 ST

E 25 ST

E 24 ST

E 28 ST

W 21 ST

W 19 ST

W 20 ST E 20 ST E 20 ST

E 18 ST

E 16 ST

E 14 ST

E 10 ST

E 11 ST

E 9 ST

E 7 ST

E 5 ST

E 4 ST

E 2 ST

E 1 ST

E 3 ST

W 18 ST W 18 ST

W 9 ST

W 8 ST

W 4 ST

W 3 ST

E 8 ST

W 16 ST

W 17 ST

W 14 STW 14 ST

W 24 STW 24 ST

W 28 ST W 28 ST

W 26 ST W 26 ST

33 ST

E 53 ST

E 61 ST

E 63 STE 63 ST

E 71 ST

E 75 ST

77 ST

E 83 ST

E 84 ST

E 96 ST

110 ST

103 ST

96 ST

86 ST

125 ST

137 ST CITY COLLEGE

W 135 ST

135 ST

125 ST

125 ST

W 131 ST

W 122 ST

W 130 ST

E 126 ST

E 120 ST

118 ST

E 125 ST

E 124 ST

H AM

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AV

M A

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145 ST

W 150 ST

155 ST

145 ST

Harlem 148 St

157 ST

W 166 ST

Washington hts 168 St

168 ST Amsterdam Av

W 180 ST

W 178 S T

FO RT

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G E

AV

ST N

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PRINCE ST

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BROOME ST

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LIBERTY ST

ALBANY ST

W THAM ES ST

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CORTLANDT ST

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BROOME ST

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CATHERINE ST

M O

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RUTGERS ST

JACKSO N ST

CH ERR

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PITT ST

LEW IS ST

SU FFO

LK ST

LU D

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PALADINO AV FD

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FD R

D RI

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FD R

D RI

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FD R D

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DYCKMAN ST

DYCKMAN ST

TE N

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207 St

W 201 ST

ISHAM STW 207 St

BR O

AD W

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BR O

AD W

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BR O

A D

W A

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BR O

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BRO AD

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5 AV

5 AV

3 AV 2 AV

1 AV

INWOOD HILL PARK

MUSEUM OF NATURAL HISTORY

PLANETARIUM

LINCOLN CENTRE

3 AV

3 AV

2 AV

1 AV

5 AV

6 AV

6 AV

6 AV

5 AV

7 AV

7 AV

S

8 AV

8 AV

7 AV

8 AV

9 AV

10 A

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9 AV

10 A

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11 A

V 11

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12 A

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12 A

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W ES

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W ES

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W ES

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BATTERY PL STATE ST

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W IC

H

WALL ST

W AT

ER S

T

SO U

TH S

T

BRO AD

ST

PE AR

L ST

W HITEHALL ST

1 PL

3 AV

3 AV

4 AV

2 AV

1 AV

2 AV

1 AV

2 AV

1 AV

PA RK

A V

PA RK

A V

PA RK

A V

AV EN

U E

O F

TH E

A M

ER IC

A S

PA RK

A V

PA RK

A V

SO U

TH

ED KOCH QUEENSBORO BRIDGE

WILLIAMS BURG BRI

DGE

MANHATTAN BRIDGE

BROOKLYN BRIDGE

UNITED NATIONS

MORGAN LIBRARY

MADISON SQUARE

PARK

UNION SQUARE

PARK

PETER COOPER VILLAGE

STUYVESANT TOWNSTUYVESANT

SQUARE PARK

TOMPKINS SQUARE

PARK

THE COOPER UNION

WASHINGTON SQUARE

PARK NYU

BARUCH COLLEGE

GRAMERCY PARK

EMPIRE STATE BUILDING

HERALD SQUARE

PORT AUTOHORITY BUS TERMINAL

NEW YORK PUBLIC LIBRARY

PENN STATION

MADISON SQUARE GARDEN

FASHION INSTITUTE OF TECHNOLOGY

LIRR NJ TRANSIT AMTRAK

JAVITS CENTRE

CARNEGIE HALL

UPPER WEST SIDE

UPPER EAST SIDE

MIDTOWN

CHELSEA

GREENWICH VILLAGE

SOHO

EAST VILLAGE

LOWE EAST SIDE

LITTLE ITALY

CHINATOWN TRIBECA

FINANCIAL DISTRICT

HELL'S KITCHEN

CLINTON

ROOSEVELT ISLAND

YORKVILLE

CENTRAL PARK

CENTRAL PARK NORTH

CENTRAL PARK SOUTH

RANDALL’S ISLAND

WASHINGTON HEIGHTS

HARLEM

EAST

INWOOD

THE BRONX

QUEENS

HARLEM

BROOKLYN

H U

D SO

N R

IV ER

H A

R LE

M R

IV ER

EAST RIVER

MIDTOWN (SOUTH CENTRAL)

FLATIRON DISTRICT

SUTTON PLACE

TURTLE BAY

GRAMERCY

KIPS BAY

MURRAY HILL

MIDTOWN (SOUTH CENTRAL)

Q Т

Q Т

Q Т

Q Т

Q Т

2 One East Harlem

1 East River Plaza

3 Sendero Verde

4 Lexington Gardens II

5 Gotham East 126th Residential

7 Proton Center

6 Silberman School of Social Work

8 Whole Foods

9 Target

10 Costco

11 TD Bank

12 Rite Aid

13 Starbucks

14 Blink Fitness

15 Shake Shack

16 Bed Bath & Beyond

East River Plaza

3

8

12

16

4

9

13 5

10 14

6

2 7

11

15

10 MINU TE W

AL K

1

Subject Property