EFTA00794817.pdf

\\\- -\\\-\>>„ \AN\C - \-\ -.\\\\\' r1-1: EFTA00794817  PV . .:4 f - mirr** -± 7 CENTRAL PARK - ,. . _ - 306 & 308 WEST 94TH STREET ayat lkti r -Ita, ete VLSI. cry, e • ett[Pl• % fr • - jp.-- 1,744drow n - asrettat Wks a • 4altaerP el' Qcir-t ti rr7, - 4 .3 4 /46. • 306 & 308 WEST 94TH STREET Executive Summary 3 Riverside-West End Historic District Extensions 10 Income Statement 6 Location Overview 11 Interior Photos 8 Neighborhood Points of Interest 13 Retail Map 9 Confidentiality & Disclaimer 15 CONTACTS Peter Hauspurg Ronda Rogovin Gary Meese Chairman and CEO Senior Director, Principal Senior Director. Financial Services 212.499.7700 646.658.7326 646.658.7351 EASTERN CONSOLIDATED 1355 LEXINGTON AVENUE I NEW YORK, NY 10017 I EFTA00794818  Executive Summary Eastern Consolidated. as exclusive agent, is pleased to offer for sale two adjacent buildings featuring 128 feet of frontage located at 306 8. 308 West 94th Street on Manhattan's Upper West Side (the "Properties" or "Property-1. 306 West 94th Street is a fully renovated extended stay hotel and 308 West 94th Street is more of a traditional SRO. Combined. the properties contain *67.247 square feet. 306 West 94th Street aka Hotel Alexander — Fully Renovated Extended Stay Hotel This 7-story elevator building has been recently fully renovated and contains 115 extended stay hotel rooms (30+ days). six SRO units and two lower level commercial spaces. The building contains approximately 35.480 square feet. 308 West 94th Street — SRO This 7-story elevator building contains 112 SRO units. 41 of which are leased to The Red Cross for emergency housing. The Red Cross does not have formal leap on any of the units and only pays for the units when they are occupyrig them. The buildngs are heated by one gas boiler located in 308 West 94th Street. 308 W. 94th contains ±31,767 square feet. The Properties are exceptionally well-located on the Upper West Side which has high barriers to entry and continues to be one of the most desirable neighborhoods in Manhattan. More spedfically, the Properties are a very short walking distance to the 96th Street station for the Oe and subway lines. Riverside Park and Central Park. Additionally, the Properties are in dose proximity to Columbia University, which is approximately 20 blocks to the north. Combined 306 West 94th Street 308 West 94th Street 2017 Actual Income & Expenses 2017 Actual Income & Expenses 2017 Actual Income & Expenses Total Revenue $3.667,431 Total Revenue $2.983,553 Total Revenue $683,878 Total Expenses $1,862,680 Total Expenses $1.321,238 Total Expenses $541,442 Net Operating Income $1.804,751 Net Operating Income $1.662,315 Net Operating Income $142,436 Asking Price $44,000,000 Cap Rate 4.1% $PSF $654 306 & 308 WEST 94TH STREET RIVERSIDE DRIVE Looking West Looking East 3 306 & 308 West 94th Street Executive Summary EFTA00794819  306 West 94th Street 306 W. 94th Street. The Hotel Alexander. is a fully renovated seven-story, elevator extended stay hotel and SRO building containing *35,480 square feet. The building contains 115 extended stay hotel rooms and 6 rent regulated SRO apartments, plus two lower-level commercial spaces in the basement. The extended stay hotel rooms consist of studio apartments with either one queen. one king, two full beds or two queen beds. The Property is located on a lovely tree-lined block between Riverside Drive and West End Avenue on Manhattan's Upper West Side approximately 2.5 blocks from the 96th Street 1, 2 and 3 subway station. The location is steps from Riverside Park and walking distance to Central Park. The extended stay hotel rooms in this pre-war building are extremely well appointed with spectacular modem finishes. Address 306 West 94th Street, Upper West Side, Manhattan, New York 10025 Location South side of West 94th Street between West End Avenue and Riverside Drive Block/Lot 1252/60 Lot Dimensions 661 x 100.71' Lot Size ±6,644 SF Building Dimensions Built irregular Building Size ±35,480 SF Building Stories 7 WEST 93RD STREET Zoning R8 Landmark/Historic Riverside-West End Historic District Extension II FAR As Built 5.34 Max Residential FAR 6.02 60 Unused Development Rights ±4.517 SF Unit Breakout 115 Extended Stay Hotel Rooms 6 Rent Regulated/SRO 2 Basement/Commercial WEST END AVENUE 123 Total Units 4 306 & 308 West 94th Street Executive Summary EFTA00794820  308 West 94th Street 308 W. 94th Street is a seven-story. elevator SRO building containing ±31.767 square feet. The building contains 112 SRO units: 71 are rent regulated SRO units and 41 units are currently master-leased to the Red Cross. The Property, which is directly adjacent to 306 W. 94th Street, is located on a beautiful tree-lined block between Riverside Drive and West End Avenue on Manhattan's Upper West Side and approximately 2.5 blocks from the 96th Street 1, 2. 3 subway station. The location is steps from Riverside Park and walking distance to Central Park. Address 308 West 94th Street, Upper West Side, Manhattan, New York 10025 Location South side of West 94th Street between West End Avenue and Riverside Drive Block/Lot 1252/63 Lot Dimensions 6Z x 100.71' Lot Size ±6,241 SF Building Dimensions Built Irregular Building Size ±31,767 SF Building Stories 7 Zoning R8 Landmark/Historic Riverside-West End Historic District Extension II FAR As Built 5.09 Max Residential FAR 6.02 Unused Development Rights ±5,804 SF Unit Breakout 71 Rent Regulated/SRO 41 Red Cross WEST END AVENUE 112 Total Units 5 306 & 308 West 94th Street Executive Summary EFTA00794821  Income Statement - Combined Actual Income & Expenses Combined Revenue 2013 2014 2015 2016 2017 306 West 94th Street Extended Stay Hotel $2,334,551 $2,340,623 $2,518,226 $2,239,978 $2,569,756 308 West 94th Street Red Cross Units $326,836 $342,196 $363,754 $347,254 $354,378 All SRO Units $384,826 $364,775 $369,868 $350,380 $356,216 Both Lower Level Commercial Spaces: SyNet Solutions• $42,000 $42,000 $44,500 $31,500 $45,700 Total Rental Revenue 53,088,213 $3,089,594 $3,296,348 S2,969,112 $3,326,050 Other Income Application Fees $151,948 $138,617 $144,866 $149,230 $163,415 Check Out Fees $0 $400 $23,355 $22,936 $23,515 Housekeeping $49,965 $115,157 $111,430 $106,735 $121,485 Renewal Fees $7,025 $8,500 $16,992 $11,450 $14,420 Vending $17,959 $16,200 $5,400 $2,926 $18,546 Total Other Revenue $226,897 5278,875 $302,043 $293,277 $341,381 Total Revenue $3,315,110 $3,368,469 $3,598,390 $3,262,388 $3,667,431 Operating Expenses Real Estate Taxes - 306 West 94th St $292,088 $319,771 $324,565 $354,069 $367,348 Real Estate Taxes - 308 West 94th St $239,424 $219,774 $199,617 $206,936 $199,406 Insurance - Property $37,461 $23,401 $40,802 $42,565 $56,625 Insurance - Liability, Umbrella, WC $29,245 $50,352 $83,509 $68,056 $110,739 Electric - 306 West 94th Street $59,431 $60,415 $58,884 $78,609 $42,629 Electric - 308 West 94th Street $54,833 $59,920 $47,599 Inc Above $51,424 Cable/Internet/Telephone $35,621 $36,398 $40,087 $38,147 $46,131 Water & Sewer - 306 West 94th Street $24,192 $27,180 $34,698 $35,143 $33,767 Water & Sewer - 308 West 94th Street $75,130 $24,092 $31,627 $32,291 $31,118 Gas - Combined** $86,796 $75,313 $45,417 $39,866 $48,511 Supplies/Janitorial $106,334 $82,989 $87,810 $62,222 $41,158 Elevator Maintenance - 306 West 94th Street $2,178 $2,831 $2,613 $1,742 $2,831 Elevator Maintenance - 308 West 94th Street $2,178 $2,831 $2,613 $1,742 $1,960 Repairs & Maintenance $42,702 $21,045 $23,935 $30,025 $25,810 Payroll $570,874 $581,061 $563,676 $580,593 $623,400 Admin/CC Fees $70,344 $73,205 $75,705 $61,707 $69,800 Management Fee $99,453 $101,054 $107,952 $97,872 $110,023 Total Operating Expenses 51,828,281 $1,761,632 $1,771,110 $1,731,585 $1,862,680 Operating Expense Ratio 55.15% 52.30% 49.22% 53.57% 50.79% Net Operating Income 81,486,829 $1,606,837 $1,827,280 81,514,725 $1,804,751 'SyAlet Solutions is on a M-T-M arrangement currently and has indicated they would like to have a lease. ' The buildings are heated by one common gas system locatedin 308 West 94th Street. 6 306 & 308 West 94th Street Income Statement EFTA00794822  Income Statement - Individual Buildings 306 West 94th Street 308 West 94th Street Revenue 2017 Revenue 2017 Rental Income - Extended Stay Hotel $2,569,756 Red Cross $354,378 SRO $26,716 SRO $329,500 SyNet Solutions $45,700 Total Rental Revenue $683,878 Total Rental Revenue $2,642,172 Operating Expenses Other Income Real Estate Taxes - 308 West 94th St $199,406 Application Fees $163,415 Insurance - Property $22,650.15 Check Out Fees $23,515 Insurance - Liability, Umbrella, WC $44,295.79 Housekeeping $121,485 Electric - 308 West 94th Street $51,424 Renewal Fees $14,420 Water & Sewer - 308 West 94th Street $31,118 Vending $18,546 Gas - Combined $24,255.40 Total Other Revenue $341,381 Supplies/Janitorial $8,231.01 Elevator Maintenance - 308 West 94th Street $1,960 Total Revenue $2,983,553 Repairs & Maintenance $12,905.03 Payroll $124,680 Operating Expenses Management Fee (3%) $20,516.34 Real Estate Taxes - 306 West 94th St $367,348 Total Operating Expenses $541,442 Insurance - Property $33,975.23 Insurance - Liability, Umbrella, WC $66,443.68 Net Operating Income $142,436 Electric - 306 West 94th Street $42,629 Cable/Internet/Telephone $46,130.92 Water & Sewer - 306 West 94th Street $33,767 Gas - Combined $24,255.40 Supplies/Janitorial $32,926.04 Elevator Maintenance - 306 West 94th Street $2,831 Repairs & Maintenance $12,905.03 Payroll $498,720 Admin/CC Fees $69,800.00 Management Fee (3%) $89,506.59 Total Operating Expenses $1,321,238 Net Operating Income $1,662,315 7 306 & 308 West 94th Street Income Statement EFTA00794823  Interior Photos: Extended Stay Hotel Alexander Guest lounge & Business Center Extended Stay Room Extended Stay Rom Extended Stay Room Extended Stay Kitchen 8 306 & 308 West 94th Street Interior Photos EFTA00794824 a Retail Map AMSTERDAM AVENUE w z w o W 97TH ST \ Itil cc Wag/teas RIVERSIDE PARK • West End Fitness Rivera Maya 4' Alan Klotz Gallery 96th Street Station 0430 W 96TH ST • 75 ir MS 250 ir lieBoom Filicori Zecchini Coffee W 95TH ST Ancient Art 40 ftp Peter Jay Sharp Theatre Quinn Lemley Music ,S,z; 10 Bank Pomander Books LB W 94TH ST 306 & 308 WEST 94TH STREET 4;.: Museum Music anhattan Music Exchange V: • Sprint Sports The After Hours Flowers n Han's Market W 93RD ST Riverside Montessori CVS West Side Montessori lif Y Cleopatra's Needle II Perfecto Pizza W 92ND ST petcolL W 91ST ST New Amsterdam Fencing Academy nit Barzini's Grocer ali IDEAL School of Manhattan lir " City Diner II W 90TH ST 9 306 & 308 West 94th Street Retail Map EFTA00794825 a Riverside-West End Historic District Extensions O W 10631 M W10751 Riverside-West End 105th Street Manhattan Avenue Historic District Historic District W 99 St W $1 Riverside-West End Historic District Extension II Borough of Manhattan Landmarks Preservation Commission Calendared: 11.16.2010 Public Hearing: 10.25.2011 Designated 6.23.2015 O Boundary of historic district extension El Boundaries of Existing Districts Tax map lots in historic C district extension Riverside-West End Historic District Existing Historic Districts Histonc District Extension hd I I f Y 11 • 10 306 & 308 West 94th Street Riverside-West End Historic District Extensions EFTA00794826  Location Overview Broadway & West 96th Street MTA Station — Located in Median of Broadway, 2.5 blocks from the Property. The Upper West Side is situated between Central Park West The Upper West Side's popularity has led many upscale and the Hudson River, extending north from Columbus national brands and independent specialty retailers to establish Circle at 59th Street up to 110th Street. This established a presence in the neighborhood. Prominent domestic and and quintessential Manhattan neighborhood is one of New international retailers such as Whole Foods, Barnes & Noble, York City's most desirable areas. Elegant apartment houses LOccitane en Provence, Tumi, Coach, Burberry. Banana along wide boulevards and avenues are bisected by quaint, Republic, Club Monaco. Kiehls, Lululemon and Bed. Bath & tree-lined streets adorned with classic pre-war architecture, Beyond along with gourmet food markets, specialty retail, fast- impeccable brownstones and mansions and distinctive and casual eateries and lifestyle-fitness studios contribute to the modern boutique infill developments. neighborhood's broad appeal. The neighborhood is well-served by mass transportation, with World class cultural institutions also call the Upper West Side. 1. 2. 3. A. B, C, D subway service and multiple bus lines. The Lincoln Center contains three state of the art performance West Side Highway and Henry Hudson Parkway runs along halls for the Metropolitan Opera. New York Philharmonic, the entire westem border providing residents with convenient and New York City Ballet. The preeminent Museum of vehicle transportation options. Natural History is an Upper West Side landmark and the top 11 306 & 308 West 94th Street Location Overview EFTA00794827 family attraction in New York City. The Museum is home to over 32 million specimens, one of the great natural history libraries in the world and the state-of-the-art Rose Center planetarium. Central Park, the 843-acre oasis, is the ultimate urban park located only aM Ott 4.5 blocks from the Property. The neighborhood's backyard contains lakes, Dyckman St extensive walking trails, athletic fields, tennis courts, playgrounds, two ice- A skating rinks and a zoo and numerous open fields. Riverside Park is located 190 St 1/2 block from 306-308 West 94th Street. A 181 St A An extremely popular neighborhood with families, the Upper West Side boasts some of Manhattan's best public and private schools, in addition to Columbia University located just 15 blocks north of the Property. Alfred E. Smith School 163 West 97th Street Dwight School 291 Central Park West Fordham University 133 West 60th Street Hail 148 New York Institute of Technology 1855 Broadway 145 St A CO The Juilliard School 60 Lincoln Center Plaza 35 St 0 Collegiate School 260 West 78th Street 125 St 12511. . . . PS 75 Emily Dickinson School 735 West End Avenue A 8 (DK eteino6vatelo Aopeet 116 St Columba PS 84 Lillian Webber School 32 West 92nd Street Univeruty 16 St C KI 1480loGueidu An PS 87 William T. Sherman 160 West 78th Street Cattle& Cathedial Pixy Pkwy (1105U PS 166 Arts & Sciences School 132 West 89th Street 4110 51) anuardYAapc><I Anxx Bd PS 199 Jessie Isador Straus 270 West 70th Street 103 St 03 St Bd Solomon Schecter School of Manhattan 15 West 86th Street Trinity School 139 West 91st Street 86 St 8C 81 St-Museum Natuial - History 8.0 72 St 8.0 COMUI FMK 66 St Uncoln :enter 50 St 49 St Ct UQR 42 St Pon Authorrty Bus Terminal limes 5442 St AI 6.-NACE N 0 R 5 123 34 St 34 St Pena Penn He 12 306 & 308 West 94th Street Transportation Map EFTA00794828 a Neighborhood Points of Interest Lincoln Center Museum of Natural History, Central Park West & 79th Street Juilliard School, Broadway &West 66th Street 13 306 & 308 West 94th Street Neighborhood Points of Interest EFTA00794829 Central Park Columbia University 14 306 & 308 West 94th Street Neighborhood Points of Interest EFTA00794830  Confidentiality & Disclaimer This Confidential Offering Memorandum has been prepared exclusively by Eastern Consolidated ("Eastern Consolidated") on behalf of Ownership, the ("Owners"), regardeig the purchase of the property described herein at 306 & 308 West 94th Street, New York, New York (the Property"). The materials and information contained in this Confidential Offering Memorandum do not purport to be all-inclusive or to contain all of the information which prospective tivestors may need or desire. All materials have been developed by Eastern Consolidated, the Owners and other sources and are subject to variation. No representation is made by Eastern Consolidated or the Owners as to the accuracy or completeness of the information contained herein and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Eastern Consolidated and the Owners and their employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Eastem Consolidated, the Owners and their employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Confidential Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Confidential Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or the Owners since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Confidential Offering Memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon request to interested and qualified investors. The Owners and Eastern Consolidated each expressly reserve the right, in their sole discretion, to reject any and all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. The Owners shall have no legal commitment or obligation to any entity reviewing the Confidential Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Owners and its legal counsel and any conditions to the Owners' obligations thereunder have been satisfied or waived. Eastern Consolidated is not authorized to make any representations or agreements on behalf of the Owners. This Confidential Offering Memorandum and its contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein called the "Contents) are of a confidential nature. By accepting the Offering Memorandum, you agree (i) to hold and treat it in the strictest confidence, (i) not to photocopy or duplicate it, (iii) not to disclose the Confidential Offering Memorandum or any of its contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of the Owners or Eastern Consolidated. (iv) not to use the Confidential Offering Memorandum or any of its contents in any fashion or manner detrimental to the interest of the Owners or Eastern Consolidated, and (v) to return it to Eastern Consolidated immediately upon request of Eastern Consolidated or the Owners. If you have no further interest in the Property, please retum the Confidential Offering Memorandum forthwith. No inspections of the Property are permitted unless accompanied by the Owners or a representative from Eastern Consolidated. 15 306 & 308 West 94th Street Confidentiality & Disclaimer EFTA00794831 INVESTMENT SALES RETAIL LEASING EASTERN CAPITAL ADVISORY CONSOLIDATED:W. F. 212.499.7718 355 LEXINGTON AVENUE 0.212.499.7700 NEW YORK. NY 10017 EFTA00794832