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238 E 106 setup .pdf



Nom original: 238 E 106 - setup.pdf
Titre: 238 E 106 - listing presentation
Auteur: David Benharrouch

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Exclusive Offering Memorandum

Between Third & Second Avenue





Table of Contents

Property Features

4

Financial Information

5

Property Description

6

Property Amenities

7

Listing & Financial Metrics

8

Property Pictures

10

Transportation Map

18

Property Neighborhood

19

Contact Information

20

2


General Disclaimer

The information presented herein was prepared by The Charlie Attias Team
from The Corcoran group solely for use by prospective investors in
connection with the offering. Nothing contained herein is, or should be
relied on as a promise or representation as to the future performance of the
property.
This memorandum has been prepared for informational purposes only in
order to assist prospective investors in evaluating a potential investment in
the property.
Any investment in the property involves risks, and potential investors should
thoroughly consider the risks described in this memorandum and certain
special considerations concerning The Charlie Attias Team from The
Corcoran Group described herein. Investors must be prepared to bear the
risk of their investment for an indefinite period and be able to withstand a
total loss of their investment.
In making an investment decision, investors must rely on their own
evaluation of the property, including the risks involved. Prospective
investors should consult their own counsel, accountant and/or business
advisors, as to legal, tax and other matters concerning an investment in the
property.
Neither the delivery of this memorandum nor any sale made hereunder
shall create under any circumstance any implication that there has not been
any change in the affairs of The Corcoran Group and any other information
contained herein since the date hereof.

3


Property Features

Address:
Location

238 East 106th Street
On the South side of East 106th Street
between Third & Second Avenue

Year Built:
Block / Lot:
Lot Dimensions:
Lot Area:
Stories:
Building Dimensions:

2016
1655 / 31
50' x 100.92'
5,046
8
50' x 60'

Residential Units:
Commercial Units:
Parking Spaces:

29
1
9

Zoning:
FAR:

R7A / 6B
4.0

Buildable Square Footage:

20,184 SF (Approx.)

Assessment:
Taxes (current):

$2,255,000
$130,821

4


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 area n 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.

Financial Information

5


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 area n 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.

Property Description

As exclusive agent to ownership, The Corcoran Group is pleased to offer for sale
238 East 106th Street located in vibrant East Harlem neighborhood of Upper
Manhattan.
The property is positioned on the South side of East 106th Street between Third and
Second Avenue. The eight-story, ±20,184 square-foot elevator apartment building is
situated on a 50’ x 100’ lot.
The building contains a total of twenty-nine (29) apartments, one (1) medical space
and nine (9) parking spaces. In terms of the unit mix, twenty-five (25) of the
apartments are one bedroom units and the remaining four (4) are two bedroom units.
All the twenty-nine (29) apartments are free market.
All units replete with large windows, balconies (terraces in select units) and polished
hardwood floors throughout. All apartments have been designed with the
neighborhood in mind featuring an open concept allowing for an abundance of
natural light spreading throughout the entire apartment. Each kitchen is outfitted with
caesarstone counter tops, high end back splash, and stainless steel appliances (select
units include windowed kitchens). The spa-like bathrooms feature deep soaking tubs,
rain shower heads, white mosaic tiles, and superior finishes.
238 East 106th Street is currently a virtual doorman building with intercom, modern
lobby, elevator, on-site parking, bicycle storage, central laundry room, and additional
storage.
Located in trendsetting East Harlem with some of the best restaurants in the
neighborhood as well as shopping! Close proximity to the subway and bus. The
property is located a few feet away from the new upcoming Q line subway station on
2nd Avenue and 106th Street.

6


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 area n 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.

Building Amenities

Unit Amenities



Oven



Air Conditioning



Range



Balcony



Stainless, Steel Appliances



Cable Ready



Tile Floors



Deck



Tub/Shower



Granite Countertops



Hardwood Floors



Virtual Doorman



Heating



Elevator



Video Intercom



Laundry Facilities



Kitchen



Property Manager on Site



Microwave



Rooftop Lounge

Site Amenities

7


Listing & Financial Metrics

PRICE / SF

TOTAL SQUARE FEET
(Approximative)

PRO FORMA CAP RATE

PRICE / UNIT

PRO FORMA GROSS RENT MULTIPLIER

PRO FORMA NET OPERATING INCOME

PRO FORMA EXPENSE RATIO

AVERAGE PRO FORMA RENT PSF

8


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 area n 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.

Property Value
5% inc.

$13 050 000 $13 775 000 $14 500 000 $15 225 000 $15 950 000

NOI
5% inc.

$621 671
$656 209
$690 746
$725 283
$759 821

4,76%
5,03%
5,29%
5,56%
5,82%

4,51%
4,76%
5,01%
5,27%
5,52%

4,29%
4,53%
5,00%
5,24%

4,08%
4,31%
4,54%
4,76%
4,99%

3,90%
4,11%
4,33%
4,55%
4,76%

Cap Rate
25 bps inc.

NOI
5% inc.

$621 671
$656 209
$690 746
$725 283
$759 821

4,26%

4,51%

4,76%

5,01%

5,26%

$14 580 337
$15 390 356
$16 200 375
$17 010 394
$17 820 412

$13 772 789
$14 537 944
$15 303 099
$16 068 254
$16 833 409

$13 050 000
$13 775 000

$12 399 291
$13 088 141
$13 776 991
$14 465 840
$15 154 690

$11 810 393
$12 466 526
$13 122 659
$13 778 792
$14 434 925

$15 225 000
$15 950 000

Cap Rate
25 bps inc.

Value
5% inc.

$13 050 000
$13 775 000
$14 500 000
$15 225 000
$15 950 000

4,26%

4,51%

4,76%

5,01%

5,26%

$556 421
$587 334
$618 246
$649 158
$680 071

$589 046
$621 771
$654 496
$687 221
$719 946

$621 671
$656 209

$654 296
$690 646
$726 996
$763 346
$799 696

$686 921
$725 084
$763 246
$801 408
$839 571

$725 283
$759 821

9


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 area n 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.

Property Pictures

Prime location in vibrant East Harlem

10


11


2 Bedroom / 2 Bathroom

12


2 Bedroom / 2 Bathroom

13


2 bedroom / 2 Bathroom

14


1 Bedroom / 1 Bathroom

15


1 Bedroom / 1 Bathroom

16


Floor Plan: 2 bedroom / 2 bathroom / 950 square feet (Approx.)

Floor Plan: 1 Bedroom / 1 Bathroom / 640 square feet (Approx.)

17


Transportation Map

18


East Harlem Neighborhood

East Harlem is richly cultured, like neighboring Harlem. Its energetic street life reflects its living
history. Immigrant communities both past and present coalesce in a vibrant mishmash of food, street
art, and family-run businesses. The streets themselves are practically museums in East Harlem, with
vivid murals dressing up the neighborhood’s classic brick architecture.
The area’s Italian heritage is apparent in old-school eateries like Rao’s Restaurant, while its Puerto
Rican past lives on in its salsa clubs and record shops. East Harlem is always evolving as new
residents move in. Young artists have historically gravitated to the neighborhood, and with spacious
properties and convenient transportation links they are now joined by a blend of new residents. Slick
bars, coffee shops and nightlife bring a downtown edge to the area, yet its historic uptown roots
remain.
East Harlem real estate

East Harlem history

There’s no lack of variety in East Harlem real
estate. You’ll find charming studios, renovated
walk-ups, and spacious modern condos
spanning these historic blocks. Traditional row
houses are now joined by East Harlem
apartments for rent in luxurious developments.
These feature garden decks, gyms and retail
outlets. Eco-friendly features are common in
new buildings like Tapestry 124, with its
landscaped terraces and concierge.

This diverse neighborhood was first settled in
the late 1800s. When transit lines connected
the area, there was an influx of Italian
immigrants. The majority hailed from Sicily
and southern Italy, including what would
become the Genovese crime family. Over
100,000 Italian-Americans resided in the area
by the 1930s, and the Giglio Society of East
Harlem still celebrates during the annual
Italian Festival.

Artspace PS109 is a community-minded
housing development project. It’s transformed
a former public school building into an
apartment building offering live/work housing
specifically designed for artists and their
families. There are also 10,000 square feet
available for arts organizations. The original
building dates back to 1898 and stands five
stories tall with flourishes of terracotta and
copper cupolas.

The end of World War I saw a change in
demographics as Puerto Ricans and other
Latin Americans moved into the area, and by
the end of World War II Italian Harlem had
become Spanish Harlem. The first and
second-generation children of these new
residents founded the Nuyorican School of
artists and musicians in the 1960s and 1970s.
Today, East Harlem is a bustling, everchanging neighborhood that bears the
indelible mark of each generation upon its
dynamic
streets

19


Mixed-Use Building - Investment Opportunity

For More information, please contact:



Licensed Associated RE Broker
Office: (212) 605-9381
Mobile: (917) 273-8613
charlie.attias@corcoran.com

Licensed Real Estate Salesperson
Office: (212) 893-1416
Mobile: (917) 283-1209
david.benharouch@corcoran.com



20



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