127 · 2020. 10. 26. · ASKING PRICE $10,495,000 Cushman & Wakefield has been retained exclusively...

127EAST 56TH STREET

ASKING PRICE$10,495,000

Cushman & Wakefield has been retained exclusively to arrange for the sale of 127 East 56th Street, a vacant, 6 story commercial building in Midtown, Manhattan. Located between Park Avenue and Lexington Avenue, the property is within close proximity to the Midtown office core, shopping along Fifth and Madison Avenues, Rockefeller Center and Central Park. In addition, the property is steps from New York City’s Design District and world-class neighbors such as the Design & Decoration Building and Bloomingdale’s flagship store.

The 1,600 SF ground floor retail space currently occupied by Skin Spa New York has direct access to the 1,000 SF basement. Each of the floor-through units above have direct elevator access through the ground-floor lobby. The second-floor unit, last occupied by a hair salon, includes a back terrace. The third-floor unit currently configured for office use with a conference room and two private offices. The penthouse unit, organized as a chiropractor’s office, spans across the top two floors with rooftop terraces on the front and rear of the property.

The building will be delivered vacant and is a perfect opportunity for end-user groups and investors alike to purchase a move-in, turn-key property with potential for retail on the ground floor and offices above. With over 10,500 SF of usable space in a prestigious NYC location, 127 East 56th Street provides an ideal home for a user, including non-profits, embassies, consulates, educational facilities, and cultural institutions.

The Opportunity:

WILL CONRAD(212) [email protected]

CHARLOTTE REDICAN(212) [email protected]

Location: Located on the north side of East 56th Street, between Lexington Avenue and Park Avenue

Block & Lot: 1311 / 12

Lot Dimensions: 20’ x 100.42’

Lot Square Footage: 2,008 SF (approx.)

Gross SF: 10,571 (approx.)

Total Buildable SF: 20,080 (approx.)

Available Air Rights: Sold

Zoning: C5-2

Commercial FAR: 10.00

Residential FAR: 10.00

Assessment (20/21): $1,542,930

Taxes (20/21): $162,578

PROPERTY FEATURES

4 CUSHMAN & WAKEFIELD

ASSET HIGHLIGHTS

SIX-STORY COMMERCIAL ELEVATOR BUILDING DELIVERED FULLY VACANT

LESS THAN A 5-MINUTE WALK TO THE 6, E, M, N, R AND W SUBWAY TRAINS

IDEAL FOR AN END-USER TO OCCUPY THIS TURN-KEY BOUTIQUE OFFICE WITH A RETAIL STORE COMPONENT

PRIME MIDTOWN EAST LOCATION BLOCKS FROM CENTRAL BUSINESS DISTRICT, BLOOMINGDALES FLAGSHIP STORE AND THE DESIGN DISTRICT

127 EAST 56TH STREET 5

PROPERTY FEATURES

FLOOR PLATE SIZES

TAX MAP

127 E 56TH STREETBlock: 1311 | Lot: 12

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ANNUAL SUBWAY RIDERSHIP BY STATION

LEXINGTON AVENUE / 59TH STREET 17,888,188

LEXINGTON AVENUE - 53RD STREET / 51ST STREET 18,940,774

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TRANSPORTATION MAP


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1 Quality Meats

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4 Quality Italian

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6 Nobu Fifty Seven

7 BG Restaurant

8 Beyond Sushi

9 Key Food

10 Bengal Tiger Indian

11 Starbucks

12 Tina's Cuban Cuisine

13 PizzArte

14 Red Peony

15 TAO Uptown

16 Il Tinello Ristorante

17 Il Corso

18 La Bonne

19 Chick-fil-A

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21 My Pie Pizzeria

22 McDonald's

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25 Whole Foods Market

26 Fig & Olive

27 Omar's Mediterranean

28 Hillstone Restaurant

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30 Chipotle Mexican Grill

31 Ess-a-Bagel

32 McDonald's

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34 Gyu-Kaku Japanese BBQ

35 The Smith

35 The Smith

36 The Sea Fire Grill


1 Jimmy Choo

2 Kiehl's

3 Citibank

4 Marc Jacobs

5 CVS

6 Apple Retail Store

7 Chase

8 Louis Vuitton

9 SAINT LAURENT PARIS

10 Zara

11 Prada

12 Dior

13 Bluemercury

14 Gap

15 Bloomingdale's

16 Lacoste

17 IKEA

18 The Home Depot

19 The Vitamin Shoppe

20 Wells Fargo

21 Stuart Weitzman

22 BankUnited

23 Design Within Reach

24 Hollister

25 American Girl

26 Cartier

27 Anthropologie

28 T.J. Maxx

29 Johnston & Murphy

30 Armani Exchange

31 Duane Reade

32 CVS

33 Michael Kors

34 Saks Fifth Avenue

35 Gucci

36 TD Bank

37 LIDS

38 Urban Decay Cosmetics

39 Ted Baker

40 lululemon athletica

41 Capital One

42 Staples

1 The Ritz-Carlton

2 Hilton International

3 Fairmont Hotels

4 Hilton International

5 Four Seasons

6 St. Regis

8 Marriott Hotels & Resorts

9 Autograph Collection Hotels

10 Residence Inn

1 SoulCycle

2 Pure Barre

3 NY Health & Racquet Club

4 Flywheel

5 Crunch

6 TITLE Boxing Club

7 NY Health & Racquet Club

1 CityMD

2 MedRite Urgent Care

FOOD & GROCERY

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DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJECT TO ERRORS, OMISSIONS, OR MODIFICATIONS. THE INFORMATION HEREIN IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY.

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1 Dunkin' Donuts

2 DAVIDsTEA

3 Le Pain Quotidien

4 Hale and Hearty

5 Peet's Coffee and Tea


7 Gristedes


9 Juice Press

10 Chipotle Mexican Grill

11 SUBWAY

12 Starbucks

13 Chopt Creative Salad

14 Cosi

15 McDonald's

16 sweetgreen

17 Juan Valdez Café

18 Pret A Manger

Restaurants & Grocery 19 Muscle Maker Grill

20 Jersey Mike's

21 Johnny Rockets


23 Whole Foods Market

24 Starbucks US

25 Dunkin' Donuts

26 Juice Press



29 Au Bon Pain

30 Juice Generation

31 Pinkberry

32 Paris Baguette

33 Chopt Creative Salad

34 Potbelly Sandwich Works

35 Baskin Robbins

36 SUBWAY

37 BareBurger

38 McDonald's

39 D'Agostino

40 Le Pain Quotidien


1 Pier 1 Imports

2 Staples

3 Barneys New York

4 Stuart Weitzman

5 Duane Reade

6 Bloomingdale's

7 ALDO

8 The Container Store

9 The Home Depot

10 Bed Bath & Beyond

11 T.J. Maxx

12 CVS

13 Bluemercury

Retail

14 Society of St. Vincent de Paul

15 Duane Reade

16 Petco

17 CVS

18 Staples

19 Bluemercury

1 Crunch

2 Equinox

3 SoulCycle

4 Pure Barre

5 Barry's Bootcamp

6 Sports Clubs Network

7 Flywheel

8 Velocity Sports Performance

9 Crunch

10 CrossFit

11 TITLE Boxing Club

Health & Fitness

12 24 Hour Fitness

13 Blink Fitness

14 SoulCycle

15 Equinox

16 Sports Clubs Network

Hotels

1 Comfort Inn

2 Rodeway Inn

3 Renaissance Hotels

4 Courtyard by Marriott

5 DoubleTree by Hilton

6 Hilton Garden Inn

7 The Maxwell NYC

8 Best Western

1 CityMD 2nd Avenue

2 Medrite Urgent Care

Urgent Care

1/2 Mile


The Greater Midtown business district is one of the largest job centers in New York City and one of the most high-profile business addresses in the world. The area spanning Fifth and Second Avenues between East 39th and East 57th Streets contains more than 70 million square feet of office space, more than a quarter million jobs, and innumerable Fortune 500 Companies. Many of the world’s most iconic office buildings are located in Midtown East, including the Chrysler Building, the Graybar Building, the Helmsley Building, the Seagram Building, Lever House, the Empire State Building, and the MetLife Building.

Midtown Manhattan continues to be one of the most sought-after office addresses in the New York metropolitan region. The neighborhood serves as

the economic engine of the city and perhaps even the United States, drawing in more workers than any other American central business district. The area’s tenants have historically included prestigious financial institutions, law offices, hedge funds and private equity firms, largely because the proximity to Grand Central Station makes for an easy commute from Westchester and Fairfield Counties, from which many high-powered executives hail.

Area tenants serve as a who’s who of industry leaders including: NBC Universal, McGraw-Hill, The New York Times, Colgate-Palmolive, JPMorgan Chase, Bank of America, PricewaterhouseCoopers, and Cleary Gottlieb Steen & Hamilton.

A MAJOR EMPLOYMENT CENTER:

Within just a few blocks are several landmarks of national and world renown such as Grand Central Terminal, the New York Public Library, and the Empire State Building. Bryant Park, just a stone’s throw away, serves as an urban oasis to Midtown workers and tourists alike from morning to night throughout all seasons. To the west, Madison Square Garden, the “world’s most famous arena” and home of the New York Rangers and New York Knicks, plays host to

performances by the world’s most famous artists on a near nightly basis. Midtown East is also home to the United Nations at East 43rd Street and First Avenue, and many of the U.N.’s employees and dignitaries call the neighborhood home. Additionally, some of New York’s oldest and most prestigious private clubs are located in Midtown East, including the Yale Club and the University Club.

LOCAL ATTRACTIONS:

Midtown East, stretching from 42nd to 63rd Streets and Fifth Avenue to the East River is characterized by energized and diverse street life, both day and night, prominent office towers, and easy access to transportation. From the prestigious flagship stores on Fifth and Madison Avenues to the Midtown office core on Park and Lexington, the western side of this neighborhood is all about business, tourism, shopping, and recreation. Moving eastward, Third, Second, and First Avenues are predominantly lined with post-war residential towers, with mid-rise elevator and walk-up apartment buildings filling in the side streets. United Nations employees, ambassadors, and visitors

flock to the area for its proximity to the UN on First Avenue and East 43rd Street.

In addition, two of the city’s most sought after residential enclaves – Sutton Place and Beekman Place – are located within Midtown East. This mix of office towers, retail flagships, foreign consulates, and desirable residential locations draw a diverse group of shoppers, commuting businessmen and women, tourists, foreign dignitaries, and young residents to visit, work, and live in Midtown East.

MIDTOWN EAST:

THE NEIGHBORHOOD


UNITED NATIONS HEADQUARTERS:Midtown East is home to the United Nations Headquarters, located off First Avenue between East 42nd and 45th Streets. The complex has served as the official headquarters of the United Nations since opening in 1952. The United Nations was created to promote co-operation among nations after WWII. The intergovernmental organization is dedicated to five core pillars: Peace and Security, Development, Human Rights, Humanitarian Affairs, and International Law. Embassies, non-profits and missions have chosen the nearby area as their home and utilize the Plaza spanning six blocks around the Headquarters.

Located within a one-mile radius are many of the foreign embassies, missions and consulates serving United Nations member states. Many nations choose to be within walking distance of the U.N. Headquarters for ease of transportation and convenience.

DAG HAMMARSKJOLDPLAZA:The 1.5 acre park is named after Dag Hammarskjold, a luminary who served as Secretary-General of the United Nations in 1953 and who spent his term suppressing and preventing war across the world, ultimately earning the Nobel Peace Prize in 1961. A garden sits within the Plaza, dedicated to the life of Katherine Hepburn, a renowned actress who worked hard to conserve the neighborhood, preserving trees and the charming character of Turtle Bay. Now adorned with a symmetrical layout, steel pavilions, and fountains, the Plaza is frequently used as a popular place for gathering and public demonstrations.

THE NEIGHBORHOOD


POINTS OF INTEREST MAP

Midtown East is a submarket with no equal in regards to shopping. Recognized as one of only a handful of truly first-class shopping locations in the world, Fifth and Madison Avenues offer a staggeringly impressive display of elite retailers. Among the world-class luxury brands and department stores that line Midtown East’s streets are Saks Fifth Avenue,

Bergdorf Goodman, Barneys, Bloomingdale’s, Louis Vuitton, Prada, Giorgio Armani, Tiffany & Co., Cartier, Versace, and Jimmy Choo. Additionally, a wide array of middle-market retailers have appeared in recent years, including J. Crew, Zara, H&M, Banana Republic, and Urban Outfitters. The plentiful shopping options in the submarket continue to grow.

SHOPPING:

The area’s dining options are as plentiful as they are diverse, offering something for every palate from hyper-trendy spots to oak bar classics. La Grenouille, Jean Georges, and Cipriani all offer traditional, white tablecloth experiences, while relative newcomers STK Midtown and Tao present more modern, high-end options. A variety of steakhouses, including The Palm, Capital Grille, and Smith & Wollensky, offer red-blooded slices of Americana and traditional corporate dining.

Nearly every one of the area’s restaurants serves as a nice spot for after-work drinks, yet there are a number of great bars and lounges to discover. Area hotels such as The Bryant Park Hotel (Cellar Bar), The Setai (Bar on Fifth), and The Gansevoort all offer chic locations to enjoy cocktails with coworkers, clients, or other Midtown workers that complement local watering holes like Park Avenue Tavern.

DINING:

Midtown East is one of the most transit-rich locations in the city. This area centers on Grand Central Terminal, one of the city’s major transportation hubs and famous civic spaces. Nearly 1,500,000 people pass through Grand Central Terminal each day on their way to Midtown’s offices, retailers, hotels, and restaurants. Individuals come via the 4,5,6 subways that serve the entire east side of Manhattan, from Queens that runs west all the way to the Hudson Yards, or Metro-North trains that arrive from Westchester and Connecticut. Soon, that ridership figure will grow as the Long Island Rail Road adds a Grand Central stop on its way towards Penn Station.

The N, Q, R, F and M lines also drop residents from Queens, Brooklyn, the Upper West Side, Northern Manhattan, and the Bronx into the heart of Midtown, and almost every other train passes through nearby Times Square, just a shuttle ride away. Midtown East is also easily accessible by numerous bus lines.

Midtown Manhattan is the most connected neighborhood in the city. Getting to Midtown East from all corners of the five boroughs and the greater New York metro area is both simple and easy.

TRANSPORTATION:


ZONING

C5 is a central commercial district with continuous retail frontage intended for offices and retail establishments that serve the entire metropolitan region. Famous shopping streets, such as Fifth Avenue, 34th to 59th Streets, and Madison Avenue from 57th to 87th are C5 districts. Department stores, large office buildings, and mixed buildings with residential space above office or commercial floors, are typical C5 uses. Use Groups 5 (hotels), 6, 9 and 10 (retail shops and business services) and 11 (custom manufacturing) are permitted in C5 districts. Home maintenance services, auto rental establishments, illuminated signs and other uses not in character with the district are not permitted.

Luxury department stores, large office buildings, and mixed buildings with residential space above office or commercial floors, are typical C5 uses. Use Groups 5 (hotels), 6, 9 and 10 (retail shops and business services) and 11 (custom manufacturing) are permitted in C5 districts. Home maintenance services, auto rental establishments, illuminated signs and other uses not in character with the district are not permitted.

The maximum commercial floor area ratio in C5 districts ranges from 4.0 to 15.0, and the maximum residential FAR is 10.0, exclusive of any applicable bonus. In the two contextual C5 districts (C5-1A and C5-2A) residential bulk and density are governed by R10A regulations. In non-contextual C5-2 through C5-5 districts, a building occupied by commercial, residential and/or community facility uses may be configured as a tower. A residential tower is also allowed in C5-1 districts.

All commercial uses in C5 districts are exempt from parking requirements because public transportation is easily accessible.

C5-2:

^


C5-2 ZONING OVERVIEW


PROPERTY TAX BILL

Statement Details

Did Your Mailing Address Change?If so, please visit us at nyc.gov/changemailingaddress or call 311.

When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronic fundtransfer from your account or to process the payment as a check transaction.

Home banking payment instructions:

1. Log into your bank or online bill pay website.2. Add the new payee: NYC DOF Property Tax. Enter your account number, which is your boro,

block and lot, as it appears here: 1-01311-0012 . You may also need to enter the address for theDepartment of Finance. The address is P.O. Box 680, Newark NJ 07101-0680.

3. Schedule your online payment using your checking or savings account.

August 29, 2020127 56th st LLC127 E. 56th St.1-01311-0012

Page 2

Previous Charges AmountTotal previous charges including interest and payments $0.00

Tax Year Charges Remaining Activity Date Due Date AmountFinance-Property Tax 01/01/2021 $81,289.28 Payment 07/04/2020 Herald National Bank $-155.02East Mid-Manhat BID- Chg 01/01/2021 $155.02Total tax year charges remaining $81,289.28

Overpayments/Credits Activity Date Due Date AmountRefund Available 07/01/2019 $-4,318.06

Credit Applied 08/06/2020 $4,318.06Credit Balance 07/01/2020 $-155.02

Credit Applied 07/04/2020 $155.02 Total credit applied $4,473.08

Total overpayments/credits remaining on account $0.00

Annual Property Tax Detail

OverallTax class 4 - Commercial Or Industrial Tax Rate Current tax rate 10.5370%Estimated Market Value $3,591,000

Taxes Billable Assessed Value $1,542,930Taxable Value $1,542,930 x 10.5370%Tax Before Abatements and STAR $162,578.56 $162,578.56Annual property tax $162,578.56

For information about the interest rate charged on late payments, visit nyc.gov/taxbill.


CERTIFICATE OF OCCUPANCY

Page 2 of 2

CO Number: 104155673F

Certificate of Occupancy

Floor From To

Live load lbs per sq. ft.

Maximumpersons permitted

Zoning dwelling or rooming units

BuildingCode habitable rooms

Zoning use group

Building Code occupancy group

Description of use

Permissible Use and Occupancy

CEL OG 14 4 BOILER ROOM, ELEVATOR MACHINE ROOM, STORAGE AND DENTAL OFFICE

E

001 100060 6 STORECOM

002 050010 6 OFFICESCOM





PEN 050002 6 OFFICESCOM

END OF SECTION

Borough Commissioner CommissionerEND OF DOCUMENT 104155673/000 8/16/2007 11:52:23 AMB Form 54 (Revised 03/05)


FLOOR PLANS

3RD FLOORBASEMENT GROUND FLOOR


FLOOR PLANS

PENTHOUSEUPPER LEVEL

4TH FLOOR PENTHOUSELOWER LEVEL


FOR MORE INFORMATION CONTACT:

©2020 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS 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). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE.

WILL CONRAD(212) 660-7740

[email protected]

CHARLOTTE REDICAN(212) 713-6850

[email protected]

127EAST 56TH STREET

127 · 2020. 10. 26. · ASKING PRICE $10,495,000 Cushman & Wakefield has been retained exclusively...

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Transcript of 127 · 2020. 10. 26. · ASKING PRICE $10,495,000 Cushman & Wakefield has been retained exclusively...