525 West 29th Street 29th Street, New York, NY, 10001
$8,500,000
Type
Commercial
Estimate. Actual payment depends on credit, lender, taxes, and insurance.
AIR RIGHTS ARE 21,000 BUILDABLE. INVESTMENT OPPORTUNITY: 525 West 29th Street High-Yield Mixed-Use Asset | Direct High Line Frontage PURCHASE PRICE: $8,500,000 AIR RIGHTS: ~21,000 SF (Market Valuation: $300/SF) Executive Summary For a 1031 exchange or private owner private residence in New Yorks premier location. This is one of a few rare gems left in NY to own! A rare acquisition opportunity in Manhattan’s premier West Chelsea Art District. This property offers a stabilized, low-overhead income stream with a massive "equity harvest" potential via 21,000 SF of air rights. Annual Financial Pro Forma Gross Operating Income: $410,600 Restaurant: $234,000 (Occupied) Gallery: $96,000 (Projected / Vacant) Residential: $45,600 (Under Market) Tax Reimbursement: $35,000 (Anchor Tenant Share) Annual Expenses: $56,000 RE Taxes (Owner Share): $35,000 Insurance: $21,000 Utilities & Maintenance: $0 (100% Tenant Responsibility) NET OPERATING INCOME (NOI): $354,600 PROJECTED CAP RATE: 4.17% The 1031 Exchange Play - Or Glamorous Single Residence - or Buildable Developer An investor can satisfy a 1031 requirement at $8.5M and subsequently liquidate the air rights (valued at approx. $6.3M) to a neighboring developer. This reduces the net basis in the building to $2.2M, resulting in a staggering 16%+ yield on the residual asset. DISCLAIMER: Figures are approximate. Consult with an Attorney and Architect to verify zoning, FAR, and transferability.
Listed by Christina Sidoti, Halvatzis Realty Inc
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