108 East 60th Street, New York, NY 10022

Michael Strauss-Cassel

NY 10301202542

Listed by Strauss-Cassel Group

$16,900,000

3515 days on market

Updated 125 days ago

108 East 60th Street

Details

Property Type

Retail, Office (+1)

Sub Type

Storefront, Medical Office

Square Footage

9,000

Net Rentable (SqFt)

9,000

Units

Occupancy

100%

Tenancy

Vacant

Pro-Forma Cap Rate

32.54%

Pro-Forma NOI

$5,500,000

Price per SqFt

$1,878

Broker Co-Op

Yes

Class

Year Built

2004

Year Renovated

2004

Buildings

Stories

Lot Size (SqFt)

2,100

Zoning

C5 - Commercial, Retail

Investment Type

Owner/User

Occupancy Date

02/27/2018

Ground Lease

Ownership

fee simple

Retail | 9,000 SqFt

Marketing description

ALERT!! NEW PRICE REDUCTION, NOW $16,900,000 (REDUCED FROM $35 MILL). EAGER SELLER. ALL OFFERS CONSIDERED.

The Listing pages is www.SC5W.com please visit this page to download sales and rental data for this property (free of charge), mechanical plans, see images, and videos of this property. We encourage your participation and have a generous commission structure for you to profit, from bringing is a buyer that can close the deal. The property will be delivered in good condition with all systems in working order, a free and clear title, free of violations. In summary, a gleaming trouble free building, and especially attractive, vacant at the time of delivery.

MANHATTAN - PLAZA DISTRICT (Strictly, between Park Avenue and Lexington Avenue, on the south side of 60th Street, closest to Park Ave.)

REAL ESTATE TAXES: $12,000 monthly -

Financing Permitted: 100%

BUILT IN 2004 - Possibility to have Seven (7) Retail Floors (5 Floors + Atrium + 1 Sub-Level Floor), currently 5 floors and basement.

C5 Zoning Code. Allows for apparel, food, beverage, furniture, medical, and other commercial activities activities, such as office, hotel, motel, etc.

BUILT NEW IN 2004: Features a modern and solid installation with steel and concrete structure envelopes this beautiful property, with central air conditioning, heating, redundant electric, and water supply. Very little expense is required to bring this property to service your existing business.

This information was updated last FRIDAY, DECEMBER 20TH, 2017

Investment highlights

1. VERY LITTLE WORK TO BE DONE.

2. BREAK EVEN IS AT $15 PER SQFT

3. 9,000 SQFT OF RENTABLE SPACE

4. RENTS IN THE AREA AVERAGE $1,633 AS OF 2015, WITH THE HIGH RANGE FOR MADISON AT $2,895 AND $4,000 FOR 5TH AVE.

5. PROJECTED RENT FOR 108 EAST 60TH, AS HIGH AS $1,500 PER SQFT.

6. COSMETIC REDESIGN, WILL MAKE THIS BUILDING SUPER VISIBLE IN THE AREA.

7. FOOT TRAFFIC 13,500 PER HOUR.

8. 59TH ST AND LEX HAS THE SECOND LARGEST TRANSPORTATION HUB (SUBWAYS LINES) IN THE WORLD, AFTER GRAND CENTRAL STATION.

9. 60TH STREET IS THE LAST COMMERCIAL STREET ON PARK AVENUE.

10. PARK AVENUE & 5TH AVE FROM THE 60'S TO THE 90'S IS THE WEALTHIEST NEIGHBORHOOD IN THE COUNTRY.

11. 108 EAST 60TH ST, IS AT THE BEGINNING, WITH THE MOST ACCESS TO THIS VERY WEALTHY POPULATION.

12. MANHATTAN IS VISITED BY 60.5 MILLION PEOPLE PER YEAR, THAT SPEND NORTH OF $60 BILLION SHOPPING AND DINING, PER YEAR.

13. THE BULK OF THIS CONSUMPTION ACTIVITY, HAPPENS BETWEEN 50TH STREET AND 72ND STREET BETWEEN LEXINGTON AND 5TH AVENUES.

LASTLY: WHO WILL BENEFIT FORM OPERATING FROM THIS BUILDING?

MY OPINION, RETAILERS THAT HAVE A PRICE POINT SLIGHTLY BELOW HERMES, THAT DELIVER HIGH QUALITY AND FASHION FORWARD DESIGNS. THESE RETAILERS WILL BE ABLE TO TAP OF THIS RIVER OF WEALTHY SHOPPERS.

COSMETIC COMPANIES (SOUTH KOREA IS A POSSIBILITY), JEWELERS, EVEN THEMED RESTAURANTS, THE LIST OF POSSIBILITIES IS LARGE, HOWEVER, IF YOU DO THE RESEARCH, YOU WILL FIND THAT THERE IS A LOT THAT CAN BE DONE HERE, VERY PROFITABLY.

THE BUSINESS MODEL FOR THIS BUILDING IS CALLED FORMALLY "THE TOURIST TRAP RETAILING MODEL". THIS MODEL IS SUCCESSFUL WHEN PROSPECTING COSTS ARE HIGH. AND SINCE EVERYONE WALSK IN NEW YORK CITY, THE MARKET IS A CAPTIVE AUDIENCE, WITH SUPER HIGH PROSPECTING COSTS.

SHOPPING IS THE UNIVERSAL PAST TIME IN MANHATTAN, SPENDING MONEY, AND PEPLE COME HERE TO DO JUST THAT. SO WHY NOT BE IN THE BEST SPOT TO OFFER GOODS AND SERVICES, IN THE WORLD.

Listing Contacts

Michael Strauss-Cassel

NY 10301202542

Listed by Strauss-Cassel Group

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