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260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5114 Fax: (646) 349-3308 pvonderahe@mmreis.com

260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5147 Cell: (516) 425-2785 jkoicim@mmreis.com

260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (212) 430-5185 Cell: (347) 552-2293 david.lloyd@mmreis.com

260 Madison Avenue, 5th Floor New York, NY 10016 Tel: (646) 805-1426 Cell: (917) 880-1475 noah.kossoff@mmreis.com

260 Madison Avenue, 5th Floor New York, NY Tel: (212) 430-5168 Fax: (212) 500-5110 adansker@marcusmillichap.com


Marcus & Millichap is pleased to offer the following opportunity located in the booming West Village neighborhood. 82 Christopher Street is located on Christopher Street between Bleecker Street and 7th Avenue South, and contains a gross square footage of 6,375. The building is built 26 x 52 feet on a 25 x 64 lot (Block: 591 Lot: 48). The property is zoned R6 (C4-5 Overlay).

Economies of Scale. Located between 7th Avenue South and Bleecker Street, 82 Christopher provides an investor with the opportunity to own a 10-unit building in the most desirable submarket in Manhattan. The property features 2 commercial units and 8 residential units. Rental Growth. With 88% Free Market units, 82 Christopher features significant in-place cash-flow with the ability to add value to the real estate by increasing current rents. In addition to the rental upside, 82 Christopher will benefit from its trophy location for years to come. Protected Tax Class. 82 Christopher Street contains 10 units, falling under the desirable protected tax class status: 2B. Tax class 2B limits tax increases to 8% annually, with a 5-year maximum increase of no more than 30%.

Trophy Location. Situated in the heart of West Village, 82 Christopher Street is strategically located near Washington Square Park, the Sheridan Square Viewing Garden, McCarthy Square, Jefferson Market Garden, and in close proximity to The Path, 1, 2, 3, A, B, C, D, E, F, and M, subway lines, this location offers terrific access to transportation, restaurants, and other amenities in Greenwich Village neighborhood. Because of these factors, renters typically pay more for buildings located in this immediate location.

TOTAL UNITS

TOTAL SQUARE FEET

FREE MARKET

PROJECTED TAXES

CAP RATE

FRONTAGE

GRM

TAX CLASS


$11,500,000

INCOME Gross Potential Residential Rent

CURRENT $328,581

PRO FORMA $349,041

OFFERING PRICE

Gross Potential Commercial Rent

$236,118

$236,118

PRICE PER SQUARE FOOT PRICE PER UNIT

Gross Income Vacancy/Collection Loss Effective Gross Income

$564,699 ($6,572) $558,127

$585,159 ($6,981) $578,178

Average Residential Rent/Month/Unit

$3,423

$3,636

EXPENSES Property Taxes Fuel

$56,358 $10,400

$56,358 $10,400

Insurance

$4,500

$4,500

Water and Sewer Repairs and Maintenance

$7,200 $6,500

$7,200 $6,500

Common Electric (PPSF) Super Salary

$1,594 $6,000

$1,594 $6,000

Management Fee Total Expenses Net Operating Income

$22,325 $114,877 $443,250

$23,127 $115,679 $462,499

SCHEDULE OF INCOME UNIT BREAKDOWN TOTAL Studio 0 1 Bedroom 8

% OF TOTAL 0% 100%

RENT $0 $3,423

$1,804 $1,150,000

TOTAL SQUARE FEET

6,375

TOTAL UNITS CURRENT CAP RATE

10 3.9%

CURRENT GRM

20.4

PRO FORMA CAP RATE PRO FORMA GRM

4.0% 19.7

PRO FORMA CASH ON CASH RETURN

PROPOSED DEBT Loan Amount Interest Rate Amortization Annual Debt Service Debt Coverage Ratio Net Cash Flow After Debt Service

1.96%

$6,500,000 3.75% 30 ($364,570) 1.22 $97,929

UPSIDE ANALYSIS $4,500 $4,000 $3,500

Tax Class: 2B

$3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 Studio

1 Bedroom

Current Avg RS Units Market Rents Current Avg FM Rents

6,375

$1,804

20.36

3.9%

SQUARE FEET

GROSS TOTAL SF

$/SF

GRM

Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyof the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus& MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2017Marcus&Millichap

CAP RATE


COMMERCIAL RENT TENANT NAME UNIT

LEASE START

SF

EXPIRATION

ACTUAL

PRO FORMA

$/PSF

Jan-17 Aug-16

500 1,000 1,500

Jan-27 Aug-26

$6,750 $12,927 $19,677

$6,750 $12,927 $19,677

$162 $155

BEDROOMS

ROOMS

SF

EXPIRATION

ACTUAL

PRO FORMA

$/PSF

1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 1 Bedroom 8

3 3 3 3 3 3 3 3 24

575 575 575 575 575 575 575 575 4,600

Mar-18 Mar-18 Mar-18 Mar-18 Nov-18 Mar-18

$3,825 $3,825 $3,825 $3,825 $3,350 $3,950 $1,087 $3,695 $27,382

$4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $1,087 $4,000 $29,087

$83 $83 $83 $83 $83 $83 $23 $83

$328,581 $236,118

$349,041 $236,118

ACTUAL $564,699

PRO FORMA $585,159

NOTES

Flip N Toss LLC 1 82 Christopher Bagel 2 MONTHLY COMMERCIAL REVENUE

RESIDENTIAL RENT LEASE STATUS UNIT#

NOTES

FM 1A FM 1B FM 2A FM 2B FM 3A FM 3B RS 4A FM 4B MONTHLY RESIDENTIAL REVENUE

Aug-18

ANNUAL RESIDENTIAL REVENUE ANNUAL COMMERCIAL REVENUE

TOTAL ANNUAL REVENUE There are currently 0 vacant units in the building. The super lives off site.

Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyof the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus& MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2017Marcus&Millichap


GROSS POTENTIAL INCOME Gross Potential Residential Rent Gross Potential Commercial Rent Gross Income Vacancy/Collection Loss Other Income Effective Gross Income Average Residential Rent/Month/Unit EXPENSES Property Taxes Tax Class: 2B Fuel Insurance Water and Sewer Repairs and Maintenance Common Electric (PPSF) Super Salary Management Fee Total Expenses Net Operating Income LEASE STATUS MIX UNIT BREAKDOWN Total Units Total RS Units Total RC Units Total FM Units Total Commercial RENTAL ANALYSIS BY UNIT TYPE TYPE Studio 1 Bedroom

ACTUAL $328,581 $236,118 $564,699 ($6,572) $0 $558,127 $3,423

%EGI 58% 42% 2%

$/UNIT $32,858 $23,612 $56,470 ($657) $0 $55,813

PRO FORMA $349,041 $236,118 $585,159 ($6,981) $0 $578,178 $3,636

%EGI 60% 40% 2%

$/UNIT $34,904 $23,612 $58,516 ($698) $0 $57,818

$56,358 $10,400 $4,500 $7,200 $6,500 $1,594 $6,000

10% 2% 1% 1% 1% 0.3% 1%

$5,636 $1,040 $450 $720 $650 $0.25 $600

$56,358 $10,400 $4,500 $7,200 $6,500 $1,594 $6,000

10% 2% 1% 1% 1% 0.3% 1%

$5,636 $1,040 $450 $720 $650 $0.25 $600

$22,325 $114,877 $443,250

4% 21%

$2,233 $11,488

$23,127 $115,679 $462,499

4% 20%

$2,313 $11,568

% OF TOTAL -13% 0%

RENT $47,058 $1,087 $0

88%

$26,295

7

$3,756

--

$19,677

2

$9,838

% OF TOTAL 0% 100%

RENT $0 $27,382

TOTAL AVG. RENT 8 $5,882 1 $1,087 0 $0

TOTAL AVG. RENT 0 $0 8 $3,423

AVERAGE RENT PER MONTH

$3,423

PERCENT FAIR MARKET

88%

TAXES AS PERCENT OF EGI

10%

EXPENSE RATIO

21%

Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyof the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus& MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2017Marcus&Millichap


CITY: STATE: BLOCK & LOT: LOT DIMENSIONS: LOT SF: BUILDING DIMENSIONS: BUILDING SF: ZONING: MAX FAR: AVAILABLE AIR RIGHTS:

New Yorki NYi 591 / 48i 25 x 64i 1,592i 26 x 52i 6,375i R6 (C4-5 Overlay)i 2.43i 0i

LANDMARK DISTRICT:

Nonei

HISTORIC DISTRICT:

Nonei

ANNUAL TAX BILL: TAX CLASS:

__$57,124i 2Bi


Manhattan is a significant part of a much larger population system; the New York City metropolitan area is the largest in the United States, with more than 19 million inhabitants in three states.

C O N F I D E N T I A L This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Š 2017 Marcus & Millichap


The island of Manhattan is one of New York City's five boroughs, approximately 13 miles long and two miles wide. Solid bedrock provides a firm foundation for the high-rise buildings that dominate the skyline. Manhattan's deep-water port and proximity to the nation's interior bolster its position as a global economic powerhouse. Manhattan also contains Central Park, which encompasses 843 acres in the center of the island and is considered one of the nation's premier public spaces.

Manhattan is home to over 1.6 million residents who are part of a much larger population system. The New York City metropolitan area is the largest in the United States, with more than 19 million inhabitants in three states. New York City consists of five boroughs with about 8.4 million people. Manhattan is well placed, situated 100 miles from Philadelphia, 210 miles from Boston, 230 miles from Washington, D.C., and 790 miles from Chicago.

New York City has an extensive mass-transportation network. Subway and bus systems serve virtually every area in the five boroughs. There are 468 stations in the New York City Transit subway system, including 147 stations in Manhattan. Grand Central Station and Penn Station, both in Midtown Manhattan, provide rail service to the suburbs and long-distance connections, while three international airports offer flights to most global destinations. The island of Manhattan is linked to the other boroughs and New Jersey by 11 bridges and four tunnels for vehicular traffic, with numerous additional tunnels for subway and rail lines. Highways along the borough's eastern and western edges connect to freeways throughout the five boroughs.

New York Harbor contains docks for freight and passenger ships and provides ferry service to New Jersey and around the city.

Large population: New York City is the United States’ largest city, with upwards of 8 million residents. Top address for corporate headquarters: 40+ Fortune 500 companies call New York City home. High barriers to development: few parcels of developable land + high costs = limits to new construction.


New York City is home to around 40 Fortune 500 companies, more than any other MSA in the country, and most are located in Manhattan. The city serves as the epicenter for a wide variety of industries, making the performance of its local economy integral to the nation. The Port of New York is also a vital component of New York’s centrality to American and regional trade. As one of the leading financial centers in the world, New York City boasts many international banks and financial firms maintaining offices in the city. Wall Street is a major driver of the local economy, as a significant number of people are employed directly in the securities industry. The city is also a hub for the media, communications and publishing industries. The major television networks have substantial operations in Manhattan, while hundreds of newspapers, magazines and several music recording companies are headquartered in the city. In addition, New York City is the advertising capital of the United States and has a growing presence in the Internet/new media field. The entertainment and tourism industries are crucial to the Manhattan economy, with numerous theaters and attractions drawing billions of dollars each year.

Manhattan is also an important location for many retailers, both national and local. Retail sales in the borough typically grew faster than the U.S. rate over the past decade.

Job growth in Manhattan slowed over the past five years as the economic downturn weighed on the local manufacturing, information, trade, transportation and utilities, and financial activities sectors. Professional and business services is the largest employment sector, accounting for over 470,000 positions, or 20 percent of the labor force. The government sector follows closely, with 19 percent of jobs in Manhattan. These sectors will post average annual gains of 2.3 percent and 1.2 percent, respectively, over the next five years. The leisure and hospitality and education and health services sectors will record the largest growth through 2015, increasing at average annual rates of 3.1 percent and 2.9 percent, respectively. An annual gain of 2.9 percent is also expected in the other services sector.

C O N F I D E N T I A L This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Š 2016 Marcus & Millichap


Over half of Manhattan’s labor market is involved in financial activities and the services sectors. This is due to New York City being the headquarters of some of the largest U.S.-based consulting businesses, accounting offices, insurance companies and legal firms, as well as the United Nations. In addition, Manhattan is the financial center of the country and home to the New York Stock Exchange, being one of the only two Alpha++ cities in the world, sharing the title with London. Many of the world's top securities firms and banks are located here. Major employers in the finance industry based in Manhattan include Goldman Sachs, JPMorgan Chase and Morgan Stanley Smith Barney. Media conglomerate Time Warner is the largest company in the information sector, employing thousands of people in Manhattan from its headquarters at the Time Warner Center in Midtown. Other large media employers in the borough are Viacom and Verizon. The education and health services sector accounts for 13 percent of jobs in Manhattan. Large employers include New York University, Columbia University, New York-Presbyterian Healthcare, Mount Sinai Hospital and Continuum Health Partners Inc.

New York City is the largest city in the United States, with over 8 million residents. An estimated 19 million people live within the tristate metro area. Among the five boroughs, Manhattan is third largest behind Brooklyn and Queens, with a population of over 1.6 million. Manhattan grew 0.7 percent annually during the past decade, a rate expected to continue through 2015. The share of Manhattan residents with a Bachelor’s degree is more than 34 percent, far above the national average of almost 28 percent. Additionally, more than 14 percent of the borough residents over age 25 have a graduate degree, compared to just over 10 percent nationally. There are significant and noteworthy differences between Manhattan’s demographic profile and the profile of the nation. In particular, residents under age 20 make up only 20 percent of Manhattan's population, compared to 27 percent at the U.S. level. Additionally, residents ages 25 to 44 comprise 37 percent of the local population, up from 27 percent nationally, as this vital job market attracts many in their prime working years.


Although Manhattan’s median household income stands at a healthy $68,100 annually, the borough also has one of the highest housing costs in the country, with the median home price resting at nearly $1.2 million.

There are two MLB teams, two NFL teams, two NHL teams and two NBA teams within the metro area. New York City has an extensive public park system, the jewel of which is Central Park in Manhattan offering natural areas, lawns, playing fields, running trails, biking paths, boating facilities and a zoo.

Manhattan offers a quality of life unique even within the nation’s largest cities. Although housing costs are among the most expensive in the country, the borough provides a variety of cultural, entertainment and employment opportunities. The area is one of the few places in the United States where a person can live without a car and rely completely upon mass transit. You can get anywhere easily by taking the subway, buses or taxicabs, and rail terminals and airports make long-distance travel accessible. A variety of entertainment options are available to Manhattanites, including Broadway shows, first-run films and famous nightlife venues.

Manhattan also boasts world class art museums including the Metropolitan Museum of Art, the Guggenheim and the Museum of Modern Art. The city's international flavor is always on display in the island's many restaurants, featuring recipes from around the world. New York’s island of Manhattan continues to rise in culture, quality of life, and wealth. As a global gateway city, New York will continue to deliver promising opportunities and investment potential.

C O N F I D E N T I A L This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap


Located in Manhattan’s downtown west region, the West Village is an extension of Greenwich Village that stretches from 14th Street to Houston Street and between Seventh Avenue to the Hudson River. The West Village streets were developed before the Commissioners Plan in 1811, which created the grid-like pattern for the rest of Manhattan. As a result, the streets were developed to be either parallel or vertical to the Hudson River. Consequently, the streets form at angles that are often not continuous, creating small, hidden pathways. Nonetheless, it is the uniqueness of the West Village streets, which are filled with historic townhomes and quaint cafes, that attract people to the area.

The northernmost point of the West Village is the Meatpacking District. Filled with renowned restaurants and high-end boutiques, the Meatpacking District attracts local residents and tourists from around the globe. Fashionable shops include Alexander McQueen, Diane Von Furstenberg, Vince, and many more. The array of restaurants and boutiques continue south throughout the West Village, particularly along Hudson and Bleecker Streets. Residents not only enjoy the neighborhood for its amenities, but for its quaint atmosphere filled with historic townhomes, restored carriage houses, and cobblestone streets that are reminiscent of Nineteenth Century Europe. The one- of-akind shops, boutiques, music venues and theatres also add to the charm of the West Village and have increased people’s desire to rent and own real estate in the area.

The West Village, first known as “little bohemia” in 1916, is regarded as an important landmark in bohemian culture. In the early 20th century, the Village attracted artistic and progressive residents who held strong viewpoints on an array of topics, spanning from cultural ideas to political movements. In 1924, the emergence of culture in the neighborhood led to the development of Cherry Lane Theatre. Formerly a tobacco warehouse and box factory, Cherry Lane has become the oldest continuously running Off-Broadway Theater that has started avant-garde genres, including Theatre of the Absurd and the Downtown Theater movement. From the 1940’s to present day, The Cherry lane Theatre is where new playwrights with great talent debut their work. The bohemian movement continued into the 1950’s when the Beat Generation, a collection of students, poets, writers, and artists, flocked to the Village to flee what they felt was oppressive social conformity. This cultural movement for individual identity continued into the 1970’s and 1980’s with the gay liberation movement. While the bohemian days are no longer present in the West Village because of increasing housing costs, which drove out many of the artists and extreme libertarians, today’s residents still exhibit a strong sense of community and are proud of the neighborhood’s history and cultural revolution.

Trains A, B, C, D, E, F and V are accessible at West 4th Street and Seventh Avenue South. The N and R trains are located at 8th Street and Sixth Avenue.


82 Christopher Street  
82 Christopher Street