Upper East Side Mixed-use Building

Mixed-useBuilding

Upper East Side

1121 First Avenue is a five-story, mixed -use building consisting of 16 residential apartments and 2 ground-floor retail spaces. The residential unit-mix consists of 12 two-bedroom and 4 studio apartments. Situated on the east side of First Avenue between 61 st and 62nd Street

1121 First Avenue across the street from CMX Cinemas and few blocks from Whole Foods. The 4/5/6/N/R/ Q Trains are located 3 blocks away on Lexington Avenue, and the crosstown M57 bus runs along 57th Street. As currently constructed the building stands at 13,900 SF with 17,600 SF of unused air rights presenting a unique opportunity to acquire an investment with strong income and an incredible upside for development.

Actual & Proforma Rent* Monthly RentUnit 2A, Studio (Vacant) $2,500

Unit 3A, Studio (Vacant) $2,500

Unit 4B, 2BR (Vacant) $3,900

Unit 2C, 2BR (Vacant) $4,000

Unit 2D, 2BR (Vacant) $4,000

Unit 4A, Studio (Rent Stabilized) $779

Unit 4C, 2BR (Rent Controlled) $782







Unit 5B, 2BR (Vacant, Rent Stabilized) $1,001


Unit 5A, Studio (Vacant) $2,500

Hair Salon $8,000

Restaurant (Vacant) $18,000

Monthly $75,662

Annually $907,944

After Vacancy Allowance** $817,150

Proforma 2020Gross Income $832,334

Operating Expenses $393,900

Vacancy 10 Percent

Net Income $438,434

Property InformationResidential Units 16

Commercial Units 2

Stories 5

Year Built 1910

Class C7

Block/Lot 1436-26

Zoning C2-8

Frontage 45 feet

Depth 75 feet

Lot Area 3,150

Existing SF 13,900

Unused SF 17,600

Buildable SF 31,500

As Built FAR 5.0

Max FAR 10.0

Taxes $230,000

Asking Price $10,000,000

IncomeRentals $832,334

Total Income $832,334

ExpensesExterminating Expense $1,248

Fees/Permits $120

Filing Fees $75

Fuel $15,997

Insurance $18,992

Professional Fees $16,747

Repairs $50,000

Supplies $15,993

Taxes $225,046

Telephone & Internet $500

Utilities $49,182

Total Expenses $393,900

Net IncomeNet Ordinary Income $438,434

Other Income - Interest $27

Total Income $438,461

Occupied

Proforma 2020

* All vacant units are furnished** Vacancy allowance of 10%Note: Salon is on a month-to-month lease. Can be delivered vacant.

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Nathaniel FaustL icensed as Nathan ie l C Faus tL icensed A ssoc ia te Rea l Es ta te Brokerm 917.774 .1473 | o 212 .683 .830 0nfaus [email protected]

Jay ElfmanL icensed as Jay S E l fmanL icensed A ssoc ia te Rea l Es ta te Brokerm 64 6 .30 0.1272 | o 212 .995.8207je l [email protected]

Upper East Side Mixed-use Building

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