For Sale - $11,000,000 - Negotiable Excellent User Opportunity -

Transcription

1 4770 White Plains Road Bronx, New York For Sale - $11,000,000 - Negotiable Excellent User Opportunity - Jerry Houlihan GHP Office Realty One West Red Oak Lane White Plains, New York Phone: ext Fax: ghpoffice.com

2 4770 WHITE PLAINS ROAD, BRONX, NY White Plains Road is exceptionally well located within the northern most neighborhood of New York City known as the Wakefield section of the Bronx. Location Map 4770 White Plains Road offers the prospective investor a property with outstanding access to the entire metropolitan region, Midtown Manhattan in particular, via both public and private transportation. The property is just blocks from the Wakefield Metro North Railroad station on the Harlem Line at 241st Street. The site is also well served by the Metropolitan Transportation System (MTA) the city s subway system with the number 2 train stopping only two blocks southeast of the property at 241st Street and the number 5 train less than four blocks from the site at Nereid Avenue. As an alternative office location, 4770 White Plains Road stands to benefit from the spectacular performance of the New York City commercial office market. Midtown Manhattan office rents have reached an historic high, trading above $80.00 PSF for the first time. The overall availability rate of Midtown Manhattan stands at 8.6%, its lowest level since December White Plains Road is located on the borough s major retail corridor, which represents the opportunity to reposition the property for a retail use. White Plains Road, which runs parallel to the Bronx River Parkway, connects to the Cross Bronx Expressway to the south of the property. Traveling east, the Cross Bronx Expressway leads to the Throgs Neck Bridge providing access to Bayside Queens and the areas major airports LaGuardia and John F. Kennedy, to the west the Cross Bronx leads to the George Washington Bridge and New Jersey. The neighborhood in which the property is located is home to many prominent Catholic secondary schools, including Mount Saint Michael Academy, which are also potential office space users; Local amenities include Van Cortland Park Golf course and stables, Pelham Bay Park and Yonkers Raceway, all within minutes of the property. INVESTMENT SUMMARY Total Square Feet....71,586± SF # of Stories basement Typical Floor plate ,020± SF Acreage. 1.06± acres Year completed /1973 addition Expected occupancy upon sale.. 32% Parking Ratio ±/1,000

3 Address 4770 WHITE PLAINS ROAD, BRONX, NY Location The property is located in the Wakefield section of the Bronx, the northernmost neighborhood in New York City. Wakefield is bounded by Westchester County line to the north, 233 rd Street to the south and the Bronx River Parkway to the west. The building is located on White Plains Road, a major retail corridor of the Bronx, and is in close proximity to several subway and bus lines which stop just blocks away. Site Layout The property was constructed for the New York Telephone Company for use as office space and parking facility for utility trucks. It is located on the northeast corner of the intersection between White Plains Road and Penfield Street. It has an irregular shape with three above-grade floors and a cellar level that houses the mechanical equipment that serves the building. Year Built 1924 (3 rd floor added in 1973) Rentable Area Basement 2,145 SF 1 st Floor 22,970 SF 2 nd Floor 23,020 SF 3 rd Floor 23,020 SF Total SF 71,586 SF Acres 1.06± Parking Site contains a parking garage, which # of Spaces houses various types of Verizon Ratio per RBA vehicles for approximately 40 spaces. There is also outdoor parking for approximately 70 vehicles. Site Size Description/Shape The building and lot have an Irregular shape. Utilities/Services Utility/Service Provider Electricity Consolidated Edison Gas Consolidated Edison Steam Consolidated Edison Water City of New York (NYCDEP) Sewer City of New York (NYCDEP) Telephone Verizon Jurisdiction and Taxes The property is located in and subject to the taxing jurisdictions of the Bronx, New York-tax class 3; City of New York. Block: 5114 Lot: 14 Permitted Use: Lot is split zoned with portions designated as R5 and The balance as R6-A with a C2-2 overlay. Permitted uses include commercial, community, and residential. The commercial uses are confined to the commercial overlay and include offices, grocery stores beauty parlors and other stores that service local residential needs. Building and Description Structural System Concrete slab on grade level. Rectangular Steel frame for the first and second floor with a steel frame for the third floor. Roof Flat roof with an asphalt roll cover and gravel ballast. Façade Granite on the first floor and aluminum panels on the second and third floors. Main Entrance Accessed from White Plains Road and in rear on second and third floors. Systems HVAC (Heating & Cooling) Steam is circulated to perimeter radiators throughout the building. Steam is produced by two boilers in the basement. The boilers fire number two oil. Cooling is performed by a split system. There are a total of 10 package units on the roof that generate chilled water that is supplied to two fan rooms. The air handling units in the fan rooms have chilled water coils. Elevators There is one 4,000 lb capacity hydraulic passenger elevators serving the first through third floors. There is on 7,000 lb capacity freight traction service elevator servicing the first and second floor. Life Safety/Sprinklers A central command station is located on the first floor in the lobby area. Loading The garage has a loading dock towards the rear with a service elevator.

4 LEASEBACK TERMS AND CONDITIONS Sales Price $11,000,000

5 AERIAL

6 MARKET HIGHLIGHTS The Bronx office market contains approximately 5,514,000 SF of space with 653,180 SF available, indicating an overall availability rate of 11.8%. Approximately 45% of the available supply is in buildings which are either proposed or under construction. As such, the current vacancy rate is only 7.0%. The Bronx as a whole is under supplied with office space to support the local population. The Bronx office market will continue to benefit from the stellar performance of the Manhattan office market. The booming Midtown market has reached historically high rental rates of over $80 PSF as of the 2 nd quarter Midtown is experiencing its lowest availability rates since 2001, with certain Midtown market areas under 5.59%. These market fundaments are pushing companies to strongly consider alternative locations, such as the neighboring boroughs. Rent growth is predicted for the Bronx office market, with four new office buildings ( rd Avenue, 2800 Bruckner Boulevard, 1360 Commerce Avenue, and 854 Westchester Avenue) that are either proposed or under construction with an average asking rent of $28.00 PSF. The Capital Region continues to have very low unemployment rates well bell those of the State of New York and federal levels.

7 Floor Plans

8 Floor Plans

9 Floor Plans