Bankruptcy Sale_305 E 61st Street New York NY

Bankruptcy Sale
305 East 61 st Street, NYC
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E 61 st Street
New York, NY
Stalled Construction
65,000+ Sq Ft Building
14 Residential Units + Retail
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INVESTMENT SALES TEAM
Greg Corbin
President, Bankruptcy and Restructuring
Direct: 212.359.9904
Cell: 917.406.0406
greg@rosewoodrg.com
Aaron Kline
Director
Direct: 212.359.9930
Cell: 914.482.4635
aaron.kline@rosewoodrg.com
William Tavoulareas
Analyst
Direct: 212.359.9923
Cell: 561.212.5555
william@rosewoodrg.com
Brandon Serota
Associate
Direct: 212.359.9928
Cell: 516.233.5293
brandon@rosewoodrg.com
Chaya Milworn
Associate
Direct: 212.359.9936
Cell: 917.804.7458
chaya@rosewoodrg.com
Elliot Haft
Associate
Direct: 212.359.9925
Cell: 516.509.1943
elliot@rosewoodrg.com
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Rosewood Realty Group
38 East 29th Street, 5th Floor
New York, NY 10016
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TABLE OF CONTENTS
EXECUTIVE SUMMARY
BANKRUPTCY AUCTION - United States Bankruptcy Court Southern District of New York
In Re: 305 East 61st Street Group LLC - Case # 19-11911-shl
8 EXECUTIVE SUMMARY
11 PROPERTY OVERVIEW
17 APARTMENTS
31 ROOF / VIEWS
35 BASEMENT / MECHANICALS
39 SPA (GROUND & BELOW
GRADE)
45 AREA OVERVIEW
65,000+ SQ FT BUILDING - STALLED CONSTRUCTION
14 Residential Units & 14,800+ Sq Ft Commercial Space
• 305 East 61st Street, Upper East Side, New York, NY 10065
• Former Art Storage Facility - Stalled Redevelopment Site - Substantially
Complete
• 65,000+ Sq Ft, 10-Story Elevator Building
• 6,208 Sq Ft Lot (49.5’ x 125.42’ Lot)
• 2 Blocks to MTA Lexington Ave-63rd St Station: F, M, Q, R Subway
• 3 Blocks to MTA 59th St-Lexington Ave Station: 4, 5, 6 Subway
• 1 Block to MTA M15, Q60, Q101 Bus Lines
14,800+ Sq Ft Commercial Space
• Currently Under Construction for International Luxury Brand AIRE Ancient
Baths New York
• Aqua Therapy Pools, Massage Therapy Rooms, Whirlpool, Steam Room,
Locker Rooms & More
• Tenant Invested a Substantial Amount of Money into the Build-out
• NNN Lease – $600,000 Annual Rent
• 15-Year Term with 4% Escalations
• Tenant has Agreed in Writing to the Above Referenced Terms - Final Lease
Pending Execution
EXECUTIVE SUMMARY
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APARTMENTS
17
ROOF / VIEWS
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31
39
SPA (GROUND FLOOR & BELOW GRADE)
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EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
BANKRUPTCY AUCTION - United States Bankruptcy Court Southern District of New York
In Re: 305 East 61st Street Group LLC - Case # 19-11911-shl
65,000+ SQ FT BUILDING - STALLED CONSTRUCTION
14 Residential Units & 14,800+ Sq Ft Commercial Space
• 305 East 61st Street, Upper East Side, New York, NY 10065
• Former Art Storage Facility - Stalled Redevelopment Site - Substantially
Complete
• 65,000+ Sq Ft, 10-Story Elevator Building
• 6,208 Sq Ft Lot (49.5’ x 125.42’ Lot)
• 2 Blocks to MTA Lexington Ave-63rd St Station: F, M, Q, R Subway
• 3 Blocks to MTA 59th St-Lexington Ave Station: 4, 5, 6 Subway
• 1 Block to MTA M15, Q60, Q101 Bus Lines
14 Residential Units
• (5) 2 Bedroom & 2.5 Bath Half-Floor Units:
• Each Unit is 2,480 Sq Ft
• (5) 3 Bedroom & 3.5 Bath Half-Floor Units:
• Each Unit is 3,098 Sq Ft
• (3) 3 Bedroom & 3.5 Bath Full-Floor Units:
• Each Unit is 5,781 Sq Ft
• (1) 3 Bedroom & 3.5 Bath Full-Floor Penthouse Unit:
• Unit is 5,781 Sq Ft
• Large Portion of Rooftop Terrace for Exclusive Penthouse Use
14,800+ Sq Ft Commercial Space
• Currently Under Construction for International Luxury Brand AIRE Ancient
Baths New York
• Aqua Therapy Pools, Massage Therapy Rooms, Whirlpool, Steam Room,
Locker Rooms & More
• Tenant Invested a Substantial Amount of Money into the Build-out
• NNN Lease – $600,000 Annual Rent
• 15-Year Term with 4% Escalations
• Tenant has Agreed in Writing to the Above Referenced Terms - Final Lease
Pending Execution
ADDITIONAL INFORMATION
• Borough: Manhattan Block: 1436 Lot: 5
• Zoning: R8B w/C2-5 Commercial Overlay
• Fireproofed Structural Steel Frame w/Reinforced Concrete or Masonry Floors
and Roofs
• Residential Units Delivered Vacant & Commercial Space Delivered Subject to
Lease
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PROPERTY OVERVIEW
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PROPERTY OVERVIEW
305 East 61st Street is a 65,000+ Sq Ft elevator building on the Upper East side.
Formally an art storage facility, the mixed-use stalled redevelopment site is substantially
complete. The 10 story building is slated for 14 luxury residential units with 14,800+
Sq Ft of commercial space. Centrally located, just blocks from the MTA Lexington
Ave-63rd St Station: F, M, Q, R Subway and MTA 59th St-Lexington Ave Station: 4, 5, 6
Subway.
PROPERTY SNAPSHOT
PROPERTY NAME
PROPERTY TYPE
305 E 61st St
Residential & Commercial
ADDRESS 305 E 61st St, New York, NY 10065
MARKET
SUBMARKET
Manhattan
Upper East Side
ASSESSOR PARCEL Block 1436, Lot 5
LOT SQ. FT. 6,208
LOT DIMENSIONS
GROSS SQUARE FOOTAGE
YEAR BUILT/RENOVATED
NUMBER OF STORIES
ZONING DISTRICTS
49.5 x 125.42 ft
65,000 SF
1900 (Estimated) / Currently in Redevelopment
10-Stories, plus Cellar Space
R8B w/C2-5 Commercial Overlay
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AUCTION DETAILS
United States Bankruptcy Court Southern District of New York - In Re: 305 East 61st Street Group LLC - Case # 19-11911-shl
BID QUALIFICATION DEADLINE:
Monday, August 10, 2020 before 12:00 Noon
• Please See Sales Procedures for Details
AUCTION LOCATION:
• Online and Phone Bidding available for pre-qualified
buyers
TERMS & CONDITIONS OF SALE/SALES PROCEDURES:
• Property will be sold free and clear of all monetary liens. In order to register
to bid, all prospective bidders must present a bank check in the amount
of $5,000,000 made payable to “Silverman Acampora LLP Attorney Escrow
IOLA Account”. Within 48 hours following the auction, Successful Bidder
must post a deposit in the total amount of 10% of the high bid. Please
download the complete Sales Procedures
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Viewings: Available by Appointment Upon Request.
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APARTMENTS
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ROOF / VIEWS
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BASEMENT / MECHANICALS
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SPA: GROUND FLOOR &
BELOW GRADE
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AREA OVERVIEW
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PROPERTY SPECIFICS
RETAIL MAP
AREA OVERVIEW
Lenox Hill is located right near Central Park, and retains characteristics of
both the Upper East Side and Midtown East. Luxury apartment buildings
stand next to elegant townhouses, mixing old and new, offering plenty of
views of the East River. The area is often filled with college students from
nearby Hunter College and Rockefeller University, and professionals from
one of the country’s best medical institutions, Lenox Hill Hospital. The
constant demand for real estate in this area has led to the building of new
developments and high-rises.
Lenox Hill offers easy access to the Upper East Side to the north and
Midtown East to the south. The presence of upscale restaurants, boutiques,
hotels, and art galleries are guaranteed to offer a wide range of options for
residents, solidifying its status as a top east side location.
Restaurants & Bars
Serendipity 3
Atami
Scalinatella
The Jeffrey Craft Beer & Bites
Treadwell Park
Club A Steakhouse
Ravagh
Moti Mahal Delux
Lunetta Pizza
16 Handles
Maya
Primal Cut Steakhouse
Shopping
Bloomingdale’s
City Hops
Bed Bath & Beyond
buybuy Baby
JackRabbit
LUSH
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PROPERTY SPECIFICS
TRANSIT MAP
AREA OVERVIEW
The subject property is located in Lenox Hill within the borough of Manhattan
in New York City. The neighborhood is named for the hill that “stood at
what became 70th Street and Park Avenue. The name “Lenox” is that of
the immigrant Scottish merchant Robert Lenox (1759-1839) who owned
about 30 acres of land “at the five milestone”, reaching from 5th Avenue
to 4th Avenue and from East 74th Street to 68th Street. For the sum of
$6,420 ($103,000 in current dollar terms) he had purchased a first set of
three parcels in 1818 at an auction held at the Tontine Coffee House of
mortgaged premises of Archibald Gracie, in order to protect Gracie’s heirs
from foreclosure, as he was executor of Gracie’s estate. Several months later
he purchased three further parcels, extending his property north to 74th
Street. According to one source, “Thereafter these two tracts were known
as the ‘Lenox Farm.’” The tenant farmhouse stood on the rise of ground
between Fifth and Madison avenues and 70th and 71st Streets, which would
have been the hill, if the property had ever been called “Lenox Hill”. The
railroad right-of-way of the New York & Harlem Railroad passed along the
east boundary of the property.
Robert Lenox’s son James Lenox divided most of the farm into blocks of
building lots and sold them during the 1860s and 1870s. He also donated land
for the Union Theological Seminary along the railroad right-of-way between
69th and 70th Streets, and just north of it a full square block between Madison
and Fourth Avenue, 70th and 71st streets, for the Presbyterian Hospital. He
built the Lenox Library on a full block front of Fifth Avenue, now the site of
the Frick Collection.
TRANSPORTATION
Public Transportation is available near the subject property.
2 Blocks to MTA Lexington Ave-63rd St Station: F, M, Q, R Subway
3 Blocks to MTA 59th St-Lexington Ave Station: 4, 5, 6 Subway
1 Block to MTA M15, Q60, Q101 Bus Lines
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AMENITIES MAP
PLOT MAP
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ZONING: R8B DISTRICT WITH C2-5 OVERLAY
TAX MAP
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FOR MORE INFORMATION OR TO SET UP A VIEWING, PLEASE CONTACT
THE CORBIN GROUP AT ROSEWOOD REALTY:
Greg Corbin
President, Bankruptcy and Restructuring
Direct: 212.359.9904
Cell: 917.406.0406
greg@rosewoodrg.com
Aaron Kline
Director
Direct: 212.359.9930
Cell: 914.482.4635
aaron.kline@rosewoodrg.com
Brandon Serota
Associate
Direct: 212.359.9928
Cell: 516.233.5293
brandon@rosewoodrg.com
Chaya Milworn
Associate
Direct: 212.359.9936
Cell: 917.804.7458
chaya@rosewoodrg.com
Elliot Haft
Associate
Direct: 212.359.9925
Cell: 516.509.1943
elliot@rosewoodrg.com
Disclaimer: This is a confidential brochure (the “Brochure”) intended solely for your limited use and benefit in determining whether you desire to
express any further interest in the proposed sale of 305 E 61st Street, New York, NY (the “Property”). The information contained herein, including
any pro forma income and expense information (collectively, the “Information”) is based upon assumption and projections and has been compiled
or modeled from sources we consider reliable and is based on the best available information at the time the brochure was issued. However, the
Information is subject to change and is not guaranteed as to completeness or accuracy. While we have no reason to believe that the Information set
forth in this brochure, underwriting, cash flows, valuation and other financial information (or any Information that is subsequently provided or made
available to you) contains any material inaccuracies, no representations or warranties, express or implied, are made with respect to the accuracy or
completeness of the Information. Independent estimates of pro forma income and expenses should be developed before any decision is made on
whether to invest in the property. Summaries of any documents are not intended to be comprehensive or all-inclusive, but rather only outline some of
the provisions contained therein and are qualified in their entirety by the actual document to which they relate. You understand that the Information
is confidential and is furnished solely for the purpose of your review in connection with a potential investment in the property. You further understand
that the Information is not to be used for any other purpose or made available to any other person without the express written consent of Rosewood
Realty 56 Group. This offering is subject to prior placement and withdrawal, cancellation or modification without notice.