Bankruptcy Sale_60 West 91st Street Offering Memorandum
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
MANHATTAN<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
BANKRUPTCY SALE<br />
<strong>60</strong> <strong>West</strong> 91 st St. New York, NY<br />
9 Units | 5,870 SF<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 1
INVESTMENT SALES TEAM<br />
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
Greg Corbin<br />
President, <strong>Bankruptcy</strong> and Restructuring<br />
Direct: 212.359.9904<br />
Cell: 917.406.0406<br />
greg@rosewoodrg.com<br />
Aaron Kline<br />
Director<br />
Direct: 212.359.9930<br />
Cell: 914.482.4635<br />
aaron.kline@rosewoodrg.com<br />
Shaun Rose<br />
Director<br />
Direct: 212.359.9926<br />
Cell: 917.523.7656<br />
shaun@rosewoodrg.com<br />
Brandon Serota<br />
Senior Associate<br />
Direct: 212.359.9928<br />
Cell: 516.233.5293<br />
brandon@rosewoodrg.com<br />
Chaya Milworn<br />
Senior Associate<br />
Direct: 212.359.9936<br />
Cell: 917.804.7458<br />
chaya@rosewoodrg.com<br />
Elliot Haft<br />
Associate<br />
Direct: 212.359.9925<br />
Cell: 516.509.1943<br />
elliot@rosewoodrg.com<br />
Rosewood Realty Group<br />
38 East 29th <strong>Street</strong>, 5th Floor<br />
New York, NY 10016<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 3
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
MANHATTAN<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 5
INVESTMENT SALES TEAM<br />
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
MANHATTAN<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
PROPERTY OVERVIEW 8<br />
FINANCIAL OVERVIEW 12<br />
INTERIOR PHOTOS 16<br />
AREA OVERVIEW 32<br />
CONTACT INFO 38<br />
6<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 7
MANHATTAN<br />
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
MANHATTAN<br />
PROPERTY OVERVIEW<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
8 | <strong>60</strong> W <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 9
EXECUTIVE SUMMARY<br />
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
Rosewood Realty Group is pleased to present the opportunity to purchase <strong>60</strong> <strong>West</strong> <strong>91st</strong> <strong>Street</strong>,<br />
a multifamily asset currently in <strong>Bankruptcy</strong>.<br />
MANHATTAN<br />
Comprised of 9 units, the 5-story 5,870 SF building has 3 remaining tenants, but has a clear path<br />
to vacancy.<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
After the building’s final tenants vacate, investors will be afforded the opportunity to combine and<br />
deregulate units or convert the property to a private townhouse.<br />
<strong>60</strong> <strong>West</strong> <strong>91st</strong> street, a tax class 2B building, is located in the affluent neighborhood of the Upper <strong>West</strong><br />
Side. The property is situated on a quiet tree lined block just steps to Central Park, and is close to retail<br />
corridors as well as major transportation.<br />
PROPERTY SNAPSHOT<br />
WEST 91ST STREET<br />
ADDRESS <strong>60</strong> W <strong>91st</strong> <strong>Street</strong>, New York, NY 10024<br />
PROPERTY TYPE<br />
Residential<br />
MARKET<br />
Upper <strong>West</strong> Side<br />
ASSESSOR PARCEL 01204-0054<br />
LOT SQ. FT.<br />
2,013 SF<br />
CENTRAL PARK WEST<br />
LOT DIMENSIONS 20 x 101’<br />
YEAR BUILT/RENOVATED 1900/1987<br />
NUMBER OF STORIES 5<br />
NUMBER OF UNITS 9<br />
RESIDENTIAL SQ. FT.<br />
5,870 SF<br />
ZONING DISTRICTS R7-2<br />
TAX CLASS<br />
2B<br />
10 | <strong>60</strong> W <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 11
MANHATTAN<br />
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
MANHATTAN<br />
FINANCIAL OVERVIEW<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
12 | <strong>60</strong> W <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 13
MANHATTAN<br />
FINANCIAL OVERVIEW<br />
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
FINANCIALS<br />
RENT ROLLS<br />
INCOME<br />
PROJECTED GROSS INCOME $181,935<br />
VACANCY & COLLECTION LOSS (3%) ($5,458)<br />
PROJECTED EFFECTIVE GROSS INCOME $176,477<br />
UNIT Status OCCUPANCY MONTHLY RENT ANNUAL RENT<br />
A* RS Owner Occupied $1,681.62 $20,179.44<br />
B RS Vacant $882.35 $10,588.20<br />
C** FM Occupied $2,000.00 $24,000.00<br />
D FM Vacant $2,000.00 $24,000.00<br />
E FM Vacant $2,000.00 $24,000.00<br />
F*** RC Occupied $884.50 $10,614.00<br />
EXPENSES<br />
RE TAXES (2021) $82,173<br />
WATER & SEWER $9,180<br />
FUEL $9,000<br />
ELECTRIC $900<br />
INSURANCE $2,642<br />
G FM Vacant $2,000.00 $24,000.00<br />
H RS Vacant $1,523.96 $18,287.52<br />
I RS Vacant $2,188.81 $26,265.72<br />
TOTAL $15,161.24 $181,934.88<br />
* Comprised of the first floor and the basement. Debtor occupied. Should be vacant or sold free<br />
and clear of interest.<br />
** Debtor did not have the authority to sign a lease extension in June therefore lease is not valid<br />
and unit can be delivered vacant.<br />
***Open to relocation<br />
PAYROLL $4,500<br />
REPAIRS & MAINTENANTCE $4,500<br />
MANAGEMENT $5,228<br />
OPERATING EXPENSES $118,123<br />
NET OPERATING INCOME $58,354<br />
14 | <strong>60</strong> W <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 15
MANHATTAN<br />
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
MANHATTAN<br />
INTERIOR PHOTOS<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
16 | <strong>60</strong> W <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 17
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
18 | <strong>60</strong> W <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 19
PROPERTY PHOTOS<br />
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 21
PROPERTY PHOTOS<br />
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 23
PROPERTY PHOTOS<br />
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 27
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 31
MANHATTAN<br />
<strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
MANHATTAN<br />
AREA OVERVIEW<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
32 | <strong>60</strong> W <strong>91st</strong> St, New York, NY<br />
<strong>60</strong> W <strong>91st</strong> St, New York, NY | 33
BROADWAY<br />
AREA PROFILE<br />
<strong>West</strong>side Market<br />
W 97 ST<br />
The Upper <strong>West</strong> Side is one of Manhattan’s most desirable residential<br />
neighborhoods, sandwiched between the Hudson River and Central Park.<br />
Architecture of all vtypes can be found in this neighborhood, from renovated<br />
Dutch Revival rowhouses to glassy new construction luxury condominiums,<br />
and from neo-Gothic apartments to Beaux Arts luxury condos<br />
like the Kenilworth building.<br />
Dive Bar<br />
Opai Thai<br />
Rancho Tequileria<br />
Paul Saini Deli Grocery<br />
Organic Juice Bar<br />
Columbus Natural Food<br />
W 96 ST<br />
W 95 ST<br />
Home to the American Museum of Natural History, The Children’s<br />
Museum of Manhattan, and Lincoln Center’s famed ballet and opera<br />
performances, the Upper <strong>West</strong> Side is the cultural hub of<br />
Manhattan while to the north, academia thrives at Columbia University<br />
and Barnard College. Residents have access to a multitude of options for<br />
retail, as well as a host of gourmet restaurants throughout the area. The<br />
Upper <strong>West</strong> Side offers one of the most quintessential Manhattan living<br />
experiences with tree-lined streets, small shops and cafes, and fine dining<br />
and high-end retail alike.<br />
RESTAURANTS & BARS<br />
Bella Luna Restaurant<br />
Milk Bar Upper <strong>West</strong> Side<br />
Mido<br />
Gennaro<br />
Talia’s Steakhouse and Bar<br />
Carmine’s Italian Restaurant<br />
Bodrum<br />
The Mermaid Inn<br />
RETAILERS<br />
Trader Joe’s<br />
Bed Bath and Beyond<br />
Planetshed<br />
Whole Foods<br />
Bluemercury<br />
Daune Reade<br />
True Value<br />
Key Foods<br />
Rite Aid<br />
Party City<br />
Loft<br />
Modell’s<br />
Chase<br />
Starbucks<br />
WEST END AVE<br />
Telio<br />
Restaurant<br />
Barzini's<br />
Embassy<br />
Florist<br />
Elite Barber Shop<br />
99¢ Plus<br />
Discount Store<br />
Miyako Sushi<br />
The Mermaid Inn<br />
AMSTERDAM AVE<br />
Simply Sushi<br />
Mid <strong>West</strong>side<br />
Convenience<br />
LUCCIOLA<br />
Restaurant<br />
Mila Cafe<br />
New Amsterdam<br />
Burger Bar<br />
Kitchen and<br />
Bath Express<br />
COLUMBUS AVE<br />
W 94 ST<br />
Mani Market Place<br />
New <strong>West</strong>lane Wines<br />
& Liquors<br />
W 93 ST<br />
W 92 ST<br />
W 91 ST<br />
W 90 ST<br />
W 89 ST<br />
W 88 ST<br />
PS 84<br />
CENTRAL PARK WEST<br />
MANHATTAN<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
TRANSPORTATION<br />
Manhattan Puppies & Kittens<br />
Nordic Cleaners Inc<br />
W 87 ST<br />
Public Transportation is available near the subject property.<br />
5 blocks to MTA 96th <strong>Street</strong>: C, B subway lines<br />
Shen Wei<br />
Dance Arts<br />
Flowers on<br />
the Park<br />
W 86 ST<br />
5 blocks to MTA 86th <strong>Street</strong>: C, B subway lines<br />
6 blocks to MTA 96th Station: 1, 2, 3 subway lines<br />
New Green Leaf Deli<br />
Tiki Chick<br />
Good Enough To Eat<br />
W 85 ST<br />
6 blocks to MTA 86th Station: 1, 2, 3 subway lines<br />
W 84 ST
BROADWAY<br />
W 100 ST<br />
TRANSIT MAP<br />
TAX MAP<br />
TRANSIT MAP<br />
96th St<br />
1 2 1 3 1<br />
W 97 ST<br />
W 96 ST<br />
W 95 ST<br />
96th St<br />
B<br />
C<br />
W 94 ST<br />
W 93 ST<br />
W 92 ST<br />
HENRY HUDSON PKWY<br />
RIVERSIDE DR<br />
WEST END AVE<br />
86th St<br />
1<br />
AMSTERDAM AVE<br />
COLUMBUS AVE<br />
W 91 ST<br />
W 90 ST<br />
W 89 ST<br />
W 88 ST<br />
W 87 ST<br />
W 86 ST<br />
W 85 ST<br />
MANHATTAN<br />
86th St<br />
B<br />
C<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
W 84 ST<br />
79th St<br />
1<br />
W 83 ST<br />
W 82 ST<br />
W 81 ST<br />
W 77 ST<br />
W 76 ST<br />
81st St<br />
Museum of<br />
Natural History<br />
B<br />
CENTRAL PARK WEST<br />
C<br />
ZONING OVERVIEW<br />
W 75 ST<br />
W 74 ST<br />
W 73 ST<br />
72nd St<br />
1 2 1 3 1<br />
W 72 ST<br />
W 71 ST<br />
72nd St<br />
B<br />
C<br />
36 | <strong>60</strong> W <strong>91st</strong> St, New York, NY<br />
WEST<br />
AMSTE<br />
BROADWAY<br />
COLUMBUS AVE<br />
66th St W 67 ST<br />
Lincoln Center<br />
1 2 3<br />
W 70 ST<br />
W 69 ST<br />
W 68 ST<br />
W 66 ST<br />
CENTRAL
MANHATTAN<br />
<strong>60</strong> W 91ST ST<br />
MANHATTAN<br />
FOR MORE INFORMATION OR TO SET UP A VIEWING, PLEASE CONTACT<br />
THE CORBIN GROUP AT ROSEWOOD REALTY:<br />
Greg Corbin<br />
President, <strong>Bankruptcy</strong><br />
and Restructuring<br />
Direct: 212.359.9904<br />
Cell: 917.406.0406<br />
greg@rosewoodrg.com<br />
Aaron Kline<br />
Director<br />
Direct: 212.359.9930<br />
Cell: 914.482.4635<br />
aaron.kline@rosewoodrg.com<br />
Shaun Rose<br />
Director<br />
Direct: 212.359.9926<br />
Cell: 917.523.7656<br />
shaun@rosewoodrg.com<br />
Brandon Serota<br />
Senior Associate<br />
Direct: 212.359.9928<br />
Cell: 516.233.5293<br />
brandon@rosewoodrg.com<br />
Chaya Milworn<br />
Senior Associate<br />
Direct: 212.359.9936<br />
Cell: 917.804.7458<br />
chaya@rosewoodrg.com<br />
Elliot Haft<br />
Associate<br />
Direct: 212.359.9925<br />
Cell: 516.509.1943<br />
elliot@rosewoodrg.com<br />
Disclaimer: This is a confidential brochure (the “Brochure”) intended solely for your limited use and benefit in determining whether you desire to<br />
express any further interest in the proposed sale of <strong>60</strong> <strong>West</strong> <strong>91st</strong> St, New York, NY (the “Property”). The information contained herein, including<br />
any pro forma income and expense information (collectively, the “Information”) is based upon assumption and projections and has been compiled<br />
or modeled from sources we consider reliable and is based on the best available information at the time the brochure was issued. However, the<br />
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<br />
forth in this brochure, underwriting, cash flows, valuation and other financial information (or any Information that is subsequently provided or made<br />
available to you) contains any material inaccuracies, no representations or warranties, express or implied, are made with respect to the accuracy or<br />
completeness of the Information. Independent estimates of pro forma income and expenses should be developed before any decision is made on<br />
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<br />
the provisions contained therein and are qualified in their entirety by the actual document to which they relate. You understand that the Information<br />
is confidential and is furnished solely for the purpose of your review in connection with a potential investment in the property. You further understand<br />
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<br />
Realty Group. This offering is subject to prior placement and withdrawal, cancellation or modification without notice.
Change language