753 9th Avenue Offering Memorandum
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BANKRUPTCY SALE:<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
MANHATTAN<br />
<strong>753</strong> 9TH AVE<br />
MANHATTAN<br />
<strong>753</strong> 9 TH AVENUE NEW YORK, NY<br />
12 Residential Units | 1 Retail Unit<br />
5 Stories | 9,150 SF<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY | 1
INVESTMENT SALES TEAM<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
Greg Corbin<br />
President, Bankruptcy 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 2<strong>9th</strong> Street, 5th Floor<br />
New York, NY 10016<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY | 3
MANHATTAN<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
60 W 91ST ST<br />
MANHATTAN<br />
MANHATTAN<br />
<strong>753</strong> 9TH AVE<br />
MANHATTAN<br />
4 | <strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY | 5
INVESTMENT SALES TEAM<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
MANHATTAN<br />
<strong>753</strong> 9TH AVE<br />
MANHATTAN<br />
PROPERTY OVERVIEW 8<br />
FINANCIAL OVERVIEW 12<br />
INTERIOR PHOTOS 16<br />
AREA OVERVIEW 36<br />
CONTACT INFO 42<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY | 7
MANHATTAN<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
60 W 91ST ST<br />
MANHATTAN<br />
MANHATTAN<br />
PROPERTY OVERVIEW<br />
<strong>753</strong> 9TH AVE<br />
MANHATTAN<br />
8 | <strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY | 9
PROPERTY OVERVIEW<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
MANHATTAN<br />
<strong>753</strong> 9TH AVE<br />
MANHATTAN<br />
Rosewood Realty Group is pleased to present the opportunity to purchase <strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, a prime<br />
mixed-use asset currently in Bankruptcy.<br />
The 5-story building totals 9,150 SF and is located on <strong>9th</strong> <strong>Avenue</strong> between West 50th and West 51st<br />
Streets. Comprised of 12 Residential Units and 1 Retail Unit, the property has 25’ of frontage, and a<br />
roof deck with incredible panoramic views of the Manhattan skyline. The majority of the residential<br />
units have undergone renovations and upgrades and the retail space is leased to Atlas Social Club<br />
which features outdoor seating and is a popular spot for the locals.<br />
WEST 50 ST STREET<br />
ST STREET<br />
9TH AVENUE<br />
WEST 51 ST<br />
ST STREET<br />
STREET<br />
The property benefits from close proximity to Columbus Circle and Hudson Yards, one of the largest<br />
developments in the US history, at more than 18 million square feet and 14 acres of public space. In<br />
addition, the property is located just blocks to the A, C, E, 1 N, R and W Trains as well as the Hudson<br />
River Parkway.<br />
PROPERTY SNAPSHOT<br />
ADDRESS <strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY 10019<br />
PROPERTY TYPE<br />
MARKET<br />
Mixed-use<br />
Hell’s Kitchen<br />
BLOCK AND LOT 01060-0035<br />
LOT SQ. FT.<br />
LOT DIMENSIONS<br />
2,517 SF<br />
25 ft x 100 ft<br />
YEAR BUILT/RENOVATED 1920/1980<br />
NUMBER OF STORIES 5<br />
NUMBER OF UNITS<br />
GROSS SQ. FT.<br />
12 Residential/1 Commercial<br />
9,150 SF<br />
ZONING DISTRICTS R8, C1-5<br />
TAX CLASS 2<br />
10 | <strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY | 11
MANHATTAN<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
60 W 91ST ST<br />
MANHATTAN<br />
MANHATTAN<br />
FINANCIAL OVERVIEW<br />
60 W 91ST ST<br />
MANHATTAN<br />
12 | <strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY | 13
MANHATTAN<br />
FINANCIAL OVERVIEW<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
60 W 91ST ST<br />
MANHATTAN<br />
FINANCIALS<br />
RENT ROLL - 12 RESIDENTIAL UNITS<br />
INCOME<br />
Gross Income $691,983<br />
Vacancy & Collection Loss (3%) ($20,759)<br />
EFFECTIVE GROSS INCOME $671,223<br />
EXPENSES<br />
RE Taxes (2021) $145,000<br />
Water & Sewer $11,808<br />
Fuel $13,000<br />
Electric $1,800<br />
UNIT STATUS TYPE MONTHLY RENT ANNUAL RENT<br />
2A FM Studio $2,024 $24,288<br />
2B FM 1 Bedroom $2,350 $28,200<br />
2C FM 1 Bedroom $2,200 $26,400<br />
3A FM 1 Bedroom $2,400 $28,800<br />
3B FM 1 Bedroom $2,275 $27,300<br />
3C FM 1 Bedroom $2,200 $26,400<br />
4A FM 1 Bedroom $2,450 $29,400<br />
4B FM 1 Bedroom $2,500 $30,000<br />
4C RS 1 Bedroom $586 $7,030<br />
5A RS 1 Bedroom $1,970 $23,643<br />
5B FM 1 Bedroom $2,460 29,522<br />
5C FM 1 Bedroom $2,250 27,000<br />
$25,665 307,983<br />
RENT ROLL - RETAIL<br />
UNIT TENANT MONTHLY RENT ANNUAL RENT<br />
1 ATLAS SOCIAL CLUB $32,000 $384,000<br />
TOTAL<br />
# OF UNITS TOAL MONTHLY RENT ANNUAL RENT<br />
13 $57,665 $691,983<br />
Insurance $14,500<br />
Management $20,759<br />
Repairs, Maintenantce & MISC. $9,200<br />
OPERATING EXPENSES $216,067<br />
NET OPERATING INCOME $455,156<br />
14 | <strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY | 15
MANHATTAN<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
60 W 91ST ST<br />
MANHATTAN<br />
MANHATTAN<br />
INTERIOR PHOTOS<br />
60 <strong>753</strong> W 9TH 91ST AVE ST<br />
MANHATTAN<br />
16 | <strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY | 17
MANHATTAN<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
60 W 91ST ST<br />
MANHATTAN<br />
MANHATTAN<br />
AREA OVERVIEW<br />
60 <strong>753</strong> W 9TH 91ST AVE ST<br />
MANHATTAN<br />
36 | <strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY | 37
MANHATTAN<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
60 W 91ST ST<br />
MANHATTAN<br />
AREA PROFILE<br />
RETAIL MAP<br />
Hell’s Kitchen, historically defined as stretching from Eighth <strong>Avenue</strong> to the Hudson River and roughly<br />
from 34th to 5<strong>9th</strong> Streets, has been undergoing rapid gentrification in recent years. New buildings<br />
are going up, and older ones are being converted to high-end residences. The development of<br />
Hudson Yards and the High Line just to its south and the addition of the Time Warner Center on its<br />
northeast border have spurred growth.<br />
The area is also increasingly gaining a reputation as a popular dining neighborhood. Ninth <strong>Avenue</strong><br />
is known for its rows of ethnic restaurants across a variety of cuisines. In Hell’s Kitchen, being so close<br />
to water provides a convenient escape to beautiful scenery. Traveling down the piers and docks of<br />
the Hudson River offers impressive views of the skyline. Residents also enjoy a beautiful park along<br />
the West Side Highway, complete with paths and grassy knolls.<br />
RESTAURANTS & BARS<br />
BRICOLA<br />
‘RITAS<br />
BOXERS HK<br />
HIBERNIA BAR<br />
SHAKING CRAB<br />
VIV<br />
TRANSPORTATION<br />
QI<br />
CARA MILA<br />
B SQUARED<br />
AMY’S BREAD<br />
CASELLULA<br />
POULETTE<br />
ONE BLOCK FROM 50TH STREET SUBWAY STATION (A, C, E)<br />
TWO BLOCKS FROM 50TH STREET SUBWAY STATION (1)<br />
THREE BLOCKS FROM 49TH STREET SUBWAY STATION (N, R, W)<br />
FOUR BLOCKS FROM 7TH AVENUE SUBWAY STATION (E, B, D)<br />
SHOPPING<br />
AMISH MARKET<br />
WEST ELM<br />
CHASE BANK<br />
DUANE READE<br />
HUDSON MARKET PLACE<br />
MANHATTAN<br />
10TH AVENUE<br />
<strong>753</strong> 9TH AVE<br />
MANHATTAN<br />
Sacco Pizza<br />
<strong>9th</strong> <strong>Avenue</strong> Royal Deli<br />
Valhalla NYC<br />
Medi Wine Bar<br />
Westville<br />
Bar Nine<br />
Karahi<br />
Ikebana-zen<br />
Flaming Saddles Saloon<br />
Holey Cream<br />
Ariana<br />
The Distillery<br />
Casellula<br />
Wine Bar Brothers Corner<br />
Midtown Health Center<br />
<strong>9th</strong> <strong>Avenue</strong> Gourmet Deli<br />
Ageha Sushi<br />
Empanada Mama<br />
Jasper's Taphouse & Kitchen<br />
Hudson Market Place<br />
Nica & Sam Hair Salon<br />
Hibernia Bar<br />
Uncle Mario's Brick Oven Pizza<br />
Shaking Crab<br />
Amish Market<br />
7 Brothers Famous Deli<br />
VIV<br />
Manhattan Eyeworks<br />
Gazala Place<br />
iPizzaNY<br />
Krispy Krunchy Chicken<br />
Otto's Tacos<br />
Abace Sushi<br />
Leon<br />
Cara Mia<br />
9TH AVENUE<br />
Noodies Thai Kitchen<br />
Nirvana Of New York<br />
El Centro<br />
Tacuba<br />
Alfie's Kitchen & Craft Beer Bar<br />
The Meatball Shop<br />
Chong Qing Noodle<br />
Wondee Siam<br />
Thai Noodle House<br />
Poulette<br />
Badshah<br />
K Rico Steakhouse<br />
Hummus Kitchen<br />
Pure Thai Cookhouse<br />
Bombay Grill House<br />
Arriba Arriba Midtown<br />
‘ritas<br />
Bicolas<br />
Hell’s Kitchen<br />
Rafik Shoe Repair<br />
World Oyama Karate<br />
Rice 'n' Beans<br />
Boxers HK Chez Napoléon<br />
BodyFactory Skin Care<br />
Mickey Spillane's<br />
Istanbul Kebab House<br />
Out Cheese Steak<br />
Liberty Bagel & Deli<br />
Fountain House Gallery<br />
Qi<br />
Hell's Kitchen Pizza<br />
Mazzella's Market<br />
B Side Pizza<br />
& Pizza<br />
W 55TH ST<br />
W 54TH ST<br />
W 53RD ST<br />
W 52ND ST<br />
W 51ST ST<br />
W 50TH ST<br />
W 49TH ST<br />
W 48TH ST<br />
8TH AVENUE<br />
38 | <strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
<strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY | 39
W 73 ST<br />
TRANSIT MAP<br />
72nd St<br />
W 72 ST<br />
1 2 1 3 1 B C<br />
W 71 ST<br />
COLUMBUS AVE<br />
W 70 ST<br />
W 69 ST<br />
W 68 ST<br />
72nd St<br />
TAX MAP<br />
BROADWAY<br />
WEST END AVE<br />
66th St<br />
Lincoln Center<br />
1 2 1 3 1 W 66 ST<br />
W 65 ST<br />
W 64 ST<br />
CENTRAL PARK WEST<br />
WEST SIDE HWY<br />
W 63 ST<br />
W 62 ST<br />
W 61 ST<br />
W 60 ST<br />
W 59 ST<br />
W 58 ST<br />
5<strong>9th</strong> St /<br />
Columbus Circle<br />
1 A C B D<br />
W 57 ST<br />
57th St<br />
Q N R<br />
57th St<br />
F<br />
ZONING OVERVIEW<br />
W 56 ST<br />
W 55 ST<br />
ELEVENTH AVE<br />
NINTH AVE<br />
W 54 ST<br />
W 53 ST<br />
W 52 ST<br />
7th Ave<br />
B D E<br />
MANHATTAN<br />
W 51 ST<br />
40 | <strong>753</strong> <strong>9th</strong> <strong>Avenue</strong>, New York, NY<br />
<strong>753</strong> 9TH AVE<br />
MANHATTAN<br />
TENTH AVE<br />
W 50 ST<br />
W 49 ST<br />
W 48 ST<br />
W 47 ST<br />
W 46 ST<br />
W 45 ST<br />
W 44 ST<br />
W 43 ST<br />
W 42 ST<br />
50th St 50th St<br />
C E 1<br />
SEVENTH AVE<br />
EIGHTH AVE<br />
4<strong>9th</strong> St<br />
N R W<br />
Q<br />
N<br />
R<br />
7 S<br />
1 Times Sq/<br />
SIXTH AVE<br />
B<br />
D<br />
F<br />
M<br />
47th - 50th /<br />
Rockefeller Center<br />
B D F M<br />
42nd St /<br />
FIFTH AVE<br />
MANHATTAN<br />
<strong>753</strong> 9TH AVE<br />
MANHATTAN
MANHATTAN<br />
<strong>753</strong> 9TH AVE<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, Bankruptcy<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>753</strong> <strong>9th</strong> <strong>Avenue</strong>, 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.
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