INCOME PRODUCING RETAIL CONDO MIDTOWN MANHATTAN - Cushman & Wakefield
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
INCOME PRODUCING RETAIL CONDO MIDTOWN MANHATTAN
PROPERTY OVERVIEW
OWNERSHIP REQUESTS PROPOSALS
PROPERTY FEATURES: PROPERTY OVERVIEW:
Address: 940 8th Avenue, New York, NY 10019 Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of a ground floor
Located on the east side of 8th Avenue between retail condominium at 940 8th Avenue. The retail condo is approximately 4,500 SF and features two (2)
Location tenants; indikitch occupying 2,750 SF until April 2024 and Lenwich occupying 1,750 SF until May 2024. The
55th and 56th Street
subject property also includes 5,000 SF of basement space currently used by both Lenwich and indikitch.
Block & Lot: 1027 / 63
Lot Dimensions: 50' x 100' Indikitch, also known at Deep Indian Kitchen, is a quick-service-restaurant featuring 4 locations in Manhattan
Lot Size: 5,000 SF and 4,800 employees globally. They also sell frozen food and have approximately 30% of the global market
Building Dimensions (SF): 50' x 95' share. Indikitch has exercised their five-year option with 3% annual rent escalations.
Ground Floor: 4,500 SF (approx.)
Lenwich was established in 1989 and has 17 locations across Manhattan with an 18th opening soon. They
Basement 5,000 SF (approx.) are well-known for their hot sandwiches and serve over 5 million customers annually. Lenwich has exercised
Building Size: 18,600 SF (approx.) their five-year option in 2019 and also pay a 3% annual rent escalation.
Retail Tenants: 2
The opportunity at 940 8th Avenue gives a potential purchaser a cash flowing asset just blocks away from
Zoning: C6-4, MiD Columbus Circle and Central Park. The property is in close proximity to the 57th Street and Columbus
Tax Class 4 Circle Subway Stations with access to the N, R, Q, W, A, C, B, D lines and experiences heavy foot traffic
Assessment (19/20): $3,160,617 throughout the day due to well-known retailers located in the surrounding area.
Taxes (19/20): $332,307
Taxes (25% allocated for ground floor): $83,077
TAX MAP
WEST 56TH STREET
EIGHTH AVENUE
BRO
63
ADW
AY
BLOCK: 1027
WEST 55TH STREET
2 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 3
PROPERTY HIGHLIGHTS
ASKING PRICE:
SUBMIT PROPOSALS
INCOME PRODUCING ASSET: LOCATED IN THE
HEART OF MIDTOWN MANHATTAN JUST 3 BLOCKS
SOUTH OF COLUMBUS CIRCLE
50' OF PRIME FRONTAGE
CEILING HEIGHTS: 11.52'
NO USE RESTRICTIONS: ALLOWS AN INVESTOR/
USER FLEXIBILITY TO FILL THE SPACE UPON LEASE
EXPIRATION
HIGH FOOD EXPENDITURE: CONSUMERS SPEND
ON AVERAGE $4,000+ ANNUALY ON FOOD AWAY
FROM HOME ON THIS BLOCK
LOW EXPENSES: TENANTS ARE RESPONSIBLE FOR A
MAJORITY OF THE EXPENSES INCLUDING THEIR OWN
UTILITIES AND THEIR SHARE OF REIMBURSEMENT OF
REAL ESTATE TAXES
INCLUDES 5,000 SF OF BASEMENT SPACE
LONG-STANDING AND WELL-ESTABLISHED
"QUICK SERVICE RESTAURANT" TENANTS OCCUPY
BOTH RETAIL COMPONENTS UNTIL 2024
TRANSPORTATION: WITHIN WALKING DISTANCE
TO 57TH STREET AND COLUMBUS CIRCLE SUBWAY
STATIONS WITH ACCESS TO THE A C B D N Q R W
4 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 5
INCOME & EXPENSES
COMMERCIAL REVENUE:
Commercial Gross Annual Income $951,942 TAX BASE MONTHLY ANNUAL
TENANT EXP. INC. TAXES OPTION(S) SF RENT/SF
YEAR RENT RENT
Lenwich Tax Reimbursement $24,324 Lenwich May-24 3% 14.14% 2008/2009 None 1,750 $93
$34,219 $410,628
Basement 2,500 Included
Deep Indian Kitchen Tax Reimbursement $31,148
Deep Indian Kitchen Apr-24 3% 33.33% 2014/2015 5 Yrs 2,750 $100
$45,110 $541,314
Adjusted Gross Annual Income $1,007,414
Basement 2,500 Included
EXPENSES (ESTIMATED): C&W Projected TOTAL MONTHLY COMMERCIAL REVENUE: $79,329
2019/2020 (25% allocated for
940 8th Avenue Tax Expense $83,077
ground floor) GROSS ANNUAL COMMERCIAL REVENUE: $951,942
Insurance Projected - $1.25 per SF $5,625
CASH FLOW — 5 YEAR
Management Fee Actual $15,000
Monthly Gross Annual Management
Start Date End Date Re Taxes* Insurance* Reimbursements* NOI
Rent Rent Fee*
Fuel Tenant Pays $0 May-2019 May-20 $77,124 $925,490 $83,077 $5,625 $15,000 $55,472 $877,260
May-2020 May-21 $79,328 $951,936 $85,569 $5,794 $15,450 $57,136 $903,712
Electric Tenant Pays $0
May-2021 May-22 $81,595 $979,140 $88,136 $5,968 $15,913 $58,850 $927,973
May-2022 May-23 $83,927 $1,007,124 $90,780 $6,147 $16,391 $60,616 $954,422
Water/Sewer Tenant Pays $0
May-2023 May-24 $86,326 $1,035,912 $93,504 $6,331 $16,883 $62,434 $981,628
*ASSUMES 3% ANNUAL INCREASE
Total Expenses: $103,702
ADJUSTED GROSS ANNUAL INCOME: $1,007,414
LESS EXPENSES: ($103,702)
NET OPERATING INCOME: $903,712
6 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 7
7
LEASE ABSTRACT
LENWICH DEEP INDIAN KITCHEN
Tenant: Lenwich Tenant: Deep Indian Kitchen
Address: 940 8th Avenue Address: 940 8th Avenue
Lease Type: Net Lease Lease Type: Net Lease
Gross Leaseable Area: 4,250 SF (approx.) Gross Leaseable Area: 5,250 SF (approx.)
Floors: Ground Floor and Basement Floors: Ground Floor and Basement
Commencement Date: May, 2007 Commencement Date: May, 2014
Expiration Date: May, 2024 Expiration Date: April, 2024
Renewal Options: NONE Renewal Options: YES
Rent Escalation: 3% Lease Extension Option: May, 2028
Lease Extension Option: NONE Rent Escalation: 3%
RE Taxes Base Year (2008/2009): $160,282 RE Taxes Base Year (2014/2015): $236,401
RE Tax Owed: 14.14% of the difference from RE Tax Owed: 14.14% of the difference from
$24,324 $31,148
Current and Base Tax Year: Current and Base Tax Year:
Utilities Passthrough: Direct Meter Utilities Passthrough: Direct Meter
Security Deposit: Sum of 4 months Fixed Annual Rent of the subject lease year Security Deposit: $230,000
BASE RENT: BASE RENT:
YEARS START DATE END DATE MONTHLY RENT ANNUAL RENT YEARS START DATE END DATE MONTHLY RENT ANNUAL RENT
1 May-19 Apr-20 $33,222 $398,659 1 May-19 May-20 $43,902 $526,826
2 May-20 Apr-21 $34,218 $410,619 2 May-20 May-21 $45,110 $541,314
3 May-21 Apr-22 $35,245 $422,938 3 May-21 May-22 $46,350 $556,200
4 May-22 Apr-23 $36,302 $435,626 4 May-22 May-23 $47,625 $571,495
5 May-23 Apr-24 $37,391 $448,695 5 May-23 May-24 $48,935 $587,221
8 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 9
LENWICH SANDWICH
NEW YORK CITY'S
"ULTIMATE SANDWICH"
Established in 1989
17 Locations in NYC
18th Store Opening Soon
4 Million Sandwiches Sold each Year
5 Million Customers Served Annually
No hokey sandwich names or any other gimmicks here -
Lenny's prides itself on fresh ingredients and speedy service.
- Time Out
... thrilled with our growth in response to record number,
and, more importantly, consistently rave reviews
in each of our 17 stores.
- Lenny Chu, CEO & Chair
10 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 11
LENWICH INTERIOR 12 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 13
DEEP INDIAN KITCHEN
FAMILY-OWNED
INDIAN FOOD GIANT
4,800 Employees Worldwide
ALWAYS MADE
FROM SCRATCH
Established over 40 Years Ago
5 Locations in NYC
$100M in Projected Sales by 2025
65% Market Share - 2018 Total Sales: $153M
Pre-Packaged Foods
• 800 items in their portfolio
• 60% market share in the frozen food market amongs ethnic
retailers
• 30% market share in indian frozen food offerings
• Sold in over 11,000 retail stores including: Whole Foods,
Kroger, Albertsons, Safeway, and Publix
Fast-Casual Dining
• "The Chipotle of Indian Food" - Business Insider
• All-nautral, GMO-free ingredients and scratch kitchen
• 5 Manhattan locations and plans for expansion across the
Northeast
14 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 15
DEEP INDIAN KITCHEN INTERIOR
16 CUSHMAN & WAKEFIELD | CAPITAL MARKETS
DEEP INDIAN KITCHEN INTERIOR
940 EIGHTH AVENUE 17
CUSHMAN & WAKEFIELD 17
FLOOR PLANS
LENWICH (GROUND FLOOR): 1,750 SF (approx.) BASEMENT: 5,000 SF (approx.)
DEEP INDIAN KITCHEN (GROUND FLOOR): 2,750 SF (approx.)
18 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 19
CUSHMAN & WAKEFIELD 19AMENITIES MAP
E 66TH ST
W 65TH ST
3
!
B E 65TH ST
2
!
D
W 64TH ST
4
W 63RD ST
MADISON AVE
3 !
5TH AVE
W 62ND ST F
1 4
W 61ST ST E 61S
5
1
W 60TH ST E 60TH ST
!
R
2 6 !
A
N !
1 Q
4 !
W 58TH ST 2
W 58TH ST
3 9 10
1 5
57TH ST 57TH ST
6 18 25 8
BR
7 14
23 31
OA
W 56TH ST W 56TH ST
2 22 29 30
_
^
DW
6 8
AY
7 12
AVE OF THE AMERICAS
W 55TH ST
11 13 15 3 20 27
E 55TH ST
5 7 7
4 5
7TH AVE
W 54TH ST
10TH AVE
17 6 E 54TH ST
8 10
11
W 53RD ST !
D
8 !
B !
E !
M
16
!
C 9 12
19 26 33 34 9 W 52ND ST
9 !
M
17
32 40 14
8TH AVE
21 24
5TH AVE
28 W 51ST ST
11 16 18
36 14
35 10
ROCKEFELLER PLZ
W 50TH ST
9TH AVE
12
13 42 !
F
7TH AVE
10 38 41
W 49TH ST 37 39
13
13 44
!
D
11 12
W 48TH ST !
B
15 15
43 W 47TH ST E 47TH ST
16
!
E
I
0 0.05 0.1 0.2
AMENITIES WITHIN 0.5 MILES OF 940 8TH AVE Miles
W 45TH ST
Food 19 Totto Ramen 38 Key Food 12 Rochester Big & Tall 12 citizenM Times Square Hotel
1 Whole Foods Market 20 Tanner Smiths 39 Lillie's Victorian 13 CVS 13 Hilton Garden Inn Times Sq
Establishment
2 Robert 21 K Rico Steakhouse 14 The Men's Wearhouse 14 The Jewel Facing
40 Chopt Creative Salad
43RD Rockefeller
ST
3 Blue Ribbon Sushi Bar & 22 Dean & DeLuca 15 Staples
41 Hale and Hearty Renaissance Times
Grill 15
23 Indian Accent 42 Au Bon Pain 16 Brooks Brothers Square Hotel
4 Marea
24 Pure Thai Cookhouse 16 W - Times Square
5 D'Agostino 43 Trattoria Trecolori 17 American Girl
25 Burger Joint 44 Del Frisco's Double Gyms
6 Kashkaval Garden 18 Anthropologie
Eagle Steakhouse
26 Danji 1 CrossFit SPOT
7 BarBacon Hell's Kitchen
27 Radiance Tea House and Books Retail 46TH ST Hotels 2 Row House
8 Guantanamera
28 B Side Pizza & Wine Bar 1 CVS 1 Trump Int'l Hotel & Tower 3 NY Sports Clubs
9 Patsy's Italian Restaurant
29 Chopt Creative Salad 2 Brooks Brothers 2 The Carnegie Hotel 4 YMCA
10 Basso56
30 Chipotle Mexican Grill 3 Bed Bath & Beyond 3 Dream Midtown 5 As One Fitness
11 Hale and Hearty
31 Hale and Hearty 4 Best Buy 4 Hilton Garden Inn Times Sq. 6 Equinox
12 Yakitori Totto
32 Ippudo Westside 5 Nordstrom 5 Courtyard by Marriott 7 Planet Fitness
13 The Original Soupman
33 Victor's Cafe 6 T.J. Maxx 6 The Ameritania Hotel 8 Crunch Fitness
14 Trattoria Dell'Arte
34 Gallaghers Steakhouse 7 Staples 7 The Blakely New York 9 Beshar Fitness
15 Vida Verde
8 Duane Reade 8 Sheraton Times Square Hotel 10 NY Sports Clubs
16 Casellula 35 Don Antonio
9 Duane Reade 9 Novotel Times Square 11 Equinox
17 Gristedes 36 Toloache 50
18 Morton Williams 10 Rite Aid 10 New York Hilton Midtown 12 Ritz Plaza Health Club
37 Churrascaria Plataforma
Supermarkets 11 Bluemercury 11 The Belvedere Hotel 13 NY Sports Clubs
DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJECT TO ERRORS, OMISSIONS, OR MODIFICATIONS. THE INFORMATION HEREIN IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY.
20 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 21THE NEIGHBORHOOD
... the biggest and best statement of the brand, and the
largest single-project investment in Nordstrom History.
- Nordstrom NYC
the most important milestone in our company's long history
- Erik Nordstrom, CEO
Park
D
W 65TH STREET SE ROA E 65TH STREET
65TH ST TRANSVER
r
EAS
T DR
W 64TH STREET E 64TH STREET
t
IVE
W 63RD STREET E 63RD STREET
BR
COLUMBUS AVENUE
e
OA
t
DW
NORDSTROM MEGASTORE
AY
W 62ND STREET E 62ND STREET
MEGASTORE:
CENTRAL PARK WEST
320,000SF E 61ST STREET
JUST 2 BLOCKS AWAY
W 61ST STREET
y 7 FLOORS
E 60TH STREET
FORECASTING
Central Park
Columbus CENTRAL PARK SOUTH
$65 WMILLION
59TH STREET E 59TH STREET
FIFTH AVENUE
MADISON AVENUE
PARK AVENUE
LEXINGTON AVENUE
SIXTH/AVENUE OF THE AMERICAS
Circle
IN SALES REVENUE
SEVENTH AVENUE
BR
OA
W 58TH STREET E 58TH STREET
SUBSTANTIAL TRAFFIC
DW
AY
85,000 VISITS
DURING THE EOPENING
W 57TH STREET 57TH STREET
WEEKEND ALONE
AT THE BASEE 56TH
W 56TH STREET OFSTREET
THE
WESTERN HEMISPHERE'S
TALLEST RESIDENTIAL
W 55TH STREET E 55TH STREET BUILDING:
THE CENTRAL PARK TOWER
22 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 23
W 54TH STREET E 54TH STREET
BROADTHE NEIGHBORHOOD
1 2 3 4
432 PARK AVENUE ONE 57 220 CENTRAL PARK SOUTH 111 WEST 57TH STREET
D
TH STREETUnits 104 Units 94 SE ROA E 65TH STREETUnits 118 Units 60
65TH ST TRANSVER
Stories 96 Stories 75 Stories 79 Stories 82
Year Built 2015 Year Built 2014 Year Built 2018 Year Built 2021
EAS
Architect Rafael Vinoly Architect Christian de Portzamparc Architect Robert A.M. Stern Architects Architect SHoP Architects
T DR
TH STREET E 64TH STREET
Amenities 24 hour doorman and concierge, private kitchen Amenities 24-hour doorman and concierge, bike storage, Amenities 24-hour doorman and concierge, porte-cochere, bike Amenities 24-hour doorman and concierge, private porte-co-
IVE
and dining room, library, lounge, conference room, laundry facility, fitness center, private yoga studio, full room, fitness center, juice bar, spa, swimming pool, chere, 82 foot pool, fitness center, dining room,
children’s playroom, screening room, storage units, catering kitchen, lounge and library, private dining/ squash court, basketball court, golf simulator room, terrace
wine cellars, bike storage, landscaped terrace, health conference room, pantry, concert hall/theatre, pet weight room, yoga/pilates room, children’s amenity
club with pool and aerobics rooms, residence only wash room, indoor pool, spa, access to room service, area, library, lounge, meeting room, dining room,
RD STREET E 63RD STREET
restaurant and catering, housekeeping, chauffeur housekeeping and concierge services, on-site parking communal terrace, on-site parking garage
services, private driveway, on-site parking available
LUXURY CONDO MARKET
ND STREETRecent Sales Recent Sales E 62ND STREETRecent Sales
Beds/ Beds/ Beds/ %CHG %CHG
Units Bath Date Sale Price SF PPSF Units Bath Date Sale Price SF PPSF Units Bath Date Sale Price SF PPSF 2Q19 2Q18 (YR) 1Q19 (QTR)
CENTRAL PARK WEST
#86B 3/4.5 6/21/2019 $29,543,232 4,028 $7,334.47 #35A 1/1.5 4/16/2019 $4,250,000 1,060 $4,009.43 #26C 2/3.5 7/17/2019 $14,611,887 2,455 $5,951.89 Sales 736 405 82% 360 104%
T STREET #53A 2/2.5 6/19/2019 $10,785,833 1,789 $6,028.97 #36A 1/1.5 3/20/2019 $4,500,000 1,060 $4,245.28 E 61ST STREET #38A 3/3.5 2/25/2019 $22,503,325 3,114 $7,226.50 Market Share 22% 13% 9% 15% 7%
#36A 3/4.5 6/18/2019 $15,750,000 4,003 $3,934.55 #36D 1/1.5 3/19/2019 $3,252,045 1,021 $3,185.16 #40A 3/3.5 2/20/2019 $23,386,675 3,114 $7,510.17
#40A 4/4.5 4/9/2019 $19,603,872 4,430 $4,425.25 #40E 2B/2 2/6/2019 $3,869,350 1,287 $3,006.49 #37A 3/3.5 2/19/2019 $22,197,850 3,114 $7,128.40 Closed new development sales increased by the greatest
percentage since Second Quarter 2010, up 82% year-over-year to
#35B 3/4.5 2/19/2019 $15,000,000 4,003 $3,747.19 #35F 3/3.5 2/6/2019 $9,020,029 2,482 $3,634.18 #39A 3/3.5 2/15/2019 $22,808,800 3,114 $7,324.60 736 closings, a three-year high. Fifteen new developments have
E 60TH STREET commenced closings so far this year, double the number that
HIGH $29,543,232 $7,334.47 #60B 3/3.5 1/29/2019 $22,158,994 4,193 $5,284.76 HIGH $23,386,675 $7,510.17
began closings in the first six months of 2018. Included among
AVERAGE $18,136,587 $5,094.09 HIGH $22,158,994 $5,284.76 AVERAGE $21,101,707 $7,108.62 these are Fifteen Hudson Yards and One Manhattan Square, each
Central AVERAGE
Park $7,841,736 $3,894.22 of which had well over 100 contracts ready to close by the start
Columbus of the quarter.
CENTRAL PARK SOUTH W 59TH STREET E 59TH STREET
FIFTH AVENUE
MADISON AVENUE
PARK AVENUE
LEXINGTON AVENUE
THIRD AVENUE
SIXTH/AVENUE OF THE AMERICAS
Circle Note: New developments are excluded because many available, unsold units
SEVENTH AVENUE
are held off the market for long periods of time.
2
BR
O
W 58TH STREET E 58TH STREET
AD
800
# OF CLOSED SALES
4
WA
600
3
Y
400
W 57TH STREET E 57TH STREET
200
1
0
2Q15 2Q16 2Q17 2Q18 2Q19
W 56TH STREET E 56TH STREET
24 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 25AREA EXPENDITURES THE NEIGHBORHOOD
2019 AVERAGE CONSUMER E 66TH ST
EXPENDITURE ON FOOD AWAY AREA OVERVIEW
FROM HOME BY BLOCK GROUP W 64TH ST
Midtown Manhattan is characterized by energized and diverse street life both day and night, prominent
office towers, and easy access to transportation. From the prestigious flagship stores on Fifth and Madison
W 63RD ST Avenues to the Midtown office core on Park and Lexington, the western side of this neighborhood is all
about business, tourism, shopping, and recreation. Moving eastward, Third, Second, and First Avenues
MADISON AVE
are predominantly lined with post-war residential towers, with mid-rise elevator and walk-up apartment
5TH AVE
buildings filling in the side streets. United Nations employees, ambassadors, and visitors flock to the area
W 61ST ST for its proximity to the UN on First Avenue and East 43rd Street.
E 61ST ST
W 60TH ST
This mix of office towers, retail flagships, foreign consulates, and desirable residential locations draw a
E 60TH ST
diverse group of shoppers, commuting businessmen and women, tourists, foreign dignitaries, and young
residents to visit, work, and live in Midtown.
W 58TH ST W 58TH ST
57TH ST 57TH ST
7TH AVE
BR
OA
W 56TH ST
W 56TH ST
DW
AY
W 55TH ST
AVE OF THE AMERICAS
W 54TH ST
E 54TH ST
W 53RD ST
W 52ND ST
W 51ST ST
10TH AVE
9TH AVE
8TH AVE
ROC KEFE LLER PLZ
W 50TH ST
7TH AVE
W 49TH ST
W 48TH ST
5TH AVE
LEGEND W 47TH ST E 47TH ST
^ 940 8th Ave
Average Consumer Expenditure
W 46TH ST
W 45TH ST W 45TH ST
on Food Away From Home by Block Group
< $2,000
$2,000 - $3,499
$3,500 - $3,999 43RD ST
$4,000 - $4,499
$4,500+
26 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 27
46TH STEAST 61ST ST
THE NEIGHBORHOOD
EAST 60TH ST
EAST 59TH ST
EAST 58TH ST
EAST 57TH ST
LOCAL ATTRACTIONS
EAST 56TH ST
Within just a few blocks of the subject property are several landmarks
EAST 55TH ST
of national and world renown such as Rockefeller Center, Central Park,
Times Square, the Theatre District, Bryant Park, Grand Central Terminal,
WEST 54TH ST EAST 54TH ST
the New York Public Library, and the Empire State Building. Central Park
WEST 53RD ST EAST 53RD ST and Bryant Park serve as an urban oasis to Midtown workers and tourists
alike from morning to night throughout all seasons. To the west, Madison
WEST 52ND ST EAST 52ND ST
Square Garden, the “world’s most famous arena” and home of the New
York Rangers and New York Knicks, plays host to performances by the
AVENUE OF THE AMERICAS
WEST 51ST ST EAST 51ST ST
world’s most famous artists on a near nightly basis. Midtown is also home
MADISON AVENUE
to the United Nations at East 43rd Street and First Avenue, and many
LEXINGTON AVENUE
WEST 50TH ST EAST 50TH ST
PARK AVENUE
2ND AVENUE
3RD AVENUE
5TH AVENUE
of the U.N.’s employees and dignitaries call the neighborhood home.
WEST 49TH ST EAST 49TH ST
ROCKEFELLER Additionally, some of New York’s oldest and most prestigious private clubs
9TH AVENUE
CENTER
8TH AVENUE
are located in Midtown, including the Yale Club and the University Club.
VNUE
WEST 48TH ST EAST 48TH ST
7TH A
WEST 47TH ST EAST 47TH ST
WEST 46TH ST EAST 46TH ST
DINING
The area’s dining options are as plentiful as they are diverse, offering
WEST 45TH ST EAST 45TH ST
something for every palate from hyper-trendy spots to oak bar classics.
Quality Meats, Quality Italian, LAVO Italian Restaurant, and Estiatorio
WEST 44TH ST EAST 44TH ST
Milos present modern high-end options. A variety of steakhouses,
WEST 43RD ST
GRAND
CENTRAL including The Palm West Side, Capital Grille, and Smith & Mastro’s
Steakhouse offer red-blooded slices of Americana and traditional
WEST 42ND ST EAST 42ND ST
corporate dining.
BRYANT
PORT AUTHORITY PARK EAST 41ST ST Nearly every one of the area’s restaurants serves as a nice spot for
after-work drinks, yet there are a number of great bars and lounges to
A MAJOR EMPLOYMENT CENTER
WEST 40TH ST EAST 40TH ST
discover. Area hotels such as The Whitby Hotel (The Whitby Bar), The
The Greater Midtown business district is one of the largest job centers
WEST 39TH ST inSTNew York City and one of the most
EAST 39TH Carnegie Hotel (The Carnegie Club) and The Peninsula New York (Salon
high-profile business addresses in the world. The area spanning Fifth and Second Avenues between East 39th De Ning at the Peninsula) all offer chic locations to enjoy cocktails
and East 57th Streets contains more than 70 million square feet of office space, more than a quarter million jobs, with coworkers, clients, or other Midtown workers that complement
and innumerable Fortune 500 Companies. local watering holes like Bill’s Bar & Burger.
Many of the world’s most iconic office buildings are located in Midtown, including the Chrysler Building, the
Graybar Building, the Helmsley Building, the Seagram Building, Lever House, the Empire State Building, and the
SHOPPING
MetLife Building.
Midtown is a submarket with no equal in regards to shopping.
Midtown Manhattan continues to be one of the most sought-after office addresses in the New York metropolitan
Recognized as one of only a handful of truly first-class shopping
region. The neighborhood serves as the economic engine of the city and perhaps even the United States, drawing
locations in the world, Fifth and Madison Avenues offer a staggeringly
in more workers than any other American central business district. The area’s tenants have historically included
impressive display of elite retailers. Among the world-class luxury
prestigious financial institutions, law offices, hedge funds and private equity firms, largely because the proximity
brands and department stores that line Midtown East’s streets are
to Grand Central Station makes for an easy commute from Westchester and Fairfield Counties, from which many
Saks Fifth Avenue, Bergdorf Goodman, Barneys, Bloomingdale’s,
high-powered executives hail.
Louis Vuitton, Prada, Giorgio Armani, Tiffany & Co., Cartier, Versace,
Area tenants serve as a who’s who of industry leaders including: NBC Universal, McGraw-Hill, The New York and Jimmy Choo. Additionally, a wide array of middle-market retailers
Times, Colgate-Palmolive, JPMorgan Chase, Bank of America, PricewaterhouseCoopers, and Cleary Gottlieb have appeared in recent years, including J. Crew, Zara, H&M, Banana
Steen & Hamilton. Republic, and Urban Outfitters. The plentiful shopping options in the
submarket continue to grow.
28 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 29THE NEIGHBORHOOD
TRANSPORTATION THE SPECIAL MIDTOWN DISTRICT ZONING
Midtown is one of the most transit-rich locations in the city. This area is centered upon Grand Central The Special Midtown District (MiD), established to guide development within the Midtown central
Terminal, one of the city’s major transportation hubs and famous civic spaces. Nearly 1,500,000 people business district, has three goals: growth, stabilization and preservation. The district was enacted in
pass through Grand Central Terminal each day on their way to Midtown’s seemingly innumerable 1982 to shift future development further to the west and south in response to an overconcentration of
offices, retailers, hotels, and restaurants. Individuals come via the 4, 5, and 6 subways that serve the development on the east side of Midtown.
entire east side of Manhattan, the 7 from Queens that runs west all the way to the Hudson Yards, or
Metro-North trains that arrive from Westchester and Connecticut. Soon, that ridership figure will grow The district establishes differing bulk and density limits for avenue frontages and midblocks, and for
as the Long Island Rail Road adds a Grand Central stop on its way towards Penn Station. each of the subdistricts—Fifth Avenue, Grand Central, Penn Center, Preservation and Theater. A floor
area bonus for public plazas, subway station improvements or theater rehabilitation is available in
The A, C, E, 1, 2, and 3 lines also drop off residents from Queens, Brooklyn, the Upper West Side,
some subdistricts. The Preservation Subdistrict is not eligible for any floor area bonuses and its base
Northern Manhattan, and the Bronx in the heart of Midtown, and almost every other train passes
floor area ratio (FAR) is lower than elsewhere in the special district in order to limit development on
through nearby Times Square just a shuttle ride away. Midtown is also easily accessible by numerous
certain side streets. Certain urban design features, such as continuity of street wall and retail uses, off-
bus lines.
street relocation of subway stairs and provision of on-site pedestrian circulation spaces, are mandated
Midtown Manhattan is undoubtedly the most connected neighborhood in the city. From all corners of within the district.
the five boroughs and the greater New York metro area, it is incredibly easy to get to the neighborhood
to both work and play. The Theatre Subdistrict requires a City Planning Commission special permit for demolition of legitimate
UMBUS AVENUE
H AVENUE
TERDAM AVENUE
DW
SON AVENUE
RAL PARK WEST
AVENUE
theaters that are not designated landmarks. In addition, a floor area bonus is available by special
AY
W 62ND STREET Heckscher E 62ND STREET
Playground
permit for rehabilitation of legitimate theaters. A flexible program for the transfer of development
rights preserves landmarked and legitimate theaters and new buildings above a certain size must
W 61ST STREET E 61ST STREET
reserve at least five percent of floor space for entertainment and theater-related uses.
NY Institue of
Technology
E 60TH STREET
The Pond
Central Park
Columbus
Circle Special use and signage requirements in keeping with the character of the area are applicable in the
W 59TH STREET A,B,C,D,1 CENTRAL PARK SOUTH W 59TH STREET E 59TH STREET
Fifth Avenue, Penn Center and Theater Subdistricts. Large illuminated signs, for example, must be
W 58TH STREET W 58TH STREET E 58TH STREET
incorporated into the facades of new buildings to ensure the continued brilliance of the celebrated
Great White Way in Times Square. In the Grand Central Subdistrict, special regulations govern transfers
W 57TH STREET W 57TH STREET E 57TH STREET of development rights and seek to expand and improve its extensive subsurface pedestrian network.
Special use restrictions in the Fifth Avenue Subdistrict reinforce its character as a showcase tourist
SIXTH/AVENUE OF THE AMERICAS
W 56TH STREET W 56TH STREET E 56TH STREET and shopping destination. Signage regulations enhance the retail uses and transit connections of the
Penn Center Subdistrict.
W 55TH STREET W 55TH STREET E 55TH STREET
W 54TH STREET W 54TH STREET
E M
BROADWAY
W 53RD STREET A W 53RD STREET E 53RD STREET
W 52ND STREET C E 52ND STREET
W 51ST STREET E 1 W 51ST STREET E 51ST STREET
Clinton
W 50TH STREET C,E
2 1 W 50TH STREET E 50TH STREET
Rockefeller Plaza
N B
W 49TH STREET
3 W 49TH STREET E 49TH STREET
R D
Park Avenue
W 48TH STREET West Side W 41ST STREET
W 48TH STREET E 48TH STREET
Q M
Hells Kitchen
Park
W 47TH STREET W 47TH STREET E 47TH STREET
FIFTH AVENUE
MADISON AVENUE
EIGHTH AVENUE
TENTH AVENUE
NINTH AVENUE
Duffy
W 46TH STREET
Square
W F W 46TH STREET E 46TH STREET
30 CUSHMAN & WAKEFIELD | CAPITAL MARKETS 940 EIGHTH AVENUE 31
W 45TH STREET
Theater W 45TH STREET E 45TH STREET
District 30
VANDERB
Gotham WestW 64TH
W 63RD ST
5TH AVE
W 61ST ST
MAURICE SUEDE
W 60TH ST E 60TH
(212) 589 5131
maurice.suede@cushwake.com
W 58TH ST W 58TH ST
WILL CONRAD
57TH ST 57TH ST
(212) 660 7740
7TH AVE
william.conrad@cushwake.com
BR
OA
W 56TH ST
W 56TH ST
DW
DANIEL SOYAK
AY
W 55TH ST
(212) 698 5552
AVE OF THE AMERICAS
daniel.soyak@cushwake.com
W 54TH ST
E 54TH S
W 53RD ST
JONATHAN GARFINKEL
(212) 660 7713
jonathan.garfinkel@cushwake.com W 52ND ST
W 51ST ST
10TH AVE
9TH AVE
8TH AVE
ROC KEFE LLER PLZ
CHARLOTTE REDICAN
(212) 713 6850 W 50TH ST
charlotte.redican@cushwake.com
7TH AVE
W 49TH ST
W 48TH ST 5TH AVE
LEGEND
Cushman & Wakefield Copyright 2019. No warranty W 47TH ST E 47TH S
or representation, express or implied, is made to
^
the accuracy or completeness of the information
contained herein, and same is submitted subject to W 46TH ST
940 8thchange
errors, omissions, Ave of price, rental or other
conditions, withdrawal without notice, and to any
Average Consumer
special listing conditions Expenditure
imposed by the property
W 45TH ST
owner(s). As applicable, we make no representation W 45TH ST
onasFood Away From
to the condition Home (or
of the property by properties)
Block Group
in question.
< $2,000
$2,000 - $3,499
$3,500 - $3,999 43RD ST
$4,000 - $4,499
$4,500+
46TH STYou can also read
