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336 East 53 rd Street

336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. [email protected]

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Page 1: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

336 East 53rd Street

Page 2: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

M A R K E T I N G T E A M

3 3 6 E a s t 5 3 r d S t r e e t

Peter Von Der Ahe260 Madison Avenue, 5th FloorNew York, NYTel: (212) 430-5114Fax: (646) [email protected]

Joe Koicim260 Madison Avenue, 5th FloorNew York, NY 10016Tel: (212) 430-5147Cell: (516) [email protected]

Danny Handweiler260 Madison Avenue, 5th FloorNew York, NYTel: (212) 430-5138Cell: (917) [email protected]

Jared Bernstein260 Madison Ave, 5th FloorNew YorkTel: 646-805-1451Cell: (862) [email protected]

Page 3: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

3 3 6 E a s t 5 3 r d S t r e e t

INVESTMENT OVERVIEW

PRICING & FINANCIAL ANALYSIS

PROPERTY DESCRIPTION

MARKET OVERVIEW

Section I

Section II

Section III

Section IV

TA B L E O F C O N T E N T S

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I N V E S T M E N T O V E R V I E W

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O F F E R I N G M E M O R A N D U M

11,389TOTAL SQUARE FEET

$209,505PROJECTED TAXES

THE OFFERING

New York Multifamily is pleased to offer the followingopportunity located in the booming Upper East Side & SuttonPlace. 336 East 53rd Street is located on the South Side of 53rdStreet between Second and First Avenue. The building contains agross square footage of 11,389 total square feet. The building isbuilt 25 x 65 feet on a 25 x 100 lot (Block: 1345 Lot: 36). Theproperty is zoned R8B.

THE OPPORTUNITY

100% Free Market. This unique opportunity provides aninvestor with the ability to acquire an elevatored mixed-usebuilding that is 100% Free market. The building is comprised of 5residential units and 1 commercial unit. Regardless of theinvestors use for the building, the Free Market status isextremely favorable in such a controversial political climate.

User Component. The commercial component of the buildingwill be delivered vacant allowing an investor or user to come inand immediately utilize the space. There are two separateentrances to the building, one of which to the residential portionand elevator, and the other to the commercial. The commercialcomponent is highlighted by a private outdoor space.

Of the five residential units, four of them are 2 Bedroom 2 Bathsfull floor units with an average rent of $6,000. Three out of thefour 2-bedroom units have 2 private outdoor terraces.

The penthouse unit features a duplex with two beds, two andhalf baths, and three private terraces. All residential units consistof granite countertops and stainless-steel appliances as well asjetted bathtubs and oversized showers.

336 East 53rd StreetIs being offered at

| $11,950,000

These full-floor units are complemented by keyed elevator service,high beamed ceilings and generous closet space. All units utilizecentral Air-Conditioning and heat.

With a vacant commercial space, this is the perfect opportunity fora user to occupy the space as well as potentially use one or all theapartment’s upstairs.

Prime Location. Sutton Place area has continued to be one of themost versatile in Manhattan. Not many places in New York City aresurrounded by high-end luxury apartments, Class A office, worldclass dining as well as Schools and Consulates. A short walk awaythere are numerous Consulates including Tanzania, Iceland &Royal Thai. Popular eateries such as: Pierre Loti, The Smith,Wolfgang’s and Crave Fish bar. Exercise hotspots including: SoulCycle & Equinox. Also, in the area there are multiple Starbucks,parking garages and luxury condominium buildings.

LISTING METRICS

6TOTAL UNITS

25 'FRONTAGE

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SURROUNDING AREA MAP

Tal Bagels

M15

Consulate General of Nepal

Consulate General of Peru

Consulate General of Germany

Consulate General of Ukraine

Consulate General of Singapore Consulate

General of Saudi Arabia

Consulate General of Thailand

336 East 53rd

Street Consulate General of Hungary

M57

Pierre LotiSmith &Wollensky

Hillstone

10 Minute Walking Radius

Trump WorldTower

Mr. Chow

Page 7: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com
Page 8: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

P R I C I N G & F I N A N C I A L A N A LY S I S

Page 9: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

F INANCIAL OVERVIEW

P R I C I N G & F I N A N C I A L A N A LY S I S

Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyoftheinformation. References to square footage or age are approximate. Buyer mustverify the information and bears all risk for any inaccuracies. Any projections, opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus&MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2019Marcus&Millichap

3 3 6 E a s t 5 3 r d S t r e e t

INCOME CURRENT PRO FORMAGross Potential Residential Rent $405,360 $416,678Gross Potential Commercial Rent $120,000 $122,400Gross Income $525,360 $539,078

PRICE PER SQUARE FOOT $1,049 Vacancy/Collection Loss ($8,107) ($8,334)PRICE PER UNIT $1,991,667 Other Income (Storage) $12,000 $12,000TOTAL SQUARE FEET 11,389 Effective Gross Income $529,253 $542,745TOTAL UNITS 6 Average Residential Rent/Month/Unit $6,756 $6,945CURRENT CAP RATE 2.1%CURRENT GRM 22.2 EXPENSESPRO FORMA CAP RATE 2.2% Property Taxes Tax Class: 2A $209,505 $209,505PRO FORMA GRM 21.7 Fuel $4,265 $4,265PRO FORMA CASH ON CASH RETURN 0.77% Insurance $7,393 $7,393

Water and Sewer $6,500 $6,500Repairs and Maintenance $8,500 $8,500

PROPOSED DEBT Common Electric (PPSF) $5,294 $5,294Loan Amount $3,150,000 Super Salary $6,000 $6,000Interest Rate 4.75% Management Fee $15,878 $16,282Amortization 30 Elevator Contract $12,477 $12,477Annual Debt Service ($199,110) Total Expenses $275,812 $276,216Debt Coverage Ratio 1.27 Net Operating Income $253,441 $266,528Net Cash Flow After Debt Service $67,419

UPSIDE ANALYSIS SCHEDULE OF INCOMEUNIT BREAKDOWN TOTAL % OF TOTAL RENTStudio 0 0% $01 Bedroom 0 0% $02 Bedroom 5 100% $6,7563 Bedroom 0 0% $04 Bedroom 0 0% $05 Bedroom 0 0% $06 Bedroom 0 0% $0SRO 0 0% $0

$/SF

$11,950,000OFFERING PRICE

CAP RATEGRM

22.2411,389 $1,049 2.1%SQUARE FEET

GROSS TOTAL SF

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

Studio 1Bedroom

2Bedroom

3Bedroom

4Bedroom

5Bedroom

6Bedroom

SRO

Current Avg RS UnitsMarket RentsCurrent Avg FM Rents

Page 10: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

P R I C I N G & F I N A N C I A L A N A LY S I S

RENT ROLL

Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyoftheinformation. References to square footage or age are approximate. Buyer mustverify the information and bears all risk for any inaccuracies. Any projections, opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus&MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2019Marcus&Millichap

3 3 6 E a s t 5 3 r d S t r e e t

UNIT TENANT NAME NOTES LEASE START EXPIRATION ACTUAL PRO FORMA

1 Vacant - Projected $10,000 $10,200$10,000 $10,200

RESIDENTIAL RENTUNIT# LEASE STATUS NOTES BEDROOMS ROOMS EXPIRATION ACTUAL PRO FORMA

2 FM 2 Baths 2 Bedroom 4 Aug-20 $5,500 $5,7203 FM 2 Baths 2 Bedroom 4 Sep-20 $5,600 $5,8244 FM 2 Baths 2 Bedroom 4 Jul-20 $6,100 $6,3445 FM 2 Baths 2 Bedroom 4 Aug-20 $6,380 $6,6356 FM 2.5 Baths 2 Bedroom 4 Mar-20 $10,200 $10,200MONTHLY RESIDENTIAL REVENUE 10 20 $33,780 $34,723

ANNUAL RESIDENTIAL REVENUE $405,360 $416,678ANNUAL COMMERCIAL REVENUE $120,000 $122,400

ACTUAL PRO FORMATOTAL ANNUAL REVENUE $525,360 $539,078There are currently 0 vacant units in the building. The super lives off site.There are 6 total units.

336 East 53rd Street

MONTHLY COMMERCIAL REVENUE

COMMERCIAL RENT

Page 11: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

P R I C I N G & F I N A N C I A L A N A LY S I S

INCOME AND EXPENSE ANALYSIS

Thisinformationhasbeensecuredfromsourceswebelievetobereliable,butwemakenorepresentationsorwarranties,expressedorimplied,astotheaccuracyoftheinformation. References to square footage or age are approximate. Buyer mustverify the information and bears all risk for any inaccuracies. Any projections, opinions,assumptionsorestimatesusedhereinareforexamplepurposesonlyanddonotrepresentthecurrentorfutureperformanceoftheproperty.Marcus&MillichapRealEstateInvestmentServicesisaservicemarkofMarcus&MillichapRealEstateInvestmentServices,Inc.©2019Marcus&Millichap

3 3 6 E a s t 5 3 r d S t r e e t

GROSS POTENTIAL INCOME ACTUAL PRO FORMA%EGI $/UNIT %EGI $/UNIT

Gross Potential Residential Rent $405,360 77% $67,560 $416,678 77% $69,446Gross Potential Commercial Rent $120,000 23% $20,000 $122,400 23% $20,400Gross Income $525,360 $87,560 $539,078 $89,846Vacancy/Collection Loss ($8,107) 2% ($1,351) ($8,334) 2% ($1,389)Other Income (Storage) $12,000 $2,000 $12,000 $2,000Effective Gross Income $529,253 $88,209 $542,745 $90,457Average Residential Rent/Month/Unit $6,756 $6,945

EXPENSESProperty Taxes Tax Class: 2A $209,505 40% $34,918 $209,505 39% $34,918Fuel (Tenants Pay) $4,265 1% $711 $4,265 1% $711Insurance $7,393 1% $1,232 $7,393 1% $1,232Water and Sewer $6,500 1% $1,083 $6,500 1% $1,083Repairs and Maintenance $8,500 2% $1,417 $8,500 2% $1,417Common Electric (PPSF) $5,294 1.0% $0.46 $5,294 1.0% $0.46Super Salary $6,000 1% $1,000 $6,000 1% $1,000Management Fee $15,878 3% $2,646 $16,282 3% $2,714Elevator Contract $12,477 2% $2,080 $12,477 2% $2,080Total Expenses $275,812 52% $45,969 $276,216 51% $46,036Net Operating Income $253,441 $266,528

LEASE STATUS MIXUNIT BREAKDOWN % OF TOTAL RENT TOTAL AVG. RENTTotal Units -- $43,780 5 $8,756Total RS Units 0% $0 0 $0Total RC Units 0% $0 0 $0Total FM Units 100% $33,780 5 $6,756Total Commercial -- $10,000 1 $10,000

RENTAL ANALYSIS BY UNIT TYPETYPE % OF TOTAL RENT TOTAL AVG. RENTStudio 0% $0 0 $01 Bedroom 0% $0 0 $02 Bedroom 100% $33,780 5 $6,7563 Bedroom 0% $0 0 $04 Bedroom 0% $0 0 $05 Bedroom 0% $0 0 $06 Bedroom 0% $0 0 $0SRO 0% $0 0 $0

UPSIDE ANALYSIS

100%

AVERAGE RENTPER MONTH

$6,756PERCENT

FAIR MARKET

TAXES AS PERCENT OF EGI

40%

EXPENSE RATIO

52%

$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000

Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5 Bedroom 6 Bedroom SRO

Current Avg RS Units Market Rents Current Avg FM Rents

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3 3 6 E a s t 5 3 r d S t r e e t

Page 13: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

P R O P E R T Y D E S C R I P T I O N

Page 14: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

PROPERTY DESCRIPTION

CITY: New Yorki

STATE: NYi

BLOCK & LOT: 1345 / 36i

LOT DIMENSIONS: 25 ft X 100 fti

LOT SF: 2,500i

BUILDING DIMENSIONS: 25 ft X 65 fti

BUILDING SF: 11,389

ZONING: R8Bi

MAX FAR: 4.00i

AVAILABLE AIR RIGHTS: 550i

LANDMARK DISTRICT: Nonei

HISTORIC DISTRICT: Nonei

ANNUAL TAX BILL: __$209,505i

TAX CLASS: 2Ai

3 3 6 E a s t 5 3 r d S t r e e t

Page 15: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

B O R O U G H

Manhattan is a significant part of a much larger population system; the New York City metropolitan area is the largest in the United States, with more than 19 million inhabitants in three states.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Referencesto square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are forexample purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap RealEstate Investment Services, Inc. © 2019 Marcus & Millichap

C O N F I D E N T I A L

Page 16: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com
Page 17: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

P R O P E R T Y D E S C R I P T I O N

FLOORPLANS

F i r s t F l o o r A r c h

3 3 6 E a s t 5 3 r d S t r e e t

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P R O P E R T Y D E S C R I P T I O N

FLOORPLANS

F l o o r 2

3 3 6 E a s t 5 3 r d S t r e e t

Page 19: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

P R O P E R T Y D E S C R I P T I O N

FLOORPLANS

F l o o r s 3 - 4 - 5

3 3 6 E a s t 5 3 r d S t r e e t

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P R O P E R T Y D E S C R I P T I O N

FLOORPLAN

P E N T H O U S E

3 3 6 E a s t 5 3 r d S t r e e t

Page 21: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

P R O P E R T Y D E S C R I P T I O N | P R O P E R T Y P H O T O S

3 3 6 E a s t 5 3 r d S t r e e t

Page 22: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

P R O P E R T Y D E S C R I P T I O N | P R O P E R T Y P H O T O S

3 3 6 E a s t 5 3 r d S t r e e t

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P R O P E R T Y D E S C R I P T I O N | P R O P E R T Y P H O T O S

3 3 6 E a s t 5 3 r d S t r e e t

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P R O P E R T Y D E S C R I P T I O N | P R O P E R T Y P H O T O S

3 3 6 E a s t 5 3 r d S t r e e t

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P R O P E R T Y D E S C R I P T I O N | P R O P E R T Y P H O T O S

3 3 6 E a s t 5 3 r d S t r e e t

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M A R K E T O V E R V I E W

Page 27: 336 East 53 rd Street - Amazon Web Services · 2020-02-28 · New York, NY 10016. Tel: (212) 430-5147. Cell: (516) 425 -2785. joseph.koicim@mmreis.com

The island of Manhattan is one of New York City's five boroughs,approximately 13 miles long and two miles wide. Solid bedrockprovides a firm foundation for the high-rise buildings that dominatethe skyline.

Manhattan's deep-water port and proximity to the nation's interiorbolster its position as a global economic powerhouse. Manhattanalso contains Central Park, which encompasses 843 acres in thecenter of the island and is considered one of the nation's premierpublic spaces.

B O R O U G H

Manhattan is home to over 1.6 million residents who are part of amuch larger population system. The New York City metropolitanarea is the largest in the United States, with more than 19 millioninhabitants in three states. New York City consists of five boroughswith about 8.4 million people.

Manhattan is well placed, situated 100 miles from Philadelphia, 210miles from Boston, 230 miles from Washington, D.C., and 790 milesfrom Chicago.

I N F R A S T R U C T U R E

New York City has an extensive mass-transportation network.Subway and bus systems serve virtually every area in the fiveboroughs. There are 468 stations in the New York City Transitsubway system, including 147 stations in Manhattan. Grand CentralStation and Penn Station, both in Midtown Manhattan, provide railservice to the suburbs and long-distance connections, while threeinternational airports offer flights to most global destinations.

The island of Manhattan is linked to the other boroughs and NewJersey by 11 bridges and four tunnels for vehicular traffic, withnumerous additional tunnels for subway and rail lines. Highwaysalong the borough's eastern and western edges connect to freewaysthroughout the five boroughs.

G R O W T H PAT T E R N S

Large population:New York City is the United States’ largest city, with upwards of 8 million residents.

Top address for corporate headquarters:40+ Fortune 500 companies call New York City home.

High barriers to development:few parcels of developable land + high costs = limits to new construction.

M A R K E T H I G H L I G H T S

New York Harbor contains docks for freight andpassenger ships and provides ferry service to NewJersey and around the city.

MANHATTAN

3 3 6 E a s t 5 3 r d S t r e e t

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E C O N O M Y

New York City is home to around 40 Fortune 500companies, more than any other MSA in the country, andmost are located in Manhattan. The city serves as theepicenter for a wide variety of industries, making theperformance of its local economy integral to the nation. ThePort of New York is also a vital component of New York’scentrality to American and regional trade.

As one of the leading financial centers in the world, NewYork City boasts many international banks and financialfirms maintaining offices in the city.

Wall Street is a major driver of the local economy, as asignificant number of people are employed directly in thesecurities industry. The city is also a hub for the media,communications and publishing industries. The majortelevision networks have substantial operations inManhattan, while hundreds of newspapers, magazines andseveral music recording companies are headquartered inthe city. In addition, New York City is the advertising capitalof the United States and has a growing presence in theInternet/new media field. The entertainment and tourismindustries are crucial to the Manhattan economy, withnumerous theaters and attractions drawing billions ofdollars each year.

Manhattan is also an important location for many retailers,both national and local. Retail sales in the borough typicallygrew faster than the U.S. rate over the past decade.

L A B O R

Job growth in Manhattan slowed over the past five years asthe economic downturn weighed on the localmanufacturing, information, trade, transportation andutilities, and financial activities sectors.

Professional and business services is the largestemployment sector, accounting for over 470,000 positions,or 20 percent of the labor force. The government sectorfollows closely, with 19 percent of jobs in Manhattan. Thesesectors will post average annual gains of 2.3 percent and 1.2percent, respectively, over the next five years.

The leisure and hospitality and education and healthservices sectors will record the largest growth through 2015,increasing at average annual rates of 3.1 percent and 2.9percent, respectively. An annual gain of 2.9 percent is alsoexpected in the other services sector.

MANHATTAN

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates usedherein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap

C O N F I D E N T I A L

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E M P L O Y E R S

Over half of Manhattan’s labor market is involved infinancial activities and the services sectors. This is due toNew York City being the headquarters of some of thelargest U.S.-based consulting businesses, accountingoffices, insurance companies and legal firms, as well as theUnited Nations. In addition, Manhattan is the financialcenter of the country and home to the New York StockExchange, being one of the only two Alpha++ cities in theworld, sharing the title with London. Many of the world'stop securities firms and banks are located here. Majoremployers in the finance industry based in Manhattaninclude Goldman Sachs, JPMorgan Chase and MorganStanley Smith Barney.

Media conglomerate Time Warner is the largest company inthe information sector, employing thousands of people inManhattan from its headquarters at the Time WarnerCenter in Midtown. Other large media employers in theborough are Viacom and Verizon. The education and healthservices sector accounts for 13 percent of jobs inManhattan. Large employers include New York University,Columbia University, New York-Presbyterian Healthcare,Mount Sinai Hospital and Continuum Health Partners Inc.

D E M O G R A P H I C S

New York City is the largest city in the United States, withover 8 million residents. An estimated 19 million people livewithin the tristate metro area. Among the five boroughs,Manhattan is third largest behind Brooklyn and Queens,with a population of over 1.6 million. Manhattan grew 0.7percent annually during the past decade, a rate expected tocontinue through 2015.

The share of Manhattan residents with a Bachelor’s degreeis more than 34 percent, far above the national average ofalmost 28 percent. Additionally, more than 14 percent ofthe borough residents over age 25 have a graduate degree,compared to just over 10 percent nationally. There aresignificant and noteworthy differences betweenManhattan’s demographic profile and the profile of thenation.

In particular, residents under age 20 make up only 20percent of Manhattan's population, compared to 27 percentat the U.S. level. Additionally, residents ages 25 to 44comprise 37 percent of the local population, up from 27percent nationally, as this vital job market attracts many intheir prime working years.

MANHATTAN

3 3 6 E a s t 5 3 r d S t r e e t

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Although Manhattan’s median household income stands ata healthy $68,100 annually, the borough also has one of thehighest housing costs in the country, with the median homeprice resting at nearly $1.2 million.

Q U A L I T Y O F L I F E

Manhattan offers a quality of life unique even within thenation’s largest cities. Although housing costs are amongthe most expensive in the country, the borough provides avariety of cultural, entertainment and employmentopportunities. The area is one of the few places in theUnited States where a person can live without a car andrely completely upon mass transit. You can get anywhereeasily by taking the subway, buses or taxicabs, and railterminals and airports make long-distance travel accessible.A variety of entertainment options are available toManhattanites, including Broadway shows, first-run filmsand famous nightlife venues.

There are two MLB teams, two NFL teams, two NHL teamsand two NBA teams within the metro area. New York Cityhas an extensive public park system, the jewel of which isCentral Park in Manhattan offering natural areas, lawns,playing fields, running trails, biking paths, boating facilitiesand a zoo.

Manhattan also boasts world class art museums includingthe Metropolitan Museum of Art, the Guggenheim and theMuseum of Modern Art. The city's international flavor isalways on display in the island's many restaurants, featuringrecipes from around the world.

New York’s island of Manhattan continues to rise in culture, quality of life, and wealth. As a global gateway city, New York will continue to deliver promising opportunities and investment potential.

MANHATTAN

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information.References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates usedherein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap

C O N F I D E N T I A L

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G E O G R A P H Y / N E I G H B O R H O O D

Midtown East extends from 34th Street to 59th Street,between Fifth Avenue and the East River. Within theseboundaries lie smaller residential and commercialneighborhoods with some of the most iconic buildings inManhattan:

Sutton Place, between East 53rd Street to East 59th Streetalong the East River; Turtle Bay, from East 42nd Street to53rd Street, between Lexington Avenue and the East River;Tudor City, from East 40th Street to 43rd Street, between1st and 2nd Avenues; Murray Hill, from East 34th Street toEast 42nd Street, between 5th and 2nd Avenues.

A R E A A M E N I T I E S

Living in Midtown not only offers the advantage of walkingto work, but being able to walk to everything. Filled with anabundance of stores and boutiques, Fifth Avenue is hometo luxury shops that include Bergdorf Goodman, Saks FifthAvenue, Henri Bendel, and Tiffany’s, as well as fundestinations like FAO Schwartz! Along Lexington Avenue isthe fashionable and landmark department store since1861, Bloomingdales, or otherwise known as “Bloomies.”Once locals are done shopping and walking along FifthAvenue, they enjoy no shortage of restaurants and bars tochoose from for entertainment.

Just at the northern tip of Midtown East is the most famouspark in the world: Central Park. For nearly 150 years,residents and tourists alike have been flocking to the parkfor a peace and quiet escape. The park also offers activitiesthat include strolling though Strawberry Fields and theGreat Lawn, exploring the Central Park Zoo, relaxing on ahorse-drawn carriage ride, or even rowing a boat to theLoeb Boathouse. Whatever your recreational activity ofchoice, Central Park has something for everyone.

A R E A A M E N I T I E S

The “Plaza District,” a term frequently used to specify themost expensive region of Midtown from a commercial realestate standpoint, lies between 42nd and 59th Streets, fromThird Avenue to Seventh Avenue. As New York’s largestcentral business district, Midtown Manhattan serves as thebusiest single commercial district in the United States, andis home to the most diverse group of real estate in thecountry

The majority of Manhattan’s tallest skyscrapers, hotels, andapartment establishments lie in the central business districtof Midtown Manhattan. Midtown East is home to several ofthe largest corporations in Manhattan, including theChrysler Building, Graybar Building, and the Lever House.Even further, it is difficult to think about Midtown Eastwithout mentioning the iconic Empire State Building, whichserves as an anchor to the amazing Manhattan skyline aswell as a tourist magnet attracting visitors from across theglobe. The Grand Central Terminal is another magnificent,historic building in Midtown East that has undergone amulti-million dollar renovation and consequently inspiredthe restoration and development of new construction officebuildings and hotels throughout the neighborhood. Formany professionals who wish to reside close to work,Midtown East is the perfect place to live. The neighborhoodoffers a mix of new-luxury high-rise condominiums as wellas traditional pre-war townhomes and classic cooperatives.Beekman Place and Sutton Place are two of the mostexpensive neighborhoods in Midtown East, and featureluxurious pre-war homes that are within walking distance offive area parks.

S U B WAY A C C E S S

7 to Grand Central | 4,5,6 to Grand Central | 7 to Fifth Ave. | E,V to Fifth Ave.-53rd. St. | 6 to 51st St. | E,M to 53rd St.-Lexington Ave. | 4,5,6 to 59th St.-Lexington Ave.

MIDTOWN EAST

3 3 6 E a s t 5 3 r d S t r e e t

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