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CONFIDENTIAL OFFERING MEMORANDUM
Cushman & Wakefield has been exclusively retained to offer 410 West 49th Street, an approximately 19’ wide development site located between Ninth Avenue & Tenth Avenue in Midtown West, Manhattan. The site is 18’9” x 75’1” and is positioned in an R8 zoning district, allowing a maximum buildable SF of 3,855 for residential use above grade and an additional 1,369 SF below grade.
The site provides investors and developers a unique opportunity to develop in Hell’s Kitchen, an area that has evolved into an epicenter for restaurants, nightlife, luxury condos and turn-of-the-century renovated townhouses. Highlighted by the street dubbed “Restaurant Row,” this area contains famed cuisines.
Between Ninth & Tenth Avenues, the property is located near the A, C, E, N, R, W, B, D, & 1 subway lines as well as close proximity to Port Authority. Furthermore, the area is served by bus routes running North & South on Broadway, Seventh, Eighth, and Ninth Avenues as well as East and West along 42nd, 49th, 50th, and 57th Streets.
The Opportunity:
EXECUTIVE SUMMARY
ASKING PRICE$2,200,000
PROPERTY FEATURES
Address: 410 West 49th Street, New York, NY 10019
Location: On the south side of West 49th Street between Ninth & Tenth Avenues
Block / Lot: 1058 / 38
Tax Lot Dimensions: 18’9” x 51’1”
Tax Lot Site: 918 SF (approx.)
Zoning Lot Dimensions: 18’9” x 75’1”
Zoning Lot Size: 1,369 SF (approx.)
Proposed Stories: 4 + Roof Deck, 16’ Ceilings
Zoning: R8, Special Clinton District
Residential FAR: 4.2
Buildable Square Footage: 3,855
Buildable SF including Basement: 5,224
Annual Taxes (18/19): $11,204 (before exemptions & abatements)
FINANCIAL OVERVIEW 3
WEST 49TH STREET
WEST 48TH STREET
NIN
TH
AV
EN
UET
EN
TH
AV
EN
UE
38
BLOCK: 1058
410 WEST 49TH STREET3
PLOT PLAN
SBLM Architects 410 W 49th Street Residential
545 West 45th Street February 20, 2019New York, New York 10036Telephone 212 995 5600Fax 212 675 4228www.sblm.com
410 W 49th StreetNew York, NY 10019
Plot PlanPROPERTY SUMMARY 4
PROPERTY POTENTIAL
SINGLE FAMILY TOWNHOUSE5,224 SF townhouse, with 3,855 SF above grade and a 1,369 SF cellar. Includes 451 SF rear yard for entertaining.
DUPLEXOpportunity to create a “live + income” scenario with one unit for the owner and one unit for income purposes.
CONDOSPotential to create 4 condominium units over the 5,224 SF, including a ground floor/cellar duplex, plus 3 condominium units upstairs.
7 STORY MULTIFAMILYBy purchasing the air rights from either of the two neighbors, an 8,719 BSF, 7-story multi-family building could be constructed for significant cash flow at a low basis.
410 WEST 49TH STREET5
PROPERTY SUMMARY 6
AMENITIES MAP
I0 0.085 0.170.0425
Miles
^̂
6, 11, 22, 45
9
8
7
5
4
3
2
1
49
48
47
46
44
43
41
4039
38
37
36
35
34
33
32
31
30
29
28
27
26
25
24
23
20
19
18
17
16
15
14
13
12
10
42
21
9
4
3
2
1
12
8
7
6
5
11
1042ND ST
11T
H A
VE
8TH
AV
E
57TH ST
7TH
AV
E
39TH ST
41S
T ST
CENTRAL PARK
12TH AV
E
38TH ST
9T
H A
VE
10T
H A
VE
DY
ER
AV
E
40TH ST
7TH
AV
E
57TH ST
AV
E O
F T
HE
AM
ER
ICA
S
W 44TH ST
W 48TH ST
W 46TH ST
W 47TH ST
W 45TH ST
W 51ST ST
W 49TH ST
W 50TH ST
W 54TH ST
W 56TH ST
W 39TH ST
W 55TH ST
W 58TH ST
W 53RD ST
W 60TH ST
W 41ST ST
W 43RD ST
12T
H A
VE
W 41ST ST
W 40TH ST
W 59TH ST
W 52ND ST
W 43RD ST
W 58TH ST
W 53RD ST
W 49TH ST
W 55TH ST
W 41ST ST
BR
OA
DW
AY
9
8
7
5
4
3
2
1
18
17
16
15
14
13
11
10
6
12
I
0.5 MIles
Food, Restaurants, & Grocery
Health & Fitness
26 Chopt Creative Salad
27 Paris Baguette
28 Hale and Hearty
29 BareBurger
30 Chick-fil-A
31 Five Guys
32 Pret A Manger
33 Morton Williams Supermarkets
34 Applebee's
35 Applebee's
36 Arby's
37 Juice Press
38 TGI Fridays
39 Boston Market
40 Umami Burger
41 Cold Stone Creamery
42 D'Agostino
43 Dunkin' Donuts
44 Dunkin' Donuts
45 Dunkin' Donuts
46 Dunkin' Donuts
47 Dunkin' Donuts
48 Sherwin-Williams
49 Chipotle Mexican Grill
1 Ponche Taqueria & Cantina2 Kitchen
3 Joe Allen
4 As IS NYC
5 5 Napkin Burger
6 Jamba Juice
7 Pinkberry
8 Pinkberry
9 Muscle Maker Grill
10 The Capital Grille
11 Au Bon Pain
12 Bu�alo Wild Wings
13 The Palm Restaurant
14 Panda Express
15 Ruth's Chris Steak House
16 SUBWAY
17 SUBWAY
18 Shake Shack
19 McDonald's
20 KFC
21 Burger King
22 Starbucks
23 Starbucks
24 Starbucks
25 Starbucks
Retail
1 Nordstrom
2 ALDO
3 Old Navy
4 Staples
5 Staples
6 IMAX
7 T.J. Maxx
8 The Men's Wearhouse
9 Foot Locker
10 AMC Entertainment
11 Regal Entertainment Group
12 Cohen’s Fashion Optical
1 Planet Fitness
2 Crunch
3 Sports Clubs Network
4 Duane Reade
5 Duane Reade
6 Duane Reade
7 Duane Reade
8 Duane Reade
9 CVS
10 CVS
11 CVS
12 CVS
13 Equinox Fitness Clubs
14 The Mercedes Club
15 Athletic and Swim Club
16 Manhattan Plaza Racquet Club
17 Lifetime Fitness
18 Rite Aid
410 WEST 49TH STREET7
FINANCIAL OVERVIEW 8I
0 0.085 0.170.0425Miles
^̂
6, 11, 22, 45
9
8
7
5
4
3
2
1
49
48
47
46
44
43
41
4039
38
37
36
35
34
33
32
31
30
29
28
27
26
25
24
23
20
19
18
17
16
15
14
13
12
10
42
21
9
4
3
2
1
12
8
7
6
5
11
1042ND ST
11T
H A
VE
8TH
AV
E
57TH ST
7TH
AV
E
39TH ST
41S
T ST
CENTRAL PARK
12TH AV
E
38TH ST
9T
H A
VE
10T
H A
VE
DY
ER
AV
E
40TH ST
7TH
AV
E
57TH ST
AV
E O
F T
HE
AM
ER
ICA
S
W 44TH ST
W 48TH ST
W 46TH ST
W 47TH ST
W 45TH ST
W 51ST ST
W 49TH ST
W 50TH ST
W 54TH ST
W 56TH ST
W 39TH ST
W 55TH ST
W 58TH ST
W 53RD ST
W 60TH ST
W 41ST ST
W 43RD ST
12T
H A
VE
W 41ST ST
W 40TH ST
W 59TH ST
W 52ND ST
W 43RD ST
W 58TH ST
W 53RD ST
W 49TH ST
W 55TH ST
W 41ST ST
BR
OA
DW
AY
9
8
7
5
4
3
2
1
18
17
16
15
14
13
11
10
6
12
I
0.5 MIles
Food, Restaurants, & Grocery
Health & Fitness
26 Chopt Creative Salad
27 Paris Baguette
28 Hale and Hearty
29 BareBurger
30 Chick-fil-A
31 Five Guys
32 Pret A Manger
33 Morton Williams Supermarkets
34 Applebee's
35 Applebee's
36 Arby's
37 Juice Press
38 TGI Fridays
39 Boston Market
40 Umami Burger
41 Cold Stone Creamery
42 D'Agostino
43 Dunkin' Donuts
44 Dunkin' Donuts
45 Dunkin' Donuts
46 Dunkin' Donuts
47 Dunkin' Donuts
48 Sherwin-Williams
49 Chipotle Mexican Grill
1 Ponche Taqueria & Cantina2 Kitchen
3 Joe Allen
4 As IS NYC
5 5 Napkin Burger
6 Jamba Juice
7 Pinkberry
8 Pinkberry
9 Muscle Maker Grill
10 The Capital Grille
11 Au Bon Pain
12 Bu�alo Wild Wings
13 The Palm Restaurant
14 Panda Express
15 Ruth's Chris Steak House
16 SUBWAY
17 SUBWAY
18 Shake Shack
19 McDonald's
20 KFC
21 Burger King
22 Starbucks
23 Starbucks
24 Starbucks
25 Starbucks
Retail
1 Nordstrom
2 ALDO
3 Old Navy
4 Staples
5 Staples
6 IMAX
7 T.J. Maxx
8 The Men's Wearhouse
9 Foot Locker
10 AMC Entertainment
11 Regal Entertainment Group
12 Cohen’s Fashion Optical
1 Planet Fitness
2 Crunch
3 Sports Clubs Network
4 Duane Reade
5 Duane Reade
6 Duane Reade
7 Duane Reade
8 Duane Reade
9 CVS
10 CVS
11 CVS
12 CVS
13 Equinox Fitness Clubs
14 The Mercedes Club
15 Athletic and Swim Club
16 Manhattan Plaza Racquet Club
17 Lifetime Fitness
18 Rite Aid
AMENITIES MAP 8
410 WEST 49TH STREET IS LOCATED WITHIN A R8 ZONING DISTRICT.R8: FAR (RESIDENTIAL) 4.00
Apartment buildings in R8 districts can range from mid-rise, eight- to ten-story buildings to much taller buildings set back from the street on large zoning lots. This high density residential district is mapped along the Grand Concourse in the Bronx and on the edge of Brooklyn Heights. R8 districts are also widely mapped in Manhattan neighborhoods, such as Washington Heights. New buildings in R8 districts may be developed under either height factor regulations or the optional Quality Housing regulations that often reflect the older, pre-1961 neighborhood streetscape.
The floor area ratio(FAR) for height factor development in R8 districts ranges from 0.94 to 6.02; the open space ratio (OSR) ranges from 5.9 to 11.9. A taller building may be obtained by providing more open space. In the diagram, for example, 64% of the zoning lot with the 17-story building must be open space (6.02 FAR x 10.7 OSR). Thus, the maximum FAR is achievable only where the zoning lot is large enough to accommodate a practical building footprint as well as the required amount of open space. There are no absolute height limits; the building must be set within a sky exposure plane which, in R8 districts, begins at a height of 85 feet above the street line and then slopes inward over the zoning lot.
R8:
ZONING
410 WEST 49TH STREET9
DUE DILIGENCE 10
FLOOR PLAN
Lot 38 Area: 918
Floor Use Total Sq Ft Deduction Zoning Sq Ft F.A.R.
Cellar Stor./Mech./ Rec. Room 1,369 - N/A N/A
1st Floor Residential 849 - 849 0.92
2nd Floor Residential 849 - 849 0.92
3rd Floor Residential 849 - 849 0.92
3rd Mez Residential 228 - 228 0.25
4th Floor Residential 849 - 849 0.92
4th Mez Residential 228 - 228 0.25
Roof Residential 849 - N/A 0.39
Total Residential for Zoning Lot 3,852 4.18
410 WEST 49TH STREET11
CELLAR GROUND FLOOR 2ND FLOOR
3RD & 4TH FLOOR 3RD & 4TH MEZZ ROOF
DUE DILIGENCE 12
FOR MORE INFORMATION CONTACT:
Cushman & Wakefield Copyright 2019. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
WILL CONRADDirector(212) [email protected]
JONATHAN GARFINKELAssociate(212) [email protected]
