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308109E
JLL has been retained on an exclusive basis to arrange for the sale of 308 East 109th Street, a 59’ wide, elevatored, mixed-use building located in the heart of East Harlem.
Completed in 2014, the 8-story property features 20 apartments and 1 street-level commercial space, currently occupied by Dear Mama Coffee. The retail space consists of approximately 1,273 rentable square feet and is achieving a monthly rent of $5,250 which equates to approximately $49/PSF. The property benefits from a 15 year 421-A tax abatement that expires in 2029 at which point all of the units will become Free Market.
All of the apartments have access to an array of amenities inclusive of a private roof deck with an incredible view of the Manhattan Skyline. The units consist of 13 one-bedrooms and 7 three-bedrooms and are currently leased for an average rent of $3,692/Per Month. The apartments feature a myriad of outdoor spaces and have individually controlled HVAC systems which are desired by tenants and lower aggregate operating expenses. The overall condition of the property and apartment finishes transcends the quality of the competing supply within the immediate area.
In regards to connectivity, the property is located steps from the shops along Second Avenue and is within close proximity to the Lexington Avenue subway line. Additionally, the property will benefit from Phase 2 of the Second Avenue Subway Expansion which is slated to include a subway station at 2nd avenue and East 106th Street just two blocks to the south. The expansion is scheduled for completion by 2029 and will act as a catalyst for both retail and residential rental growth over the longer term.
308 East 109th Street presents an excellent opportunity to acquire a turn-key, boutique apartment building within a neighborhood that possesses substantial underlying rental growth potential which will be driven by the recent East Harlem Rezoning and Phase 2 of the Second Avenue Subway expansion. Additionally, the 421A abatement provides long term shelter from the recent changes to the rent regulations allowing for full decontrol of the apartments upon its expiration. The property is being offered on an as-is where-is basis.
ADDRESS308 East 109th Street, New York, NY 10029
LOCATIONOn the south side of East 109th Street betweenFirst and Second Avenues
BLOCK / LOT STORIES1680 / 148 8
LOT SF LOT DIMENSIONS4,835 Irregular
GROSS SF BUILDING DIMENSIONS24,655 59’ x 68’
COMMERCIAL UNITS RESIDENTIAL UNITS1 20
ZONING / FAR REMAINING AIR RIGHTSR7A / 4.00 Overbuilt
ASSESSMENT (20/21) $2,216,250LESS 421a ABATEMENT - $2,175,561TAXABLE VALUE $40,689ABATED R.E. TAXES (20/21)* $5,075Note: All SF measurements are approximate*Projected taxes based on 20/21 assessment and 19/20 tax rate
ASKING PRICE: $14,500,000
5.5% CAP / $588 PSF
308 109E
308 109E
BoutiqueApartment
House
QualityConstruction
AmenitizedExcellent
Co-Tenancy
100%Occupied
421A Tax Abatement
Location Highlights
CENTRALPARK
MARCUSGARVEY
PARK
W 125th ST RFK BRIDGELE
XIN
GTO
N A
VE
THIR
D A
VE
PARK
AVE
FIFT
H A
VE
E 110th ST
E 117th ST
SECO
ND
AVE
FIRS
T AV
E
MAD
ISO
N A
VE
EAST RIVER PLAZA
DEVELOPMENTUNDERWAY
DEVELOPMENTUNDERWAY
DEVELOPMENTUNDERWAY
E 109TH ST
E 108TH ST
SECO
ND
AVE FIRST AVE
BLOCK1680
148
125th ST RETAIL CORRIDOR
308109E
Unit Tenant Lease Exp. SF Rent PSF Monthly Rent Annual RentComm. Dear Mama Cafe 7/31/2031 1,273 $49.00 $5,250 $63,000
Total Commercial Revenue: 1,273 $49.00 $5,250 $63,000
Revenue SummaryResidential Gross Income: $885,984 Commercial Gross Income: $63,000 Vacancy & Credit Loss (3%): - $28,470Effective Gross Income: $920,514
Expenses (Estimated)Real Estate Taxes (20/21): Abated $5,075Insurance: Client Projected $17,000Water & Sewer: $500 / Unit $10,000Electric/Gas: Client Projected $35,000Repairs & Maintenance: $550 / Unit $11,000Payroll: $100 / Week $5,200Elevator Maintenance: $7,000Management: 4% of EGI $36,821Total Expenses: $127,096
Effective Gross Income: $920,514Less Expenses: - $127,096Net Operating Income: $793,419
Financial SummaryCommercial Revenue
(1) Approx as per listings on Street Easy
Unit Status* Lease Exp. Beds Outdoor Space Est. SF(1) Legal Rent Rent PSF Monthly Rent Annual Rent01A 421-A Nov-20 3 Garden 1,638 $5,228 $35.90 $4,900 $58,80002A 421-A Oct-20 3 Terrace 1,213 $5,018 $49.64 $5,018 $60,21602B 421-A Feb-20 1 N/A 793 $2,944 $44.53 $2,943 $35,31602C 421-A May-21 1 Terrace 830 $3,383 $48.90 $3,382 $40,58403A 421-A Jul-20 3 Balcony 1,213 $4,466 $44.18 $4,466 $53,59203B 421-A Jun-20 1 N/A 793 $2,944 $44.53 $2,943 $35,31603C 421-A Jul-20 1 Balcony 863 $2,979 $41.42 $2,979 $35,74804A 421-A May-20 3 Balcony 1,213 $4,517 $44.69 $4,517 $54,20404B 421-A Jul-21 1 N/A 793 $2,965 $44.87 $2,965 $35,58004C 421-A Jul-20 1 Balcony 830 $3,045 $44.02 $3,045 $36,54005A 421-A Jun-20 3 Balcony 1,213 $4,450 $43.53 $4,400 $52,80005B 421-A Jun-20 1 N/A 863 $3,050 $42.41 $3,050 $36,60005C 421-A Dec-20 1 Balcony 836 $2,973 $42.66 $2,972 $35,66406A 421-A May-20 3 Balcony 1,213 $4,650 $46.00 $4,650 $55,80006B 421-A Mar-20 1 N/A 793 $3,098 $46.88 $3,098 $37,17606C 421-A Apr-20 1 Balcony 863 $3,095 $43.04 $3,095 $37,14007A 421-A Mar-20 3 Terrace 1,213 $4,522 $44.74 $4,522 $54,26407B 421-A May-20 1 Terrace 863 $2,994 $41.63 $2,994 $35,92807C 421-A May-20 1 Terrace 863 $2,893 $40.23 $2,893 $34,716
08A (PH) 421-A Oct-20 1 Terrace 2,000 $5,000 $30.00 $5,000 $60,000Total Residential Revenue: 20,899 $74,212 $42.39 $73,832 $885,984* The property currently benefits from a 15 year 421-A tax abatement that expires in 2029 at which point all of the units will become Free Market.
Total Combined Revenue: 22,172 $42.80 $79,082 $948,984
Residential Revenue
421a Tax Savings Analysis
Status Abatment Type
Benefit Year
Tax Year
Full Assessment Ratio Tax Rate Taxes Due w/o
AbatmentBenefit Amount
Total Taxes Due Savings
Residential 15 Year 421A Year 7 20/21 $2,216,250 100% 12.4730% $276,433 $271,358 $5,075 $271,358
The Property benefits 421-A tax abatement expiring in 2029. As outlined below, the abatement consists of a 15 year schedule and has a phase out period beginning in 2025 (Year 12). The abatement significantly reduces the taxes payable on the property through its expiration.
Abatement ScheduleResidential 15 Year 421a
Year 1 (2014/2015) 100%
Year 2 (2015/2016) 100%
Year 3 (2016/2017) 100%
Year 4 (2017/2018) 100%
Year 5 (2018/2019) 100%
Year 6 (2019/2020) 100%
Year 7 (2020/2021) 100%
Year 8 (2021/2022) 100%
Year 9 (2022/2023) 100%
Year 10 (2023/2024) 100%
Year 11 (2024/2025) 100%
Year 12 (2025/2026) 80%
Year 13 (2026/2027) 60%
Year 14 (2027/2028) 40%
Year 15 (2028/2029) 20%
Year 16 (2029/2030) Full Taxes
Floor Plans
15 308 EAST 109TH STREET FLOOR PLANS
FLOOR PLANS
REFUSESTORAGELOBBY
STAIR A
BEDRM.
M. BEDRM.
WALK IN CL.
LIVING ROOM
DINING AREA
PANTRY
KITT.
APT A 1436 SQ.FT.
CL
90 MIN. F.P.S.C.
S.C.
S.C.
90 MIN. F.P.S.C.
90 MIN.F.P.S.C.
APT A
S.C.
90 MIN. F.P.S.C.
1'-8"
11'-0
"
BATH
BATH
1st FLOOR, APT A
1st Floor - Apt A
16 308 EAST 109TH STREET FLOOR PLANS
EXIT
EXIT
STAIR AELEV.
STAIR B
APT A 1,088 SQ.FT.
90 MIN. F.P.S.C.
90 MIN. F.P.S.C.90 MIN. F.P.S.C. 90 MIN. F
.P.S.C.
LR/DR APT A
BR1
BR2
TERR #1
M.B.CL
KITCH.
BATHCL
CL
2nd FLOOR, APT A
2nd Floor - Apt A
Floor Plans
17 308 EAST 109TH STREET FLOOR PLANS
STAIR AELEV.
STAIR B
APT B 714 SQ.FT.
90 MIN. F.P.S.C.
90 MIN. F.P.S.C.
90 MIN. F.P.S.C.
90 MIN. F
.P.S.C.
APT B
STUDYCL
CL.
BR1
LR/DR
REFUSESTOR.
BATH
KITCH.
2nd FLOOR, APT B
2nd Floor - Apt B
18 308 EAST 109TH STREET FLOOR PLANS
STAIR AELEV.
STAIR B
CL.
APT C 737 SQ.FT.
90 MIN. F.P.S.C.
90 MIN. F.P.S.C.
90 MIN. F.P.S.C.
90 MIN. F
.P.S.C.
APT C
TERR #2
STUDY CL
LR/DR
BR 1
REFUSESTOR.
BATH
KITCH.
2nd FLOOR, APT C
2nd Floor - Apt C
Floor Plans
19 308 EAST 109TH STREET FLOOR PLANS
APT A 1,087 SQ.FT.
EXIT
EXIT
STAIR AELEV.
STAIR BC.
90 MIN. F.P.S.C.
90 MIN. F.P.S.C.90 MIN. F.P.S.C. 90 MIN. F
.P.S.C.
LR/DR
APT A
BALC.
BR1
BR2
M.B.CL
KITCH.
BATHCL
CL
TYP. FLOOR (3RD THRU 6TH), APT A
Typical Floor (3rd - 6th) - Apt A
20 308 EAST 109TH STREET FLOOR PLANS
APT B 714 SQ.FT.
STAIR AELEV.
STAIR B
90 MIN. F.P.S.C.
90 MIN. F.P.S.C.
90 MIN. F.P.S.C.
90 MIN. F.P.S.C.
APT B
STUDY
CL.
BR1
LR/DR
REFUSESTOR.
KITCH.
TYP. FLOOR (3RD THRU 6TH), APT B
Typical Floor (3rd - 6th) - Apt B
Floor Plans
21 308 EAST 109TH STREET FLOOR PLANS
APT C 737 SQ.FT.
STAIR AELEV.
STAIR B
CL. 90 MIN. F.P.S.C.
90 MIN. F.P.S.C.
90 MIN. F.P.S.C.
90 MIN. F.P.S.C.
APT C
STUDY CL
LR/DR
BR 1
REFUSESTOR.
KITCH.
BALC.
TYP. FLOOR (3RD THRU 6TH), APT C
Typical Floor (3rd - 6th) - Apt C
22 308 EAST 109TH STREET FLOOR PLANS
EXIT
EXIT
ELEV. STAIR A
STAIR B
APT A 954SQ.FT.
90 MIN. F.P.S.C.90 MIN. F.P.S.C.
90 MIN. F
.P.S.C.
90 MIN. F.P.S.C.
LR/DRAPT A
BR2KITCH.
BR1
TERRACE
M.B.
CL
BATH
BATH
CL
CL
7th FLOOR APT A
7th Floor - Apt A
Floor Plans
23 308 EAST 109TH STREET FLOOR PLANS
TERRACE
ELEV. STAIR A
STAIR B
APT B 424 SQ.FT.
90 MIN. F.P.S.C.
90 MIN. F
.P.S.C.
90 MIN. F.P.S.C.APT B
LR/DR
CL
BR1
KITT.
90 MIN. F.P.S.C.
BTH
7th FLOOR APT B
7th Floor - Apt B
24 308 EAST 109TH STREET FLOOR PLANS
ELEV. STAIR A
STAIR B
APT C 413 SQ.FT.
90 MIN. F.P.S.C.
90 MIN. F
.P.S.C.
90 MIN. F.P.S.C.
APT C
90 MIN. F.P.S.C.
TERRACE
CL
KITT.
BR 1BTH
7th FLOOR APT C
7th Floor - Apt C
Floor Plans
25 308 EAST 109TH STREET FLOOR PLANS
APT A 717 SQ.FT.
EXIT
EXIT
ELEV. STAIR A
STAIR B
REFUSE STORAGE90 MIN. F.P.S.C.
90 M
IN. F
.P.S
.C.
90 MIN. F.P.S.C.
90 MIN. F.P.S.C.
APT ALR/DR
TERRACE
TERRACE
TERRACEKITCH.
BR1
BR2
BATH
CL
8th FLOOR APT A
8th Floor - Apt A
CONRAD MARTINAssociate
+1 212 377 [email protected] com
HALL OSTERManaging Director
+1 212 377 [email protected] com
TEDDY GALLIGANAssociate
+1 212 377 [email protected] com
BRAEDON GAITAssociate
+1 212 812 [email protected] com
DISCLAIMERAlthough information has been obtained from sources deemed reliable, neither Owner nor JLL makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be differences between projected and actual results, and those differences may be material. The Property may be withdrawn without notice. Neither Owner nor JLL accepts any liability for any loss or damage suffered by any party resulting from reliance on this information. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2019. Jones Lang LaSalle IP, Inc. All rights reserved.
330 Madison Avenue, 4th FloorNew York, NY, 10017
jll.com
FOR MORE INFORMATION,PLEASE CONTACT EXCLUSIVE AGENTS:
CHRIS SKITCHAssociate
+1 212 377 [email protected]
TOM GAMMINOManaging Director
+1 212 377 [email protected] com
JEREMY SIMONAssociate
+1 212 377 [email protected] com
CONNOR MURPHYAssociate
+1 212 377 [email protected] com
308 109E