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BESEN
INVESTMENT
SALES TEAM
Greg Corbin
Executive Managing Director
(646) 424-5077
Aaron Kline
Director
(646) 472-8747
Miguel Jauregui
Director
(212) 951-8402
Brandon Serota
Associate
(646) 472-8732
Leah Chen
Associate
(646) 604-7020
Paul J. Nigido
Senior Financial Analyst
(646) 424-5350
Besen & Associates
381 Park Avenue South
New York, NY 10016
Tel: (212) 689-8488
Fax: (212) 689-9518
LOCATION OVERVIEW
TABLE OF CONTENTS
PROPERTY OVERVIEW
EXECUTIVE SUMMARY
15
11
EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS
PROPERTY OVERVIEW
LOCATION MAP
PROPERTY PHOTOS
FINANCIAL OVERVIEW
INCOME/EXPENSE REPORT
RENT ROLL
LOCATION OVERVIEW
TRANSPORTATION MAPS
ZONING OVERVIEW
R8-B
11
15
21
41
55
PROPERTY PHOTOS
309 East 60th Street, New York, NY 10022 | 9
25
43
EXECUTIVESUMMARY
• Located in Lenox Hill on the north side of East 60th Street in the heart of Manhattan’s Midtown East
Decoration & Design District, steps from the Roosevelt Island Tram, close to all transportation
• User Opportunity - vacant ground floor retail includes 500 sq ft basement and 1,000 sq ft rear yard
• Two of the studio apartments have been renovated and combined into a 1-bedroom unit, creating
two separate entrances with two separate full bathrooms, gorgeous bamboo floors, new kitchen and
tons of natural light
• Tax Class 2B preserves a low and stable expense ratio, as well as capping increases in assessed
values
• The Certificate of Occupancy permits “Eating and drinking place with unlimited entertainment, Use
Group 12” on the ground floor – ideal for restaurant/wine bar, day care, fitness, & spa/nails
• Additional air rights of approximately 6,800± BSF are intact for future development
EXECUTIVE SUMMARY
Besen & Associates, as exclusive agent for Ownership, is pleased to offer for sale 309 East 60th
Street, New York, NY 10022 (the “Property”); a well-maintained, 4-story, 5,740± square foot mixed-use
building located between First and Second Avenue in the Lenox Hill neighborhood of the Upper East
Side.
The Property features six (6) one-bedroom apartments, ground floor retail, useable basement space,
and a sun-drenched 1,000 sq. ft. rear yard. The vacant ground-floor retail contains 1,200 sq. ft. on-
grade, a 500 sq. ft. storage basement, 6,800 Sq. Ft. of air rights, and 25’ of prime retail frontage. Only
one of the units is market at $2,700 / month, the remaining five units average only $826 /
month providing for a 232% jump in income for these units when rents are raised to
market. This property presents an exceptional investment opportunity to purchase and reposition a
25’ wide mixed-use building on Manhattan’s prestigious Lenox Hill / Upper East Side.
The Property benefits from incredible access to public transportation, neighborhood attractions,
restaurants, retail, and local amenities. Two blocks away is the Lexington Avenue/59th Street Station
servicing the 4,5,6 as well as the N,R,W subway trains. Nearby attractions include the Bloomingdale’s
Flagship Store, Central Park, the Decoration & Design Building, the Church of Our Lady Peace, Trinity
Baptist Church, Roosevelt Island Tramway and the headquarters to the United Nations.
Asking Price: $4,000,000
309 East 60th Street, New York, NY 10022 | 13
INVESTMENT & PROPERTY HIGHLIGHTS
50 Orange Street, Brooklyn, NY 11201 | 14
PROPERTYOVERVIEW
PROPERTY OVERVIEWNeighborhood Lenox Hill – Upper East Side
LocationNorth side of East 60th Street between Second
and First Avenues
Block / Lot 1435 / 7
Lot & Built Size 25’ x 100.42’ (Built 53’)
Lot Size (SF) 2,510± SF
Gross Building Area 5,740± SF
Stories & Building Class 4-Story Mixed-Use Building (C7)
Zoning C8-4
FAR (built / allowed) 2.29 / 5.0
Available Air Rights 6,800± SF
Year Built Circa 1940 | Altered 1987
Assessment & Taxes (18/19) $433,501 / $55,136
7
EAST 60th STREET
EAST 61st STREET
2nd
AV
EN
UE
1stA
VE
NU
EBlock: 1435
Lot
TAX MAP
309 East 60th Street, New York, NY 10022 | 17
LOCATION MAP
309 East 60th Street
AERIAL MAP
Central Park
Lenox Hill
Upper East Side
309 East 60th Street, New York, NY 10022 | 19
309 East 60th Street
FINANCIALOVERVIEW
FINANCIALOVERVIEW
FINANCIALOVERVIEW
REVENUE AMOUNT
Residential (actual) $82,000
Commercial (projected) $120,000
EFFECTIVE GROSS INCOME: $202,000
ESTIMATED EXPENSES
Real Estate Taxes (18/19) $55,150
Water & Sewer $3,500
Fuel $10,700
Utilities $1,200
Insurance $5,850
Management / Visiting Super $4,500
Repairs, Maintenance & Supplies $5,000
TOTAL EXPENSES: $85,900
NET OPERATING INCOME: $116,100
PROJECTED INCOME & EXPENSE
309 East 60th Street, New York, NY 10022 | 23
APT # TENANT MONTHLY RENT LAYOUT STATUS
2W Tenant 1 $138.00 1 – Bedroom / 1 Bath RS
2E Tenant 2 $248.45 1 – Bedroom / 1 Bath RS
3W Tenant 3 $1,321.97 1 – Bedroom / 2 Bath RS
3E Tenant 4 $1,408.76 1 – Bedroom / 1 Bath RS
4W Tenant 5 $2,700.00 1 – Bedroom / 1 Bath FM
4E Tenant 6 $1,017.28 1 – Bedroom / 1 Bath RS
Residential Monthly Income: $6,834.46
Residential Annual Income: $82,013.52
RESIDENTIAL RENT ROLL
FLOOR TENANT MONTHLY RENT RENTABLE SF $/SF
Ground Vacant (Projected) $10,000.00 1,200 $100.00
Commercial Monthly Income: $10,000.00
Commercial Annual Income: $120,000.00
Total Building Monthly Income: $16,834.46
Total Building Annual Income: $202,013.52
PROJECTED COMMERCIAL RENT ROLL
FINANCIALOVERVIEW
PROPERTYPHOTOS
FINANCIALOVERVIEW
PROPERTYPHOTOS
PROPERTY PHOTOS
309 East 60th Street, New York, NY 10022 | 35
RETAIL / COMMERCIAL
309 East 60th Street, New York, NY 10022 | 37
RETAIL / COMMERCIAL
BACK PATIO
309 East 60th Street, New York, NY 10022 | 39
BOILER / MECHANICALS
STREET VIEWS
LOCATIONOVERVIEW
LOCATIONOVERVIEW
The neighborhood is named for the hill that “stood at what became 70th Street and Park Avenue.” The
name “Lenox” is that of the immigrant Scottish merchant Robert Lenox (1759-1839), who owned about 30
acres of land “at the five-milestone”, reaching from 5th Avenue to 4th Avenue and from East 74th Street to
68th Street. For the sum of $6,420 ($103,000 in current dollar terms) he had purchased a first set of three
parcels in 1818, at an auction held at the Tontine Coffee House of mortgaged premises of Archibald
Gracie, in order to protect Gracie’s heirs from foreclosure, as he was executor of Gracie’s estate. Several
months later he purchased three further parcels, extending his property north to 74th Street. According to
one source, “Thereafter these two tracts were known as the ‘Lenox Farm.’” The tenant farmhouse stood
on the rise of ground between Fifth and Madison avenues and 70th and 71st Streets, which would have
been the hill, if the property had ever been called “Lenox Hill.” The railroad right-of-way of the New York &
Harlem Railroad passed along the east boundary of the property.
Robert Lenox’s son James Lenox divided most of the farm into blocks of building lots and sold them during
the 1860s and 1870s; he also donated land for the Union Theological Seminary along the railroad right-of-
way, between 69th and 70th Streets, and just north of it a full square block between Madison and Fourth
Avenue, 70th and 71st streets, for the Presbyterian Hospital, which occupied seven somewhat austere
structures on the plot; He built the Lenox Library on a full block-front of Fifth Avenue, now the site of the
Frick Collection.
Lenox Hill is serviced by the New York City Subway’s 68th Street–Hunter College station on the 4, 6, and
<6> trains. Bus routes include M1, M2, M3, M4, M15, M66, M72, M98, M101, M102, M103.
LOCATION OVERVIEW – LENOX HILL
309 East 60th Street, New York, NY 10022 | 45
RETAIL
RETAIL
309 East 60th Street, New York, NY 10022 | 47
RETAIL
RETAIL MAP
E 61st ST
E 60st ST
E 59st ST
E 58th ST
TH
IRD
AV
EN
UE
SE
CO
ND
AV
EN
UETRAMWAY
PARK
TRAMWAY TO
ROOSEVELT
ISLAND
1 3 4 6 7 9 10
2 5 8
12 13 16 17 18 19
11 14 15 20
22 24 25 28
21 23 26 27 29 30 31
33
32 3458TH STREET
1. CB2
2. Hastens
3. Waterworks
4. Ilumé
5. Koleksiyon Furniture
6. sohoConcept
7. Duxiana
8. Club A Steakhouse
9. Auffrance
10. Felidia
60TH STREET
21. Dylan's Candy Bar
22. Anassa Taverna
23. Flywheel Sports
24. Patsy's Pizzeria
25. Canaletto
26. Serendipity
27. Venfield
28. Alt Box
29. John Salibello
30. Ann-Morris Inc.
31. Pascal Boyer
59TH STREET
11. McKinnon and Harris
12. Waterworks
13. Lutron
14. Janus et Cie
15. The Shade Store
16. Lapicida
17. Galerie Van Den Akker
18. Michael Dawkins Home
19. Safavieh Carpets
20. De Gournay
61ST STREET
32. Scalinatella
33. Learning Express Toys
34. InVite Health
309 East 60th Street
E 61st ST
E 60th ST
E 59th ST
E 58th ST
CENTRAL
PARK
E 63rd ST
E 62nd ST
E 61st ST
E 60th ST
E 59th ST
E 57th ST
E 56th ST
FIFT
H A
VE
NU
E
MA
DIS
ON
AV
EN
UE
PA
RK
AV
EN
UE
LEX
ING
TO
N A
VE
NU
E
TH
IRD
AV
EN
UE
GRAND
ARMY
PLAZA
TRAMWAY
PARK
TRAMWAY TO
ROOSEVELT
ISLAND
E 58th ST
SE
CO
ND
AV
EN
UE
UNITED NATIONS MAP
309 East 60th Street, New York, NY 10022 | 49
5thA
VE
5thA
VE
34
309 East 60th StreetWEST DRIVE
THE POND
CENTRAL
PARK
ZOO
QUEENSBOROUGH BRIDGE
7thA
VE
CENTRAL PARK SOUTH
MA
DIS
ON
AV
E
5thA
VE
PA
RK
AV
E
LEX
ING
TO
N A
VE
3rdA
VE
2nd
AV
E
1stA
VE
YO
RK
AV
E
W 58th ST
W 57th STCARNEGIE
HALL
W 54th ST
MoMA
W 51st ST
ROCKEFELLER
CENTERW 48th ST
W 47th ST
ST PATS
E 54th ST
E 56th ST
E 58th ST
E 60th ST
E 62nd ST
E 64th ST
E 65th ST
E 64th ST
E 63rd ST
E 60th ST
E 59th ST
E 57th ST
E 55th ST
E 53rd ST
E 51st ST
E 49th ST
W 54th ST
W 56th ST
W 58th ST
E 50th ST
E 48th ST
E 46th ST
E 45th ST
E 44th ST
E 45th ST
AV
EN
UE
OF
TH
E A
ME
RIC
AS
TIMES SQUAREMIDTOWN
33
3536
12
3 4
4856
737
8 9
16
4610 11
49
50 22
43
4241
40
39 38 3231 44
19
18
13 14
12 17
15 47
27 2021
26 23 24 25
28 29
30U
NIT
ED
NA
TIO
NS
1. Consulate General of Bulgaria
2. Permanent Mission of Somalia
3. Consulate General of the Arab Republic
of Egypt
4. Permanent Mission of Cambodia
5. Consulate General of Spain
6. Consulate General of the Republic of
Korea
7. Consulate General of Argentina
8. Consulate General of Slovenia
9. Permanent Mission of Zimbabwe
10. Consulate General of Ireland
11. Irish Consulate
12. British Consulate General
13. Consulate General of Hungary
14. Permanent Mission of Zambia
15. Norwegian Consulate General
16. Permanent Mission of Tanzania
17. Embassy of Tonga
18. Consulate General of Germany
19. Embassy of the Republic of Kenya
20. Consulate General of Ukraine
21. Consulate General of Nepal
22. Consulate General of Japan
23. Consulate General of Sweden
24. Permanent Mission of Denmark
25. Consulate General of Belgium
26. Consulate General of Jamaica
27. Consulate General of Peru
28. Consulate of the Republic of
Singapore
29. Consulate General of Estonia
30. Consulate General of Antigua
31. Permanent Mission of Ethiopia
32. Consulate General of Jordan
33. Consulate General of India
34. Consulate General of Pakistan
35. Permanent Mission of Pakistan
36. Permanent Mission of the Russian
Federation
37. Colombian Permanent Mission
38. Permanent Mission of Brazil
39. Permanent Mission of Poland
40. Costa Rican Permanent Mission
41. Permanent Mission of India
42. Permanent Mission of Syria
43. Permanent Mission of Malaysia
44. Permanent Mission of the Republic of
Korea
45. Permanent Mission of Canada
46. Permanent Mission of Thailand
47. Permanent Mission of Equatorial
Guinea
48. Consulate General of Qatar
49. Consulate General of Venezuela
50. Consulate General of Uruguay
SUBWAYJust a short walk from the property are multiple
trains stations.
BY CARTwo blocks away from the Franklin Delano Drive.
A few miles from the West Side Highway and
tunnels to New Jersey. Within 17 miles to all NYC
airports.
AIRPORTSThree major airports are located within 17 miles
of the site. LaGuardia and John F. Kennedy
international airports are both within the New
York City borough of Queens, while Newark
Liberty International Airport is situated across the
Hudson River in New Jersey.
BIKE & BUSSteps away, Citi Bike docking stations on E 62nd St
& 1st Avenue/3rd Avenue and E 58th St & 1st
Avenue/3rd Avenue. Bus lines include M1, M2, M3,
M4, M15, M66, M72, M98, M101, M102, and
M103.
TRANSPORTATION
at 63rd Street 0.22 miles
at Lexington Av-59 St 0.27 miles
at Lexington Av 0.32 miles
at Lexington Av-53 St 0.44 miles
at 68th St 0.47 miles
309 East 60th Street, New York, NY 10022 | 51
SUBWAY MAP
BUS MAP
ZONINGOVERVIEW
ZONINGOVERVIEW
ZONINGOVERVIEW
C8 districts, bridging commercial and manufacturing uses, provide for automotive and other heavy
commercial services that often require large amounts of land. Parts of Bay Ridge in Brooklyn and
Castleton Corners on Staten Island are mapped C8. Typical uses are automobile showrooms and repair
shops, warehouses, gas stations and car washes—although all commercial uses (except large, open
amusements) as well as certain community facilities are permitted in C8 districts. Housing is not permitted
and performance standards are imposed for certain semi-industrial uses (Use Group 11A and 16).
C8 districts are mapped mainly along major traffic arteries, such as Boston Road and Jerome Avenue in
the Bronx and Coney Island Avenue in Brooklyn, where concentrations of automotive uses have
developed.
The floor area ratio (FAR) ranges from 1.0 in C8-1 districts to 5.0 in C8-4 districts.
Off-street parking requirements vary with district and use. Automotive uses in C8-1 to C8-3 districts require
substantial parking. C8-4 districts are usually exempt from parking requirements.
*Note: Data taken from NYC Department of City Planning.
C8-4 ZONING
309 East 60th Street
309 East 60th Street, New York, NY 10022 | 57
C8-4 ZONING
CERTIFICATE OF OCCUPANCY
The information contained in this listing (“Listing”) is confidential, furnished solely for the purpose of review by a
prospective purchaser of the following property: 309 E 60th St, New York, NY 10022 and is not to be used for
any other purpose or made available to any other person without the express written consent of Besen &
Associates, Inc. or Owner. The material is based in part upon information supplied by the Owner and in part
upon information obtained by Besen & Associates from sources it deems reliable. Summaries of documents
are not intended to be comprehensive or all inclusive, but rather only an outline of some of the provisions
contained therein. No warranty or representation, expressed or implied, is made by Owner, Besen &
Associates or any of their respective affiliates, as to the accuracy or completeness of the information contained
herein or as to engineering or environmental matters. Prospective purchasers should make their own
projections and conclusions without reliance upon the materials contained herein and conduct their own
independent due diligence, including inspections.
This Listing contains selected information pertaining to the Property and does not purport to be all-inclusive or
to contain all of the information a prospective purchaser may desire. Graphics are only a representation of
property features, are not to scale and are subject to change. All financial projections are provided for general
reference purposes only and are based on assumptions relating to the general economy, competition and other
factors beyond control and are, therefore, subject to material change or variation. An opportunity to inspect the
Property will be made available to qualified prospective purchasers.
In this Listing, certain documents, including leases and other materials, are described in summary form. The
summaries do not purport to be complete or necessarily accurate descriptions of the full agreements involved,
nor do they constitute a legal analysis of such documents. Interested parties are expected to independently
review all documents. This Listing is subject to prior placement, errors, omissions, changes or withdrawal
without notice and does not constitute a recommendation, endorsement or advice as to the value of the
Property by Besen & Associates or Owner. Each prospective purchaser is to rely upon its own evaluation as to
the advisability of purchasing the Property described herein.
Owner and Besen & Associates expressly reserve the right, at their sole discretion, to reject any or all
expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any
time with or without notice. Owner shall have no legal commitment or obligation to any purchaser reviewing this
Listing or making an offer to purchase the Property unless a written agreement for the purchase of the Property
has been fully executed, delivered, and approved by Owner and any conditions to Owner’s obligations there
under have been satisfied or waived. Besen & Associates is not authorized to make any representations or
agreements on behalf of Owner.
This Listing is the property of Besen & Associates and may be used only by parties approved by Besen &
Associates and Owner. The Property is privately offered and, by accepting this Listing, the party in possession
hereof agrees (i) to return it to Besen & Associates immediately upon request of Besen & Associates or Owner
and (ii) that this Listing and its contents are of a confidential nature and will be held and treated in the strictest
confidence. No portion of this Listing may be copied or otherwise reproduced or disclosed to anyone without
the prior written authorization of Besen & Associates and Owner. The terms set forth above apply to this Listing
in its entirety.
309 East 60th Street, New York, NY 10022 | 59
CONFIDENTIALITY & DISCLAIMER
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, no express representation is made nor is any
implied as to the accuracy thereof and is subject to error, omissions, change of price, rental or other conditions, prior sale, rental or financing or withdrawal
without notice. No warranties or representations are made as in the condition of the property of any hazards contained therein nor are any implied. Rendering
pictured in offering materials is not specifically approved for referenced development site. Buildable square footage is subject to verification by purchaser’s own
architect and/or zoning attorney.
Greg Corbin
Executive Managing Director
(646) 424-5077
Miguel Jauregui
Director
(212) 951-8402
Leah Chen
Associate
(646) 604-7020
Aaron Kline
Director
(646) 472-8747
Brandon Serota
Associate
(646) 472-8732
Paul J. Nigido
Senior Financial Analyst
(646) 424-5350
