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The Nathaniel

138 E 12th St New York, New York 美國 10003-5468
叫價 查詢售價
面積
淨營運收入 淨營運收入
投資回報率 不適用

文件

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歡迎建立您的 Investor Centre 帳戶,儲存您的搜尋結果及設定投資偏好,儲存及分享投資機遇,查閱獨家文件及更多。如有疑問,請查閱<a href="#">「常見問題」。</a> 您必須先簽署保密協議才可查閱上載於交易室內的專用文件。一經簽署保密協議,表示您同意及確認不會洩露及公開有關本物業的敏感資料。如有疑問,請查閱「常見問題」。

特點

落成年份 2014
建築面積 總收入
土地面積 總收入 ()
租賃面積
Number of units 85

物業簡介

Jones Lang LaSalle (“JLL) has been exclusively retained to facilitate the sale of The Nathaniel, located at 138 E 12th Street, New York, NY (the “Property”), a 9-story, 85-unit mixed-use property in East Village with an 18,000 SF grocery store leased to Westside Market. The Property represents a rare opportunity to purchase an institutional asset with upside in the short term. The Property’s unparalleled location near Union Square provides easy commutes throughout the city via 8 MTA train lines and offers the confluence of trendy East Village with classy Gramercy Park. The next owner can drive rents without renovations as there is an 18% spread between in-place preferential rents and maximum legal rents.

投資亮點

Needle in a Haystack

The Nathaniel is the “needle in a haystack” of tenement buildings in East Village as it offers Class A units and amenities yet benefits from the confluence of East Village and Gramercy Park.


Ability to Push Rents

The top comp in Union Square (2 blocks away) is currently achieving $7,000/month and $143/SF, which represents a 31% rent premium to The Nathaniel. Also, there is an 18% spread between in-place preferential rents and maximum legal rents.


Repositioning Upside

The existing 9th floor, approximately 8,000 SF, is currently a “shell” and can be easily converted to standard units or dorm style units. Also, there is an opportunity to develop 20,000 ZSF as penthouse floors as well as relocate the existing bike room to add approximately 500 SF of ground floor retail space.


Strong Demographics

The average household income of in-place tenants is $389,000 suggesting that rents can be pushed at least 10%.


Unregulated Units in 2025

100% of units are market rate today; however, when the 421a abatement expires in June 2025, there will be no limit on renewal rent growth allowing the buyer to blend to a higher rent growth.


Outsized Cash on Cash

Due to the 421-A abatement in years 1-3 coupled with the higher going in yield attributable to the ground lease, the property can generate high cash on cash returns if capital expenditures are limited.


Student Demand

In addition to organic demand from working adults, there are over 75,000 students nearby across six higher education institutions all of which lack purpose-built student housing, thus providing the next owner the opportunity to capture this demand through a repositioning or master lease.

Last Updated Date: 11 Aug 2022

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Last Updated Date: 11 Aug 2022

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