Investment Overview

THE OFFERING Marcus & Millichap is pleased to exclusively offer The Flatiron Trio: 60 West 22nd Street, 62 West 22nd Street and 684 Avenue of the Americas. These three mixed-use buildings are located on the southeast corner of Sixth Avenue and West 22nd Street. This opportunity is comprised of approximately 12,500 square feet with 61’ of frontage on the same block. 60 West 22nd Street features 4 units and is 4,972 square feet, sitting on a 18’ x 98.75’ lot (Block: 823, Lot: 75). 62 West 22nd Street features 2 units, spans 3,478 square feet and sits on a 18’ x 98.75’ lot (Block: 823, Lot: 76). 684 Avenue of the Americas has 3 units across 4,071 square feet and sits on a 25’ x 59’ lot (Block: 823, Lot: 83). All three properties are zoned C6-2A in the Ladies’ Mile Historic District. There are a combined 17,658 square feet of unused air-rights. THE OPPORTUNITY Rare Offering: This portfolio features three assets that each have a substantial retail component with strong existing in-place cash flow and future development potential. With high quality retail tenants and condo-level finishes in the residential units, any purchaser will have the flexibility to operate as they see fit. The properties also benefit from their exemption from Good Cause Eviction, adding a layer of flexibility and control. The Flatiron Trio offers diversification to your portfolio and is ideally positioned to leverage the dynamic growth of this sought-after area. Under long-term ownership, this will be the assets’ first sale in over 30 years. Unit Mix/Retail Tenants: Combined, the three properties feature 4 residential units and 5 commercial units. Of the 4 Residential Units, 3 are Free Market and 1 is Rent Stabilized. They are currently configured as three two-bedroom apartments and one three-bedroom apartment. All of the residential units are occupied and 4 out of the 5 commercial units are occupied. 60 West 22nd Street features “Inday Restaurant” in the retail, a successful fast-casual Indian restaurant with nine locations in New York City. 62 West 22nd Street contains “Bite,” a healthy, fast-casual Mediterranean restaurant that has been present in New York City since 2003 with three locations. Starbucks, one of the most desirable tenants in the nation, occupies the ground floor of 684 Avenue of the Americas, and is responsible for 75% of the tax increases over the 2014/2015 base year with a 5-year option to extend their lease beyond 2028. Economies of Scale: The Flatiron Trio offers a rare opportunity to step into three mixed-use assets. Two are located on West 22nd Street and one is located on one of New York’s most famous avenues: Avenue of the Americas. The properties span roughly 12,500 square feet with 61 feet of frontage on the block, allowing any purchaser to gain an immediate presence in one transaction. Future Development Potential: This portfolio offers multiple business plans and exit strategies given its unique layout and location. While there is strong cash-flow currently in place, there is also opportunity to capitalize on a future development. The three buildings feature a combined 17,658 of untapped air rights and an aggregate maximum buildable of 30,179 square feet, translating to $596 per buildable. An assemblage is likely given all three properties can be connected at the back of each lot to form a L-shape. Additionally, it is worth noting that 60 West 22nd Street is ripe for a single-family conversion down the line either by itself or with 62 West 22nd Street. Location/Transportation: Nestled in the heart of New York City, this iconic neighborhood boasts a unique blend of historic charm and contemporary flair. The Flatiron Trio has a natural demand given its prime location and all the neighborhood has to offer. Walking distance from notable places such as Fifth Avenue, the Flatiron Building, Madison Square Park, Gramercy Park, the Meatpacking Highline and several well-known restaurants and bars. These three buildings are just a block away from 23rd Street Subway Stations (N,Q,R,W,1,2), and the PATH Train.