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| Price Red %: |
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| Units Vacant: |
% |
Estate: |
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Delivered Vacant: |
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| Alt Address: |
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Block: |
1492 |
| Cross Streets: |
Madison & Fifth Avenues |
Lot: |
7 |
| Building Type: |
Twnh Single Fam |
Landmap: |
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| Neighborhood: |
Upper East Side |
Year Built: |
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| School District: |
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Lot Size: |
25x102 |
| Zoning: |
R |
Built Size: |
25x102 |
| Class: |
R8B |
Extension: |
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| Web Address: |
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Floors: |
6 |
| Landmark: |
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Units: |
1 |
| Cert of Occ: |
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Garage: |
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| Heat Type: |
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Elevators: |
1 |
| Façade: |
Limestone |
Width: |
25 |
| Lead Paint Dis: |
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Bldg SqFt: |
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| Agency Dis Req: |
Y |
Outdoor: |
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| Description: |
5 EAST 80TH ST. TO BE SOLD AT AUCTION ON JUNE 27, 2017 WITH A MINIMUM BID OF $15,000,000. We have been hired as Exclusive Agent to facilitate this auction to be conducted by the U.S. Marshals Service.
5 East 80th Street is a magnificently renovated 25'-wide, 6-story limestone single family mansion with elevator and over 13,000 interior square feet. The property has undergone a multi-million-dollar renovation and is in exceptional condition. It is currently leased until 2022, with a potential option to extend until 2032. There is no current access for inspections, interior photos or floor plans. It is anticipated that the asset will sell at a very deep discount to market value.
The most recent comparable sale is 12 East 73rd Street, a renovated 22.5'-wide, 5-story limestone mansion with 10,410 interior square feet. It closed for $41,000,000 or $3,938 per square foot in January 2017 after only 165 days on the market. This sale values 5 East 80th Street at over $51,000,000.
We are looking for a passive long-term investor (an institution, family office or individual) well acquainted with luxury Manhattan real estate and interested in a very large 15-year capital gain with minimal current net income of about $150,000 p.a. Based on the performance of luxury Manhattan real estate over the past 15 years or more, it is easy to project future appreciation of at least 3% p.a. over the next 15 years. That means a house valued today at $50,000,000 should be worth $77,000,000 in 15 years with 3% p.a. appreciation. Assuming 5% p.a. appreciation projects a value in 15 years of $104,000,000. Acquisition today at the minimum bid of $15,000,000 would provide a yield to maturity of 11.6% in the first case and 13.8% in the second case, more than triple the yield on investment grade 15 year zero coupon bonds. A yield table is available on request. |
| Wheelchair Accessibility: |
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| Other Features: |
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* Square Footage is Approximate
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| Payroll: |
NA |
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Residential Common Charges: |
NA |
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| Heat: |
NA |
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Retail Unit 1 Common Charges: |
NA |
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| Cooking/Fireplace Gas: |
NA |
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Retail Unit 2 Common Charges: |
NA |
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| Electricity: |
NA |
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Storage Unit Common Charge: |
NA |
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| Water/Sewage: |
NA |
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Community Facility Common Charge |
NA |
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| Repair & Maintenance: |
NA |
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Garage/Parking Common Charge |
NA |
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| Taxes: |
$151,090 |
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Storage Bin Fees: |
NA |
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| Insurance: |
NA |
|
: |
NA |
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| Amenity Facility: |
NA |
|
: |
NA |
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| Management Fees: |
NA |
|
: |
NA |
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| Legal/Audit Fees: |
NA |
|
: |
NA |
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| Resident Manager Unit: |
NA |
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: |
NA |
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| Administration: |
NA |
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| Park/Courtyard: |
NA |
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| Reserve Fund: |
NA |
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| Contingency: |
NA |
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| Phone/Miscellaneous: |
NA |
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| Services/Supplies: |
NA |
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| Total Expense: |
$151,090 |
Total Income: |
NA |
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| Land: |
NA |
Building: |
NA |
Total: |
NA |
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