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45-47 Second Avenue New York

$9,975,000

Sold

45 2nd Ave, New York, NY 10003, USA

Commercial
Property Type

1906
Year Built

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Sold

45-47 Second Avenue New York

45 2nd Ave, New York, NY 10003, USA

$9,975,000

Description

45-47 Second Avenue: Built Date: 1867 (East Village Historic Report 2012)
“Architect/Builder: John O’Neil Original Owner: Michael McGovern
Type: Tenement Style: Italianate; Stories: 4 Large rear garden
The subject property is a “horizontal”, multi-family and commercial property located in the Lower Eastside Landmark District. This property is subject to NYC Rent Stabilization and Landmark restrictions.
There are currently two commercial spaces (one vacant) and one with a lease until December 2022 with tenant who is open to a buyout, and six floor-through apartments (the two owner units are vacant, one apartment is free market, two apartments are rent stabilized without leases and one apartment is rent stabi-lized with lease). Estate Sale Opportunity.

Mixed Residential & Commercial
Block: 0458 Lot: 27
Property Characteristics:
• Lot Area: 4,400 sq. ft (44′ x 100′)
• # of Buildings: 2 | Year built: 1900
• Building frontage: 22′
• # of floors: 4 | Building Area: 9,600 sq ft
• Total Units: 8 | Residential Units: 6 | Commercial: 2
• Primary zoning: C6-2A | Commercial Overlay: None
• Floor Area Ratio: 2.18 | Max. Allowable Residential FAR: 6.02
Max. Allowable Commercial FAR: 6 | Max. Allowable Facility FAR: 6.5
• Tax Class: 2B
• NYC Property Tax Year 2020: $52,998.16

45 Second Avenue, New York, NY

Unit	Tenant	Monthly Rent	Lease info
Basement of 45 & 47		1,300.00	Space not mentioned in lease–see option / basement of 45-47
Ground floor-commercial		3,364.00	Terminates 12/31/2022; no increases (open to buyout)
2-residential	Vacant/owner occ.	n/a	Owner died 5/21/19
3-residential		4,000.00	10/31/2021 w/1 yr. ext. @ $4,200/month; deregulated
4-residential		2,000.00	Lease

47 Second Avenue, New York, NY

Unit	Tenant	Monthly Rent	Lease info
Ground floor-commercial		7,910.40	VACANT-Amt. is rent as of 12/31/19 lease termination
2-residential		1,950.00	No lease; RS apt.; tenant paying rent in escrow to his atty
3-residential		1,537.00	No lease; RS apt.
4-residential	Vacant/owner occ.	n/a	Owner died 1/14/15

Projected Expenses 2019 / 2020 (as reported from prior year, except where noted)
Cleaning: $490.00
Filing & misc. expenses: $175.00
Home inspection: $1,200.00
Insurance expenses: $11,898.58
Pest control: $1,567.80
Property management fees: $4,800.00
Property tax: $52,998.16 (2019-20)
Repairs and maintenance: $1,085.53
Trash removal: $100.00
Utilities: $29,183.91
Water/Sewer $8,912.73
Total Projected Expenses: $112,411.71