428 W 44th Street, New York City, NY 10036

Description

20' wide four-story 6-unit brick building fully deregulated since 2015, can be delivered vacant.
Located on what is widely regarded as the best block in Clinton. Set between Actors Studio and New Dramatists, the house is mid block among a row of well maintained brownstone houses, several single family. This entire building was gut renovated in 1968 when new electric, plumbing and structural work was done but much of the original period character and detail was retained. New Weil McLain 355,000 BTU gas fired steam boiler in 2023 and new AO Smith hot water tanks in 2022. All of the apartments were renovated and new appliances installed within the past ten years.

Suitable for conversion to a single family. We have plans drawn to combine the Garden and Parlor floors into a 3 Bedroom apartment. The current configuration is: Parlor and Garden apartments are each floor-thru one bedrooms and share a bright south facing landscaped garden. The 3rd and 4th floors each have two studio rental apartments. The building can be delivered entirely VACANT. The building has significant unused FAR which may be used to add a fifth floor and extend the rear. (Check with your architect.) This building is in the Special Clinton Zoning District which is intended to preserve the low rise character of the neighborhood. Within walking distance are Midtown offices, Broadway theatres, Hudson Yards, Manhattan West offices, Hudson River Park, subways A,C,E,7,N, Q,R,1,2,3. Owner/Broker

RENT ROLL & EXPENSES:
Garden Unit - Floor Through 1 Bedroom plus 800 sq ft garden
Rent: $4,695; Market Value: $4,695; Lease Expires: VACANT

Parlor Unit - Floor Through 1 Bedroom
Rent: $4,860; Market Value: $4,990; Lease Expires: 3/31/26

Unit 2F - Studio
Rent: $3,440; Market Value: $3,550; Lease Expires: 4/30/26

Unit 2R - Studio
Rent: $3,395; Market Value: $3,350; Lease Expires: 4/30/26

Unit 3F - Studio
Rent: $3,425; Market Value: $3,425; Lease Expires: 6/30/26

Unit 3R - Studio
Rent: $2995; Market Value: $2995 LXP 4/30/26

Monthly Projected Rents: $23,570
Annual Projected Rents: $282,840Estimated Expenses (Annual):

Real Estate Taxes: $52,644
Water/Sewer: $1,800
Insurance: $12,917
Heat/Electric: $9,400
Super/Cleaning: $6,900
Repair, Replacements:$7,000
Legal, Accounting: $2,000
Cable: $1,200
Other: $3,000
Total: $96,861

Nominal NOI: $185,979
Vacancy: $15,000
Effective NOI: $170,979