Web ID: 52260
Status: Closed
Investor Opportunity: Decorative Arts District Mixed-Use Commercial/Residential Townhouse

223 East 60th Street
North side of 60th Street, between Third and Second Avenues

PROPERTY DESCRIPTION

Formerly the home of the Bodley Gallery, a prominent art gallery in New York City from the late 1940s through the early 1980s, which specialized in contemporary and modern art. Several of Andy Warhol's earliest exhibitions in New York were at the Bodley during the 1950s. Many other notable artists had showings at the Bodley, including Charles Bunnell, Jane Frank and Larry Rivers. The building is now home to a prominent gallery specializing in 17th, 18th, 19th and 20th Century Fine Continental Furniture, Decorative Accessories & Fine Art.

The building has been expanded and fully modernized and updated and has been maintained to the highest standards. Plans for a penthouse expansion are available and approved.

The Decorative Arts District is one of the world's largest concentrations of home décor and interior design showrooms. Located between Lexington and Second Avenues between 57th and 60th Streets, the district houses approximately 100 independent, street-level showrooms (many open to the public) as well as the Decoration & Design (D&D) Building and the Architects & Designers (A&D) Building, two major international centers for the design profession which anchor the Decorative Arts District. Interior decorators and design professionals throughout the world, as well as collectors of the fine and decorative arts, know that the finest in home design and décor can be found in Manhattan's Decorative Arts District.

The surrounding neighborhood has some of the world's most exclusive residential addresses and is the center of commerce for New York City.

PROPERTY INFORMATION

Block/Lot:     1415-0012
Lot Size:     20' x 100'
Building Size:    
Ground Level: 20' x 56' = 1,120 SF
Upper Levels (2-5): 20' x 64' = 1,210 SF
Square Feet:     5,960 SF
Stories:     5 + mechanicals cellar
Assessed Value:     $562,185 (07/08)
   Tax Class:     2B
   Tax:     (@ 11.9280%) = $67,057

INCOME INFORMATION


Income: $409,322
Expense: $87,257
NOI: $322,065

ASKING PRICE
$7,000,000

CONTACT

Clifford E. Katz +1 212-213-2981
cekatz@mobiusrealty.com



All information regarding property for sale, rent or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior to sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions you must hire your own architect or engineer.


Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, EXPENSE, AND OTHER INFORMATION CONTAINED HEREIN.





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