開示資料
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特性
| 竣工年月 | 2005 |
| 延床面積グロス |
|
| Number of units | 168 |
| 入居状況 | 98.0 % |
物件詳細
Jones Lang LaSalle (“JLL) has been exclusively retained to facilitate the sale of The Magellan, located at 35-39 W. 33rd Street, New York, NY (the “Property”), a 35-story, 168-unit multifamily property in Midtown South, Manhattan. The Property represents a rare opportunity to purchase a family-owned asset with various value-add opportunities in the near term. The Property’s irreplaceable location next to the world-renowned Empire State Building provides unparalleled commutes throughout the New York MSA via 16 NYC MTA train lines, Penn Station, Grand Central Terminal, and offers stunning views of the Midtown skyline from most units. The next owner can immediately start renovating the units and amenities given the significant spread between in-place preferential rents and maximum legal rents.
インベストメント ハイライト
Upside in Rent
- Approximately a 100% spread between preferential and legal rents
- Competitive properties are achieving approximately $90/SF compared to The Magellan achieving $67/SF which represents a 34% rent premium
- Market rate units become unregulated after 421-a expiration in June 2026
Value-Add Opportunities
- A new owner can renovate units and amenities immediately to compete with newer Class A product
- Renovation opportunities include installing new countertops, cabinets, backsplashes, washers and dryers, appliances, customized closets to optimize space for couples, purchasing new fitness center equipment and FF&E for the amenity spaces, updating the lobby with artwork and transit screens, and converting the TV room to a co-working lounge or a yoga/spin studio
- Lease the 800 SF vacant retail space
Core Manhattan Location
- On 33rd St between 5th and 6th Ave with 16 different train lines nearby
- 5-to-10-minute access to financial and tech job growth on the east and west side of Manhattan
- Walking distance to Penn Station and Grand Central, and a 15-minute commute to Hudson Yards
Discount to Replacement Cost
- With ubiquitous inflation across hard costs and labor, the Magellan represents a 25% discount to replacement cost
Strong Supply / Demand Fundamentals
- From 2022 to 2025 there will be 188,000 more jobs added than units built in Manhattan
- Affordable NY expiring in June 2022 will diminish supply
Discount to Owning
- The average condo price in Manhattan is $1.9M which prices out many millennials and forces them to rent longer than other markets
Similar Properties
もっと見る信託受益権は、信託財産である不動産価格の変動によって価格が変動し、投資元本を割り込むリスクがあります。不動産価格は、所在するエリアの人口や新規供給物件数の増減、金利・為替の変動、税制変更、地震等の災害による滅失・毀損、経年劣化、土壌汚染等の隠れた瑕疵の発見等の影響によって変動します。
当社の法令等の遵守について以下にて表明しておりますので、ご確認ください。
https://www.joneslanglasalle.co.jp/ja/compliance-with-laws-and-regulations-and-its-representation
JLL ファイナンス
JLLは皆様の資金調達とポートフォリオ管理をお手伝い致します。
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