W E S T C H E L S E A

M A R K E T I N G T E A M

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Peter Von Der Ahe260 Madison Avenue, 5th FloorNew York, NYTel: (212) 430-5114Fax: (646) 349-3308pvonderahe@mmreis.com

Joe Koicim260 Madison Avenue, 5th FloorNew York, NY 10016Tel: (212) 430-5147Fax: (212) 500-7565jkoicim@mmreis.com

Andrew Dansker | Financing Inquiries260 Madison Avenue, 5th FloorNew York, NYTel: (212) 430-5168Fax: (212) 500-5110adansker@marcusmillichap.com

Scott Plasky260 Madison Avenue, 5th FloorNew York, NY 10016Tel: (212) 430-5229Fax: (212) 430-5110scott.plasky@mmreis.com

John Iannuzzi260 Madison Avenue, 5th FloorNew York, NY 10016Tel: (212) 430-5278Fax: (212) 430-5110john.iannuzzi@mmreis.com

David Lloyd260 Madison Avenue, 5th FloorNew York, NY 10016Tel: (212) 430-5185Fax: (212) 500-7565dlloyd@marcusmillichap.com

INVESTMENT OVERVIEW

PROPERTY DESCRIPTION

MARKET OVERVIEW

Section I

Section II

Section III

T A B L E O F C O N T E N T S

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I N V E S T M E N T O V E R V I E W

THE OFFERING

Marcus & Millichap is pleased to offer the followingopportunity located in the booming Chelseaneighborhood. 459-461 West 19th Street is locatedon the north side of west 19th Street between Ninthand Tenth Avenue, and contains a gross squarefootage of 3,800. The building is built 45 x 92 feet ona 45 x 92 lot (Block: 717 Lot: 5). The property iszoned C2-5/R8A.

THE OPPORTUNITY

459 West 19th Street presents the opportunity tobuild a boutique luxury condominium building withthe possibility of retail on the ground floor. Thebuilding can be delivered with a cash flowing tenantin place or vacant which allows the investor to createtheir own construction timeline.

Just steps from the Highline. Future residents canenjoy one of the major attractions New York City hasto offer. Walking distance from the MeatpackingDistrict, the area has an abundance of high qualityrestaurants, and nightlife.

With a finite amount of land available in this area,this site is perfect for a visionary who can create amasterpiece leaving their mark in one of the world’sgreatest cities.

459 West 19th StreetIs being offered at

| $21,995,000

O F F E R I N G M E M O R A N D U M

Attractions include the Chelsea Market, Del Posto,The Whitney Museum of American Art, Old HomesteadSteakhouse, Tao, as well as Chelsea Piers.

Growing Area. Located in one of New York City’smost rapidly developing areas, this property providesthe perfect combination of a tranquil livingenvironment as well as all the entertainment/servicesyou would ever need.

LISTING METRICS

1TOTAL UNITS

45'FRONTAGE

3,800TOTAL SQUARE FEET

$82,199PROJECTED TAXES

22,876BUILDABLE SQUARE FEET

P R O P E R T Y D E S C R I P T I O N

P ROP ERTY D ES CRIPTION

CITY: New Yorki

STATE: NYi

BLOCK & LOT: 717 / 5i

LOT DIMENSIONS: 45 x 92i

LOT SF: 3,800i

BUILDING DIMENSIONS: 45 x 92i

BUILDING SF: 3,800i

ZONING: C2-5/R8Ai

MAX FAR: 6.00i

AVAILABLE AIR RIGHTS: 19,000i

LANDMARK DISTRICT: None

HISTORIC DISTRICT: None

ANNUAL TAX BILL: __$82,199i

TAX CLASS: 4i

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B O R O U G H

Manhattan is a significant part of a much larger population system; the New York City metropolitan area is the largest in the United States, with more than 19 million inhabitants in three states.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of theinformation. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions,assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real EstateInvestment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap

C O N F I D E N T I A L

S U B J E C T P R O P E R T Y

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P R O P E R T Y D E S C R I P T I O N | P R O P E R T Y P H O T O S

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P R O P E R T Y D E S C R I P T I O N | P R O P E R T Y P H O T O S

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P R O P E R T Y D E S C R I P T I O N | P R O P E R T Y P H O T O S

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M A R K E T O V E R V I E W

The island is one of New York City's five boroughs, is an islandapproximately 13 miles long and two miles wide. Solid bedrockprovides a firm foundation for the high-rise buildings thatdominate the skyline.

Manhattan's deep-water port and proximity to the nation'sinterior bolster its position as a global economic powerhouse.Manhattan also contains Central Park, which encompasses 843acres in the center of the island and is considered one of thenation's premier public spaces.

B O R O U G H

Manhattan is home to over 1.6 million residents who are partof a much larger population system; the New York Citymetropolitan area is the largest in the United States, withmore than 19 million inhabitants in three states. New York Cityconsists of five boroughs with about 8.4 million people.

Manhattan is well placed, being 100 miles from Philadelphia,210 miles from Boston, 230 miles from Washington, D.C., and790 miles from Chicago.

I N F R A S T R U C T U R E

New York City has an extensive mass-transportation network.Subway and bus systems serve virtually every area in the fiveboroughs. There are 468 stations in the New York City Transitsubway system, including 147 stations in Manhattan. GrandCentral Station and Penn Station, both in Midtown Manhattan,provide rail service to the suburbs and long-distanceconnections, while three international airports offer flights tomost global destinations.

The island of Manhattan is linked to the other boroughs andNew Jersey by 11 bridges and four tunnels for vehicular traffic,with numerous additional tunnels for subway and rail lines.Highways along the borough's eastern and western edges connect tofreeways throughout the five boroughs.

G R O W T H PAT T E R N S

Large population:New York City is the United States’ largest city, with upwards of 8 million residents.

Top address for corporate headquarters:40+ Fortune 500 companies call New York City home.

High barriers to development:few parcels of developable land + high costs = limits to new construction.

M A R K E T H I G H L I G H T S

New York Harbor contains docks for freightand passenger ships and provides ferryservice to New Jersey and around the city.

MA N H AT TAN

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E C O N O M Y

New York City is home to around 40 Fortune 500companies, more than any other MSA in the country,and most are located in Manhattan. The city serves asthe epicenter for a wide variety of industries, makingthe performance of its local economy integral to thenation. The Port of New York is also a vital componentof New York’s centrality to American and regionaltrade.

As one of the leading financial centers in the world,New York City boasts many international banks andfinancial firms maintaining offices in the city.

Wall Street is a major driver of the local economy, asa significant number of people are employed directlyin the securities industry. The city is a hub for themedia, communications and publishing industries. Themajor television networks have substantial operationsin Manhattan, while hundreds of newspapers,magazines and several music recording companies areheadquartered in the city. In addition, New York Cityis the advertising capital of the United States and hasa growing presence in the Internet/new media field.The entertainment and tourism industries are crucialto the Manhattan economy, with numerous theatersand attractions drawing billions of dollars each year.

Manhattan is also an important location for manyretailers, both national and local. Retail sales in theborough typically grew faster than the U.S. rate overthe past decade.

L A B O R

Job growth in Manhattan slowed over the past fiveyears as the economic downturn weighed on the localmanufacturing; information; trade, transportation andutilities; and financial activities sectors. Losses willcontinue in manufacturing through 2015, although thepace will decelerate from previous years.

Professional and business services is the largestemployment sector, accounting for over 470,000positions, or 20 percent of the labor force. Thegovernment sector follows closely, with 19 percent ofjobs in Manhattan. These sectors will post averageannual gains of 2.3 percent and 1.2 percent,respectively, over the next five years.

The leisure and hospitality and education and healthservices sectors will record the largest growth through2015, increasing at average annual rates of 3.1percent and 2.9 percent, respectively. An annual gainof 2.9 percent is also expected in the other servicessector.

MA N H AT TAN

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of theinformation. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions,assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real EstateInvestment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap

C O N F I D E N T I A L

E M P L O Y E R S

Over half of Manhattan’s labor market is involved infinancial activities and the services sectors. This is dueto New York City being the headquarters of some ofthe largest U.S.-based consulting businesses,accounting offices, insurance companies and legalfirms, as well as the United Nations. In addition,Manhattan is the financial center of the country andhome to the New York Stock Exchange, being one ofthe only two Alpha++ cities in the world, sharing thetitle with London. Many of the world's top securitiesfirms and banks are located here. Major employers inthe finance industry based in Manhattan includeGoldman Sachs, JPMorgan Chase and Morgan StanleySmith Barney.

Media conglomerate Time Warner is the largestcompany in the information sector, employingthousands of people in Manhattan from itsheadquarters at the Time Warner Center in Midtown.Other large media employers in the borough areViacom and Verizon. The education and healthservices sector accounts for 13 percent of jobs inManhattan. Large employers include New YorkUniversity, Columbia University, New York-Presbyterian Healthcare, Mount Sinai Hospital andContinuum Health Partners Inc.

M A J O R E M P L O Y E R S

A partial list of Manhattan’s most major employers is:New York-Presbyterian Healthcare, Wellchoice Inc.,United Nations, Verizon Communications Inc.,Continuum Health Partners Inc., Mount Sinai Hospital,New York University, Columbia University, Viacom, andTime Warner.

D E M O G R A P H I C S

New York City is the largest city in the United States,with over 8 million residents. An estimated 19 millionpeople live within the tri-state metro area. Among thefive boroughs, Manhattan is third largest behindBrooklyn and Queens, with a population of over 1.6million. Manhattan grew 0.7 percent annually duringthe past decade, a rate expected to continue through2015.

The share of Manhattan residents with a Bachelor’sdegree is more than 34 percent, far above the nationalaverage of almost 28 percent. Additionally, more than14 percent of the borough residents over age 25 havea graduate degree, compared to just over 10 percentnationally. There are significant and noteworthydifferences between Manhattan’s demographic profileand the profile of the nation.

MA N H AT TAN

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In particular, residents under age 20 make up only 20percent of Manhattan's population, compared to 27percent at the U.S. level. Additionally, residents ages25 to 44 comprise 37 percent of the local population,up from 27 percent nationally, as this vital job marketattracts many in their prime working years.

Although Manhattan’s median household incomestands at a healthy $68,100 annually, the boroughalso has one of the highest housing costs in thecountry, with the median home price resting at nearly$1.2 million.

Q U A L I T Y O F L I F E

Manhattan offers a quality of life unique even withinthe nation’s largest cities. Although housing costs areamong the most expensive in the country, theborough provides a variety of cultural, entertainmentand employment opportunities. The area is one of thefew places in the United States where a person canlive without a car and rely completely upon masstransit. You can get anywhere easily by taking thesubway, buses or taxicabs, and rail terminals andairports make long-distance travel accessible.

A variety of entertainment options are available toManhattanites, including Broadway shows, first-runfilms and famous nightlife venues. There are two MLBteams, two NFL teams, two NHL teams and two NBAteams within the metro. New York City has anextensive public park system, the jewel of which isCentral Park in Manhattan.

Central Park offers natural areas, lawns, playing fields,running trails, biking paths, boating facilities and azoo. Manhattan's world class art museums include theMetropolitan Museum of Art, the Guggenheim and theMuseum of Modern Art. The city's international flavoris on display in the island's many restaurants,featuring recipes from around the world.

New York’s island of Manhattan continues to rise in culture, quality of life, and wealth. As a global gateway city, New York will continue to deliver promising opportunities and investment potential.

MA N H AT TAN

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of theinformation. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions,assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real EstateInvestment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap

C O N F I D E N T I A L

www.newyorkmultifamily.com

212 430 5114