306 East 15th Street
New York, New York
Brownstone on the Park
Page 1
As Exclusive Sales Agents
We Are Pleased To Present The Following
Property:
306 East 15th Street
New York, NY 10003
Asking Price: $5,900,000
For Further Information Or Inspection
Please Contact Exclusive Sales Agents:
John F. Ciraulo
James P. Nelson
Craig M. Waggner
Brendan L. Gotch
Massey Knakal Realty Services
275 Madison Avenue
New York, New York 10016
212-696-2500
212-696-0333
www.masseyknakal.com
Page 2
306 East 15th Street
Confidentiality and Conditions
This is a confidential brochure intended solely for your limited use and benefit in determining whether you desire to express any further
interest in the purchase of 306 East 15th Street, New York, New York (the “Property”).
This brochure was prepared by Massey Knakal Realty Services, (“Massey Knakal”) and has been reviewed by representatives of
Ownership. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the
information which prospective purchasers may desire. It should be noted that all financial projections are provided for general
reference purposes only in that they are based on assumptions relating to the general economy, competition, and other factors
beyond the control of Massey Knakal or Owner and, therefore, are subject to material variation. Additional information and an
opportunity to inspect the Property and plans will be made available to interested and qualified investors. Neither Owner, Massey Knakal
nor any of their respective officers nor employees, have made any representation or warranty, expressed or implied, as to the accuracy or
completeness of this brochure or any of its contents, and no legal commitments or obligations shall arise by reason of this brochure or any
of its contents. All square footage measurements must be independently verified.
Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property
and/or to terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to
any entity reviewing this brochure or making an offer to purchase the Property unless and until a written agreement satisfactory to Owner
has been fully executed, delivered, and approved by Owner and any conditions to Owner obligations thereunder have been satisfied or
waived.
By receipt of this brochure, you agree that this brochure and its contents are of a confidential nature, that you hold and treat it in the
strictest confidence, and that you will not disclose this brochure or any of its contents to any other entity without the prior written
authorization of Owner nor will you use this brochure or any of its contents in any fashion or manner detrimental to the interest of Owner
or Massey Knakal.
It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on
real estate. Massey Knakal does not conduct investigations or analysis of environmental matters and, accordingly, urges its clients to
retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCB’s and
other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions, are present at the
Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or
operation of buildings or may be present as a result of previous activities at the Property.
Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal,
transport and disposal of toxic or hazardous wastes and substances. Depending upon past, current and proposed uses of the Property, it
may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are
contemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and
disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where these
substances are or may be present.
While this brochure contains physical description information, there are no references to condition. Neither Owner nor Massey Knakal
make any representation as to the physical condition of the Property. Prospective purchasers should conduct their own independent
engineering report to verify property condition.
In this brochure, certain documents, including leases and other materials, are described in summary form. The summaries do not purport
to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of
the provisions of the documents. Interested parties are expected to review independently all relevant documents.
The terms and conditions stated in this section will relate to all of the sections of the brochure as if stated independently therein. If, after
reviewing this brochure, you have no further interest in purchasing the Properties at this time, kindly return this brochure to Massey
Knakal at your earliest possible convenience. Photocopying or other duplication is not authorized. This brochure shall not be deemed an
indication of the state of affairs of Owner, nor constitute an indication that there has been no change in the business or affairs of Owner
since the date of preparation of this brochure.
Page 3
306 East 15th Street
Massey Knakal Advantage For Buyers
Page 4
306 East 15th Street
Table of Contents
Section I
(Page 6)
Property Introduction
Townhouse Photograph
Property Overview
Property Tax Map
Survey
Section II
(Page 11)
Neighborhood Map
Area Map
Neighborhood Description
Transportation Information
Bus & Subway Map
Section III
(Page 21)
Zoning Information
Historic District Map
Section IV
(Page 23)
Certificate of Occupancy
Environmental Summary
Page 5
306 East 15th Street
Introduction
Property Introduction
Massey Knakal Realty Services (“Massey Knakal”) has been retained on an exclusive basis by
ownership to arrange for the sale of 306 East 15th Street in New York, New York (Block: 921; Lot: 60).
The subject property is a 22.08' wide, 5 story, approximately 7,425 square foot townhouse delivered
vacant and positioned for a restoration. The property currently consists of an office on the ground floor
and two apartments per floor with 1-bedroom units in the front and 3-bedroom units in the rear. It offers
permanent natural northern light and air with tremendous views of Stuyvesant Square Park. The
property benefits from soaring ceiling heights throughout and original detail. There are approximately
8,656 square feet of unused air rights given the split zoning designation between R8A and C1-6A (R7A
Equivalent). Also, the property lies in the Stuyvesant Square Historic District as well as the Transit
Land Use Special District (TA) which relates to the future development of the Second Avenue Subway
line. With restoration, this property would serve as an ideal investment for a single family conversion or
a boutique condominium development.
236 Second Avenue
306 East 15th Street
Stuyvesant
Square
306 East 15th Street
236 Second Avenue is also available separately by ownership.
Visit www.masseyknakal.com for more information.
Page 6
306 East 15th Street
Townhouse Photograph
Stuyvesant
Park
Page 7
Vacant Townhouse for Sale
306 East 15th Street
Direct Park Views
Block / Lot:
921 / 60
Location:
South side of East 15th Street Between
First and Second Avenues.
Property Type:
(C4) Walk-up Apartment; Old Law Tenement
Lot Dimensions:
22.08’ x 128.25’
Lot Size:
2,832 SF (Approx.)
Dimensions:
22.08’ x 102.5’, 83’, 68’, 68’, 68’ Irr.
Stories:
Five plus Basement
Zoning / F.A.R.:
Split Zone:
R8A / 6.02 (22.08’ x 106.55’)
C1-6A / 4.0 (22.08’ x 21.7’)
Square Footage:
7,425 (Approx.)
Available Air-Rights
Total Buildable SF
(1):
(1):
8,656 SF (Approx.)
16,081 (Approx.)
Assessment (08/09):
$239,557
R.E. Taxes (08/09):
$20,079
Landmark Status:
Stuyvesant Square Historic District &
Transit Land Use Special District (TA)
Year Built:
1910 (Circa)
(1) Subject to approval from Landmarks and the DOB.
Property Description:
A 22.08' wide, 5 story, approximately 7,425 square foot townhouse delivered vacant and positioned for a renovation. The
property consists of an office on the ground floor and two apartments per floor with 1-bedroom units in the front and 3bedroom units in the rear. It offers permanent natural northern light and air with tremendous views of Stuyvesant Square Park.
The property benefits from soaring ceiling heights throughout and original detail. There are approximately 8,656 square feet of
unused air rights given the split zoning designation between R8A and C1-6A (R7A Equivalent). Also, the property lies in the
Stuyvesant Square Historic District as well as the Transit Land Use Special District (TA) which relates to the future
development of the Second Avenue Subway line. With restoration, this property would serve as an ideal investment as a
single family conversion or a boutique condominium development.
Asking Price: $5,900,000
For further information or inspection,
please contact Exclusive Agents:
John F. Ciraulo
James P. Nelson
Vice Chairman
[email protected]
212-696-2500 x7700
Partner
[email protected]
212-696-2500 x7710
Craig M. Waggner
Brendan L. Gotch
Director of Sales
Associate
[email protected] [email protected]
212-696-2500 x7744
212-696-2500 x7742
* 236 Second Avenue is also available separately by ownership.
See www.masseyknakal.com for more information.
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it.
All zoning, buildable footages and uses must be independently verified. 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, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • FaxPage
212.696.0333
8
www.masseyknakal.com
THE BRONX
BROOKLYN
MANHATTAN
NASSAU
QUEENS
STATEN ISLAND
WESTCHESTER
306 East 15th Street
Tax Map
306 East 15th Street
236 Second Avenue
236 Second Avenue is also available separately by ownership.
Visit www.masseyknakal.com for more information.
Page 9
306 East 15th Street
Survey
Page 10
306 East 15th Street
Neighborhood Map
306 East 15th Street
Page 11
306 East 15th Street
Area Map
306 East 15th Street
Page 12
306 East 15th Street
Neighborhood Description
Gramercy Park
The Manhattan neighborhood which encompasses 306 East 15th Street is specifically referred to as
Gramercy. Gramercy Park, the centerpiece of the Gramercy area and New York’s only private
residential park, is comfortably surrounded by some of the city’s most eloquent residential
buildings. Established in the 1830’s by lawyer and landowner Samuel Ruggles, Gramercy Park’s
residential community is one of the most exclusive in all of Manhattan. While the park area
continues to cater to local residents, over the last decade the Gramercy/Union Square neighborhood
has come to life as a center for publishing and advertising. The area exudes a newfound energy with
new businesses, fashionable eateries and cafes opening throughout, while the Greenmarket at Union
Square attracts shoppers from all over Manhattan.
Front Door
One of the more affluent neighborhoods in Manhattan, Gramercy Park feels like a small village in
the heart of a city. Centered around a small private park (which requires key access) it is home to
many well-to-do individuals who often work in the area as well. Apart from elaborate brownstones
Roof Terrace
and quaint narrow streets, the neighborhood offers a very diverse and vibrant nightlife. From
renowned restaurants, many of which include live music, to the recent openings of clubs, Gramercy
is no longer strictly a residential district.
Because of soaring office rents in Midtown
in the early 1980's, many tenants led by the
advertising
searched
and
publishing
industries
for
less
expensive
accommodations, ultimately settling in
Midtown South in older office structures
on Park Avenue South and Fifth Avenue.
Gramercy Park
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306 East 15th Street
Neighborhood Description
Before long, new extravagant restaurants and a major
wave of rehabilitation and upgrading of older properties
was underway. The "Midtown South" area became very
chic and the Flatiron District (Fifth Avenue to Park
Avenue in the high teens and low 20's, in particular)
became one of the most exciting areas in the city not just
for commercial uses, but also for residential and retail, as
people rediscovered its wonderful architectural heritage.
Stuyvesant Square
The Flatiron District is named after the 1902 triangular
building at the intersection of Fifth Avenue and Broadway
at 23rd Street that features a highly ornamental style with
curved corner windows.
The Flatiron Building is but one of many several great
landmarks surrounding Madison Square Park at the foot
of Madison Avenue. The Metropolitan Life Insurance
Friend’s Meeting House & Seminary
(Quakers) (226 E. 16th Street)
Company Tower at 1 Madison Avenue once was the
world's tallest office building. Designed by Napoleon Le
Brun and completed in 1909, much of its fine detail was
lost in a 1964 remodeling, but its great clocks remain,
although its observatory has been closed for decades.
306 East 15th Street is distinguished by its proximity to
the Midtown Manhattan office district, Murray Hill,
Flatiron District, Chelsea, Greenwich Village, and SoHo.
National Arts Club
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306 East 15th Street
Neighborhood Description
No other micro market in Manhattan enjoys the mixed-use character of Gramercy and convenience
to the workplace. Mass transportation within walking distance of the property include the
Lexington Avenue, Broadway and 14th Street Canarsie subway lines, as well as local and express
MTA bus service throughout Manhattan. Gramercy is within walking distance to the offices of
midtown, shopping galleries of Noho, Soho and Chinatown as well as the nightclubs of East and
West Village. And for those further excursions there are at least 5 different subway lines with a 5
minute walk of the park. Madison Square Park, is but one of several parks in this area and the most
famous is Gramercy Park, perhaps the nicest residential enclave in the city because of its small size
and eclectic architectural surroundings.
The
area's
architecture
and
neighborhood
ambience is what really draws people to visit and
to live in this small and unique part of the city.
Big and elaborate brownstones, whose Victorian
style architecture can easily compete with the
originals from London or Paris surround the park
and the outgoing streets. Inside these unique
structures tenants can often find oversized
apartments that offer more living space than an
average city building and come with much more
character and utility.
Adjacent to the Flatiron District, the Gramercy
Park area has many popular and impressive
restaurants, one of the oldest of which is Pete's
Theodore Roosevelt Birthplace
Tavern at Irving Place and 17th Street.
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306 East 15th Street
Neighborhood Description
This area has two other important small parks, Stuyvesant and Union Square. Stuyvesant Park,
which is an historic district like Gramercy Park, is very similar to Gramercy Park, except that it is
public and is divided by Second Avenue. 306 East 15th Street has direct frontage on Stuyvesant
Park. Laid out in 1846 on land donated to the city by Peter Gerard Stuyvesant, each of its two
blocks between 15th and 17th Street, are surrounded by cast-iron fences. Major individually
designated landmarks here include St. George's Episcopal Church on Rutherford Place, the Friends
Meeting House, the Seminary at 15 Rutherford Place and 226 East 16th Street, which was
completed in 1861. The eastern street fronting on the park is known as Nathan Perlman Place, part
of which is occupied by the New York Infirmary/Beekman Downtown Hospital.
Gramercy has a competitive advantage over other New York neighborhood markets in its ability to
capture a broad range of market demand segments. Demand for residential property in Gramercy is
consistently strong.
Gramercy Park East
East 19th Street b/w 3rd Ave. & Irving Pl.
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306 East 15th Street
Landmarks Historic District
In 1836 Peter Gerard Stuyvesant (1778-1847) and his wife Helen Rutherford reserved four acres of the family
farm and sold it for five dollars to the City of New York as a public park. This remarkable gift may have been the
most ambitious gesture of Peter Gerard Stuyvesant, the co-founder of the New York Historical Society and one
of the richest men in America at his time. A public park in a rapidly expanding city was a priceless amenity. The
creation of Stuyvesant Square was the catalyst to the development of an exceptional district within which
Stuyvesant’s spirit still thrives.
Stuyvesant Square, originally to be called Holland Square, remained vacant until a 1839 lawsuit by Stuyvesant
encouraged the development of the valuable land. Not until 1847 did the City begin to improve the park and
erect the magnificent cast iron fence (which still stands as the oldest in New York City). In 1850 the landscape
(including two fountains) was complete, and the park opened to the public. The opening of St. George’s Church
(to the northwest) in 1856 and the Friends Meeting House (to the southwest) in 1861, attracted more residents to
the area around the park. In the latter part of the 19th century, Stuyvesant Square was known as an elegant and
engaging neighborhood park.
Stuyvesant Square, like so many other city parks, was extensively rehabilitated during the 1930s. The 19thcentury plan was modified by landscape architect Gilmore D. Clarke, and comfort stations and other amenities
were built. The park reopened in 1937, looking much as it does today. Further restoration efforts in 1982
addressed the reconstruction of the two 1884 fountains, the preservation of the cast iron fence, and the recreation
of the original bluestone sidewalks. Much of the initial vegetation was restored, including lawns, shrubs and
flower beds. A few specimens of the original trees, Old English Elm and Little Leaf Linden, still flourish.
Further contributions to the park have included the monuments of Director General (Governor) Peter Stuyvesant
(1592-1672) and, more recently, Antonin Dvorak (1841-1904). In 1997 Ivan Mestorvic’s 1963 tribute to Antonin
Dvorak, the renowned composer and director of the National Conservatory of Music of America, was relocated
from the roof of Lincoln Center’s Avery Fisher Hall to the northeast corner of Stuyvesant Square. Gertrude
Vanderbilt Whitney’s statue of Peter Stuyvesant, ancestor of visionary Peter Gerard Stuyvesant, was unveiled in
1941. The statue represents the spirit of a great leader, the last governor-general of the Dutch colony of New
Amsterdam. The park preserves the legacy of both men of the Stuyvesant family.
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306 East 15th Street
Transportation Description
In addition to the diversity of services and amenities located within its parameters, 306 East 15th
Street has excellent access to major transportation nodes. The Lexington Avenue and Broadway
mass transit subway lines (with stops at Grand Central, East 33rd Street, East 28th Street, East 23rd
Street, Union Square, and Astor Place) provide quick access to all Eastside addresses and
downtown and uptown access without transfer. The 14th Street Canarsie subject line runs east-west
from Union Square, where transfer to the Eighth Avenue line provides access to the upper west side
as well as Brooklyn and Queens. The area is also serviced by express and local MTA buses for
southbound traffic along Lexington and Second Avenues and northbound traffic on Third Avenue.
By car, there is easy access to and from the Eastside by the Franklin Delanor Roosevelt Drive, the
Queensboro Bridge, Queens-Midtown Tunnel, and the Williamsburg Bridge.
The highway
transportation network connects Manhattan to New Jersey, Westchester County, Connecticut, New
England, and Long Island.
The three major metropolitan airports, LaGuardia (approximately 20 minute drive), John F.
Kennedy (approximately 30 minute drive), and Newark (approximately 30 minute drive) are
located in the immediate Metropolitan area.
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306 East 15th Street
Subway Map
306 East 15th Street
Page 19
306 East 15th Street
Bus Map
306 East 15th Street
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306 East 15th Street
Zoning Information
Split Zoning Computations
Zoning Districts:
Lot Dimensions:
Approx. Area of Plot:
R8A & C1-6A
22.08' x 128.25'
2,832 sq. ft.
R8A (Residential)
22.08' x 106.55'
FAR: 6.02
x
2,353 sq. ft.
6.02
14,165 sq. ft.
x
479 sq. ft.
4.0
1,916 sq. ft.
C1-6A (Commercial)
22.08' x 21.7'
FAR: 4.0
Gross Buildable Square Footage:
(1)
16,081 sq. ft. (1)
Zoning measures should be independently verified.
All development plans are subject to approval.
306 East 15th Street
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306 East 15th Street
Historic District Map
306 East 15th Street
Page 22
306 East 15th Street
Certificate of Occupancy
Page 23
306 East 15th Street
Certificate of Occupancy
Page 24
306 East 15th Street
Environmental Summary
SUMMARY:
In May 2006, a 500-gallon Underground Storage Tank (“UST”) was removed along with a majority of
the surrounding soil. The removal was necessary because #2 fuel oil was released at the Property
caused by a leak in the piping connected to the UST. Since that time Ownership has conducted
quarterly monitoring and injecting Oxygen Release Compound (“ORC”) as required. Per Ownership’s
environmental consultant, the petroleum concentrations have dramatically decreased (there is no “freefloating” product) and the plan is proceeding according to schedule, with a completion currently
projected to be at or around June 2009. Upon request, the full set of environmental remediation
documents will be available to Prospective Purchasers. Please note that the above is for descriptive
purposes only. Neither Ownership nor Massey Knakal is making any representations as to the
environmental work. Prospective Purchasers are required to perform their own independent
review of the environmental remediation work.
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