CONFIDENTIAL DEAL BRIEF — OFF-MARKET OPPORTUNITY
The Kaden Team presents, on a confidential basis, a boutique prewar mixed-use building in Midtown’s Plaza District steps from Fifth Avenue and Rockefeller Center. Diversified in-place income across restaurant, office, and rooftop telecom, offered at $22.0M—a basis carried less by the P&L than by ~23,635 SF of unused air rights. An air-rights/development-basis opportunity with an income floor. Address and rent roll upon NDA.
The Opportunity
- The Asset: Six-story prewar mixed-use, ~14,060 SF, in the Special Midtown District (C5-3 / 15.0 FAR)
- In-Place Income: Restaurant anchor, office floors, and a long-dated rooftop telecom license with diversified cash flow.
- The Air Rights: ~23,635 SF of unused development rights—the main value story at this basis, monetizable via assemblage[.
- The Basis: $22.0M ask (~3.9% in-place cap)—priced on air rights at prime FMV, not just income.
Financial Highlights (P&L Summary)
- Asking Price: $22,000,000
- Gross Income (Annual): $1,059,688
- Operating Expenses: ($216,397)
- Net Operating Income (In-Place): $867,150 (~3.9% Cap Rate)
- Underwritten NOI (Kaden): ~$729,000 (~3.3% Cap Rate)
- Unused Air Rights: ~23,635 SF (~$500/BSF implied valuation)
