428 W 44TH Street, New York City, NY 10036

20′ wide four-story 6-unit brick building FULLY DEREGULATED  since 2015 and can be delivered VACANT.  Located on what is widely regarded as the best block in Clinton.  Set between Actors Studio and New Dramatists, the house is mid block among a row of well maintained brownstone houses, several single family. This entire building was gut renovated in 1968 when new electric, plumbing and structural work was done but much of the original period character and detail was retained.  New Weil McLain 355,000 BTU gas fired steam boiler in 2023 and new AO Smith hot water  tanks in 2022. All of the apartments  were again renovated and new appliances installed within the past  ten  years.

Currently the configuration is Parlor and Garden apartments  each 900 sq ft one bedrooms that  share a bright south facing  landscaped garden.  The 3rd and 4th floors each have two studio rental apartments. The building can be delivered entirely vacant.  The building has significant unused FAR which may be used to add a fifth floor and extend the rear. (Check with your architect.) This building is in the Special Clinton Zoning District which is intended to preserve the low rise character of the neighborhood.  Midtown offices, Broadway theatres, Hudson Yards, Manhattan West offices, Hudson River Park, subways A,C,E,7,N, Q,R,1,2,3 all 10 minutes away. Owner/Broker

LAYOUT/RENT ROLL
Garden Unit – Floor Through 1 Bedroom
Rent: $4,495; Market Value: $4,495; Lease Expires: 9/30/25
Parlor Unit – Floor Through 1 Bedroom
Rent: $4,860; Market Value: $4,860; Lease Expires: 2/28/25
Unit 2F – Studio
Rent: $3,440; Market Value: $3,550; Lease Expires: 4/30/26
Unit 2R – Studio
Rent: $3,395; Market Value: $3,450; Lease Expires: 11/30/25
Unit 3F – Studio
Rent: $3,425; Market Value: $3,425; Lease Expires: 6/30/26
Unit 3R – Studio
Rent: $2,995; Market Value: $2,995; Vacant

Monthly Projected Rents: $22,775
Annual Projected Rents:$ 273,300

Estimated Expenses (Annual):
Real Estate Taxes: $52,644
Water/Sewer: $1,800
Insurance: $12,917
Heat/Electric: $9,400
Super/Cleaning: $6,900
Repair, Replacements:$7,000
Legal, Accounting: $2,000
Cable: $1,200
Other: $3,000

Total: $96,861

Nominal NOI: $176,439
Vacancy: $15,000 
Effective NOI: $161,439