4055 Tenth Avenue is a newly construct, single-story office building totaling approximately 60,000 rentable square feet. Located in the Inwood section of the Manhattan, the building is leased on a long-term basis to New York Cityâ??s Human Resources Administrationâ??the agency primarily responsible for the administration and delivery of the cityâ??s social and economic assistance programs. Its lease provides for not only strong rents, but also generous reimbursement provisions to protect potential investors from growth in operating expenses. The buildingâ??s roof is leased long-term to a local parking operator, whose business benefits substantially from both the HRA employees on site as well as the buildingâ??s location amid other municipal offices such as the Sanitation Department and the Metropolitan Transit Authority. 4055 Tenth Avenue is easily accessible not only by car, but by the No. 1 and A Subway lines as well as several bus routes reaching points within Manhattan and The Bronx. With a government tenant and successful parking operator, 4055 Tenth Avenue offers investors a unique opportunity to acquire an office property that generates long lasting cash flows with reliability comparable to government bonds, but at significantly higher yields. Overview Building Type: Commercial Buildings Block/Lot: 2213/1 Lot Dimensions: 123.5' x 500' Lot Sq Ft: 33,925 (approx.) Stories: 1 Zoning: M1-1 FAR: 1 Year Built: 2007 Assessment Value: $5,302,560 Taxes: $46,415 (Property recieves a $491,870 ICIP Exemption) Building Sq Ft: 60,000 (rentable)
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