20 Hawley
Street
Binghamton, New York
Page 0
20 Hawley Street
Realty Services
20 Hawley Street
Offering Memorandum
20 Hawley Street
Binghamton, New York
ASKING PRICE:
$3,250,000
$1,950,000 Reduced
Must Close ASAP
EXCLUSIVE AGENTS:
James Nelson
John Barrett
jnelson@masseyknakal.com
(x7710)
jbarrett@masseyknakal.com
(x7714)
Brendan Gotch bgotch@masseyknakal.com
(x7742)
Page 1
Billy Simons
bsimons@masseyknakal.com
(x7734)
MASSEY KNAKAL REALTY SERVICES
275 MADISON AVENUE, THIRD FLOOR
NEW YORK, NEW YORK 10016
(P) 212-696-2500
(F) 212-696-0333
20 Hawley Street
Confidentiality
THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in considering
whether to pursue negotiations to acquire an interest in 20 Hawley Street, Binghamton, New York
("The Property").
This Confidential Memorandum contains brief, selected information pertaining to the business and
affairs of the Owner, and has been prepared by Massey Knakal Realty Services ("Massey Knakal")
primarily from information supplied by the Owner. Although this Confidential Memorandum has been
reviewed by representatives of the Owner, it does not purport to be all inclusive or to contain all of the
information which a prospective purchaser may desire. Neither Massey Knakal, nor any of their
officers, employees or agents make any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Confidential memorandum or any of its contents, and no legal
liability is assumed or to be implied with respect thereto.
By acknowledgement of your receipt of the Confidential Memorandum, you agree that the
memorandum and its contents are confidential, that you will hold and treat it in the strictest of
confidence, that you will not directly or indirectly, disclose or permit anyone else to disclose this
memorandum or its contents to any person, firm or entity without prior written authorization of Owner,
and that you will not use, or permit to be used, this memorandum or its contents in any fashion or
manner detrimental to the interest of Owner. Photocopying or other duplication is strictly prohibited.
Owner and Massey Knakal expressly reserve the right, at their sole discretion, to reject any or all
proposals or expressions or interest in the building, and to terminate discussions with any party at any
time with or without notice.
If you do not wish to pursue negotiations leading to this acquisition, kindly return this confidential
memorandum to Massey Knakal.
This Confidential Memorandum shall not be deemed a representation of the state of affairs to the
property or constitute an indication that there has been no change in the business of affairs or the
property since the date of preparation of this memorandum.
Page 2
20 Hawley Street
Page 3
20 Hawley Street
Table of Contents
1. Property Information
a. Executive Summary
b. Property Overview
c. Income and Expense Report
d. Property Photographs
2. Maps
a. Tax Map
b. Location Map
c. City Map
3. Systems Overview & Floor Plans
4. Neighborhood Information
a. Neighborhood Character
b. Zoning Map and Description
5. SUNY Binghamton Statistics
6. County Demographics
Page 4
20 Hawley Street
Property Photograph
Page 5
20 Hawley Street
Executive Summary
Overview and Offering
¾
Massey Knakal Realty Services has been retained on an exclusive basis by the Ownership to arrange for the sale
of 20 Hawley Street, Binghamton, New York. This nine story plus annex office building is comprised of a
combined 166,870 SF (Approx.) with frontage on Hawley, Washington, Stuart, and State Streets. It also includes
a lower level garage which has 67,500 SF (Approx.) for 200 cars.
¾
The property is accessible via several major highways, and is located just minutes off of Route 17. Via car or
bus, it is a three hour drive northwest from New York City.
¾
20 Hawley Street is the premiere building in its submarket, being the only class A office building in the
immediate area.
¾
SUNY Binghamton’s main campus, located only a few miles away, has a population of 17,223 students and 551
full time faculty. In the last year BU experienced a 2.2% increase in enrollment and an impressive 10% increase
in applications. With a new $27 million campus extension located directly next door to 20 Hawley Street and
student housing capable of serving only 4,000 students, there exists an ideal opportunity for a developer to create
off campus housing if a special permit is approved by the planning commission.
¾
Veterans Memorial Arena, located directly to the south, seats 3,000 people and accommodates 150 events per
year. 20 Hawley benefits from event parking available in the evenings.
Page 6
20 Hawley Street
Executive Summary
Address:
20 Hawley Street, Binghamton, New York
Location:
Bound by Hawley, Washington, State, and Stuart Streets
Lot Size/Area:
1.72 acres
Stories:
9
Building Size:
166,870 SF (Approx.) plus 67,500 SF (Approx.) parking
Zoning/FAR:
C-2 (Downtown Business District)
The Process:
Inspection tours of the property will be given to qualified investors by appointment only.
Please do not attempt to inspect any portion of the building independently, as access will not be granted.
ASKING PRICE: $3,250,000 (Reduced)
$1,950,000 (Reduced)
Must Close ASAP
Page 7
Massey Knakal Realty Services
For Additional Information, Please Contact Exclusive Sales Agents:
275 Madison Avenue, Third Floor
James P. Nelson (x7710) or jnelson@masseyknakal.com
New York, NY 10016
John Barrett (x7714) or jbarrett@masseyknakal.com
(212) 696-2500 (212) 696-0333 (Fax)
Brendan Gotch (x7742) or bgotch@masseyknakal.com
Billy Simons (x7734) or bsimons@masseyknakal.com
20 Hawley Street
Binghamton, New York
20 Hawley Street
Location:
The block on Hawley, Washington, State and Stuart Streets
Lot Area:
1.72 Acres
Building Size: 120’ x 202’
Stories:
9
Gross Square Footage Breakdown(1):
Floor
Dimensions
SF/FL
Total
Ground Floor:
120’ x 202’
24,240 SF 24,240 SF
Floors 2-5:
40’ x 120’ & 40’ 120’
9,600 SF 38,400 SF
Floors 6-8:
120’ x 202’
24,240 SF 72,720 SF
Floor 9 (PH):
95’ x 179’
15,360 SF 15,360 SF
East Annex:
7,700 SF
7,700 SF
West Annex:
8,450 SF
8,450 SF
Total Gross:
166,870 SF
Parking(1):
67,500 SF; 200 cars
(1) All SF are approximate.
Zoning:
Assessment:
County Tax:
City Tax:
School Tax:
C-2 (Downtown Business District)
$1,500,000
(2009)
$11,698 Approx. (2009)
$52,211 Approx. (2009)
$52,320 Approx. (2009)
ASKING PRICE: $3,250,000,
$1,950,000 Reduced
MUST CLOSE ASAP
Description:
This 166,870 SF+/- office building plus 67,500 SF+/- parking, is currently vacant with the exception of the garage and roof
tenants. It stretches an entire block, boasting frontage on four streets. SUNY Binghamton’s need for student housing creates a tremendous
opportunity for a developer assuming a special permit is approved by the planning commission. The building is adjacent to the new $27
million SUNY campus extension. The property also features below grade parking garage with a 200-car capacity. For a video tour of the
property, please visit: http://youtube.com/watch?v=o5hNzR_ekBo.
For Additional Information, Please Contact Exclusive Sales Agents:
James P. Nelson (x7710)
jnelson@masseyknakal.com
John Barrett (x7714)
Brendan Gotch (x7742)
Billy Simons (x7734)
jbarrett@masseyknakal.com bgotch@masseyknakal.com bsimons@masseyknakal.com
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.
Page 8
275 Madison Avenue - Third Floor - New York, NY 10016 - 212.696.2500 - Fax 212.696.0333
www.masseyknakal.com
THE BRONX
BROOKLYN
MANHATTAN
NASSAU
QUEENS
STATEN ISLAND
WESTCHESTER
HawleyStreet
Street
2020Hawley
Binghamton,
New
York
Binghamton
New
York
20 Hawley Street
PROJECTED REVENUE:
Tenant
Vacant
Coca Cola
Subcarrier
Blue Wireless/ B.I.W.B. Co.
Cool 100
PARKING
Floor
SF
RPSF
Ground-9
Hallway
Roof
9th & Roof
9th & Roof
166,870
6
$12.00
Mo. Rent
100
20
$90.00
$120.00
$
$
$
$
$
166,996
$12.00
$
SF
Annual Rent
166,870
12
100
750
200
$
$
$
$
$
2,002,440
144
1,200
9,000
2,400
167,932
$
2,015,184
Mo. Rent
Notes
N/A
Based on percentage of sales
M/M
8/30/2011
9/30/2011
6% increase annually
Three 5 year options with CPI increases
Annual Rent
Monthly Parking-12 Spaces @ $60 Per Month
Parking Spaces-188 Spaces @ $60 Per Month
Events
$
$
$
720
11,280
6,250
$
$
$
8,640
135,360
75,000
Total
$
18,250
$
219,000
$
186,182
$
2,234,184
67,500
LXP
Yellow indicates rent is projected at mark et.
Projected Annualized Revenue:
PROJECTED REVENUE:
Gross Annual Income:
$
2,234,184
PROJECTED EXPENSES: (ESTIMATED)
County Tax
City Tax
School Taxes
Management (3%)
Cleaning Supplies
Garbage Removal/Recycling
Insurance
Legal & Professional Fees
Maintenance, Repairs & Supplies
Payroll (1 full time, 3 part time)
$
$
$
$
$
$
$
$
$
$
11,698
52,111
52,320
67,026
13,288
3,960
76,112
6,000
98,928
150,952
Electric & Gas
Water & Sewer
Total:
$
$
$
649,100
17,080
1,198,575
Projected Net Operating Income:
$
1,035,609
(1)
Capitalization Rate
53.11%
(1) Gas cost is negligible because it only serves part of t he ground floor, the building has electric heat.
Asking: $3,250,000, $1,950,000 Reduced. MUST CLOSE ASAP
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.
Page 9
275 Madison Avenue - Third Floor - New York, NY 10016 - 212.696.2500 - Fax 212.696.0333
www.masseyknakal.com
THE BRONX
BROOKLYN
MANHATTAN
NASSAU
QUEENS
STATEN ISLAND
WESTCHESTER
20 Hawley Street
Property Photographs
West Wing Entrance
Ground Floor Elevator Bank
Third Floor Office Space
Annex Interior Space
Page 10
Ground Floor Bank
20 Hawley Street
Property Photographs
Common Hallways
Vacant Office Space
Vacant Raw Space
Vacant Office Space
Page 11
Courtyard
20 Hawley Street
Property Photographs
Roof Northeast
Roof View South – New SUNY Academic Complex
Page 12
Roof View Southwest
Roof View West – Holiday Inn
20 Hawley Street
Aerial Photograph
20 Hawley Street
Holiday Inn
Site of new SUNY
Campus Extension
Veterans Memorial
Arena
Page 13
State Building
20 Hawley Street
Tax Map
Page 14
20 Hawley Street
New York City to Binghamton
Page 15
20 Hawley Street
Location Map
20 Hawley Street
Page 16
20 Hawley Street
Systems Overview and Floor Area Breakdown
Systems Overview
Year Built and Age:
1970-71; 36-37 years old
Exterior:
Plate Glass and Metal
Electric:
Two sets of three transformers: 3 transformers are 15,000 kwh each
3 transformers are 33,000 kwh each
Elevators:
6 Elevators: 4 – 3,500 lb., 2 – 1,200 lb.
Heat/Air Conditioning:
2 systems for heating/cooling:
1) Central unit blows through overhead – EFHA
2) Primary electric window units in office space
Some GFHA in main floor east
Cooling tower for CAC
Plumbing:
Copper
Roof:
Built Up
Fire Sprinkler:
Garage Level Only
Foundation and Deckings:
Poured Concrete
Structural Framing:
Steel / Masonry in elevator shaft and bathrooms
Cellar/Basement:
Parking Garage
Number of On-site Parking Spaces:
200
Site Area:
1.72 Acres
Page 17
20 Hawley Street
Floor Plan: ground floor
Page 18
20 Hawley Street
Floor Plan: 2nd floor
Page 19
20 Hawley Street
Floor Plan: 3rd floor
Page 20
20 Hawley Street
Floor Plan: 4th floor
Page 21
20 Hawley Street
Floor Plan: 5th floor
Page 22
20 Hawley Street
Floor Plan: 6th floor
Page 23
20 Hawley Street
Floor Plan: 7th floor
Page 24
20 Hawley Street
Floor Plan: 8th floor
Page 25
20 Hawley Street
Floor Plan: 9th floor
Page 26
20 Hawley Street
Floor Plan: East and West Annexes
Page 27
20 Hawley Street
AREA INTRODUCTION
Binghamton, part of New York’s “Southern Tier,” is located in Broome
County. Also part of the “Triple Cities,” it is the administrative capital of
Broome County. With a metropolitan area population of 252,000 and a
city population of 47,380, Binghamton is the largest of the Triple Cities:
Endicott, Johnson City, and Binghamton.
It is located at the
intersection of the Susquehanna and Chenango Rivers. The city’s
riverfront location provides for a superb landscape framed by high
surrounding hills.
In a historical context, Binghamton was a site of the American
Revolution. At the conclusion of the revolution, the ten thousand acre
area now known as Broome County, home of Binghamton, was given to
William Bingham. Upon conception, Binghamton was highly desired for
its beautiful homes, clean streets, and tranquil landscape. The qualities
remain intact and provide for Binghamton’s current desirability.
River views and traditional architecture enhance the quietude of
Binghamton. Binghamton’s façade is a composite of contemporary and
old-world design.
The quiet streets and quaint buildings make
Binghamton truly unique. It is an amalgam of old-world style and
advanced culture. The city skyline is uncompromised by tall buildings,
yet features such modern buildings as the NYSEG Stadium, home of
the Binghamton Mets: a double-A Eastern League Baseball team; and
the Roberson Museum and Science Center. Broome County Veterans
Memorial Arena is a multipurpose arena that serves the Greater
Binghamton area with such events as the Binghamton Senators ice
hockey
games
and
events
by
World
Wrestling
Entertainment.
Additionally, Lockheed Martin’s presence in
Binghamton provides positive contribution through scholarships and
burgeoning employment opportunities.
Page 28
Town Character
20 Hawley Street
ACADEMIC INSTITUTIONS
SUNY Binghamton is located only a few miles away and currently has a
population of nearly 18,000 students and faculty members. SUNY is a
tremendous contributor to the city, as it is a source of economic,
athletic, academic, and artistic service. Other contributors are the
Ridley-Lowell School of Business and Broome Community College,
also located in Binghamton.
ATTRACTIONS
Cutler Botanic Gardens is a 3.5 acre botanical garden in Binghamton
that is open daily and free of charge during the summer. Binghamton is
also home to the Binghamton Zoo at Ross Park, which was opened in
1875 and is the 5th oldest zoo in the country. The ninety acre zoo has
such attractions as a roller coaster, a bear exhibit, and a carousel. First
Ward Park is the local park, as well as one of the last remaining and
operational pre WWII era public pools. The Discovery Center is
another local attraction in Binghamton. The Discovery Center is an
interactive hand’s on children’s museum. Binghamton is home to a
plethora of art galleries, museums, concert halls, and theatres. With the
Holiday Inn (220 beds) adjacent to 20 Hawley Street, and the Clarion
(110 beds) only a short distance away, there is ample space for
overnight visitors.
SHOPPING
The Oakdale Mall is the area’s major shopping facility with over one
hundred department stores and specialty shops and weekly
entertainment events.
Page 29
Town Character
20 Hawley Street
Zoning Information: Binghamton
20 Hawley Street
Page 30
20 Hawley Street
Zoning Information: Binghamton
Page 31
20 Hawley Street
Zoning Information: Binghamton
Page 32
20 Hawley Street
SUNY Student Housing
# of
Grad
Studen
ts
# of Undergrad
Students
2,850
Dorm
Rooms
Total # of
Students
14,373
17,223
Price for Dorm
Rooms
# of Students Living on
Campus v. Off
On Campus: Approx 4,850Per Semester:
4,950
$2,600-$2,800 Per Off Campus: Approx 12,273Year: $5,200-$5,600 12,373
551
Communities for Freshman:
Apartment Style Communities:
College-in-the-Woods:
Hillside:
Approx 700 Upperclass Students
Adirondack , Belmont, Catsk ill, Darien, Evangola, Hempstead, Jones, Palisades
Room A and B 9’5” x 12’6” (4-person apartments)
Room C and D 8’2” x 12’6”
Adirondack 104, 106; Belmont and Catsk ill 101, 103; Evangola 101, 103 Handicapped Accessible
Apartments (4- person apartments)
Room A and B 8’0” x 12’6”
Room C and D 9’5” x 12’6”
Keuk a, Lak eside, Minnewask a (4-person apartments)
All rooms 8’0” x 12’6”
Fillmore, Glimmerglass, Nyack (8- person apartments)
Rooms A, B, C, D (singles) 7’6” x 12’6”
Rooms E, F (doubles) 13’6” x 12’6”
Rock land, Saratoga (6- person apartments)
All Rooms 7’6” x 12’6”
Susquehanna
:
Approx 400 Students
Two Bedroom Apartments:
Living Room:
10'5" x 15'
Double Bedroom: 15'6" x 11'
Single Bedroom: 10'4" x 11'4"
Approx 250-330 Students
* Regular Double: 10’9” x 17’ 6” (about 15’9” long after subtracting
closet space) (188 sq. ft)
* Double in corner room (only 4 total in CIW): Have 5 walls (3’8”,
19’11”, 5’7”, 12’9”, and 15’5”); 191 sq. ft (have movable closets)
* Mohawk suite rooms: 11’6” x 17’6” (have movable closets)
* Suite room (not Mohawk): 10' 9" x 14’4.3” (about 10' 10" long after
subtracting closet space)
* Designed triple in 5 person suite: 11’ x 19’
* Designed double in 5 person suite: 11’ x 14’2”
* Designed triple (not in a suite): Have 5 walls (8’3”, 10’1.5”, 20.5’,
12’10”, and 15’6”); 293 sq. ft (have movable closets)
Dickinson:
Approx 900 Students
Hinman:
Approx 1000 Students
Suite Bedroom:
Suite Lounge:
8'6" x 10'10"
15' x 9'10"
Approx 1200 Students
Room Size:
12'8" x 12'8"
Newing:
Mountainview Approx: 1000 Students
Page 33
Full time
Faculty
Four Bedroom Apartments:
Living Room:
E Bedroom:
H Bedroom:
K Bedroom:
J Bedroom:
10'5" x 15'
10'8" x 11'
9'4" x 11'
9'1" x 11'
7' x 12'6"
20 Hawley Street
SUNY University Article
Press and Sun-Bulletin, November 28, 2007
Page 34
20 Hawley Street
County Demographics
Page 35
People QuickFacts
Population, 2006 estimate
Population, percent change, April 1, 2000 to July 1, 2006
Population, 2000
Persons under 5 years old, percent, 2005
Persons under 18 years old, percent, 2005
Persons 65 years old and over, percent, 2005
Female persons, percent, 2005
Broome County
196,269
-2.1%
200,536
5.2%
21.1%
16.4%
51.6%
New York
19,306,183
1.7%
18,976,457
6.5%
23.6%
13.1%
51.6%
White persons, percent, 2005 (a)
Black persons, percent, 2005 (a)
American Indian and Alaska Native persons, percent, 2005 (a)
Asian persons, percent, 2005 (a)
Native Hawaiian and Other Pacific Islander, percent, 2005 (a)
Persons reporting two or more races, percent, 2005
Persons of Hispanic or Latino origin, percent, 2005 (b)
White persons not Hispanic, percent, 2005
90.9%
4.1%
0.2%
3.4%
0.0%
1.4%
2.4%
89.0%
73.8%
17.4%
0.5%
6.7%
0.1%
1.5%
16.1%
60.9%
Living in same house in 1995 and 2000, pct 5 yrs old & over
Foreign born persons, percent, 2000
Language other than English spoken at home, pct age 5+, 2000
High school graduates, percent of persons age 25+, 2000
Bachelor's degree or higher, pct of persons age 25+, 2000
Persons with a disability, age 5+, 2000
Mean travel time to work (minutes), workers age 16+, 2000
59.4%
5.3%
8.9%
83.8%
22.7%
35,265
18.9
61.8%
20.4%
28.0%
79.1%
27.4%
3,606,147
31.7
Housing units, 2005
Homeownership rate, 2000
Housing units in multi-unit structures, percent, 2000
Median value of owner-occupied housing units, 2000
88,915
65.1%
33.3%
$75,800
7,853,020
53.0%
50.6%
$148,700
20 Hawley Street
County Demographics
Households, 2000
Persons per household, 2000
Median household income, 2004
Per capita money income, 1999
Persons below poverty, percent, 2004
80,749
2.37
$37,089
$19,168
12.4%
7,056,860
2.61
$45,343
$23,389
14.5%
Business QuickFacts
Private nonfarm establishments, 2004
Private nonfarm employment, 2004
Private nonfarm employment, percent change 2000-2004
Nonemployer establishments, 2004
Broome County
4,273
79,338
-4.4%
9,745
New York
511,440
7,433,686
1.1%
1,410,301
Total number of firms, 2002
Black-owned firms, percent, 2002
American Indian and Alaska Native owned firms, percent, 2002
Asian-owned firms, percent, 2002
Native Hawaiian and Other Pacific Islander owned firms, percent, 2002
Hispanic-owned firms, percent, 2002
Women-owned firms, percent, 2002
12,642
S
F
S
F
S
30.0%
1,707,168
7.6%
0.7%
8.5%
0.2%
9.6%
29.6%
Manufacturers shipments, 2002 ($1000)
Wholesale trade sales, 2002 ($1000)
Retail sales, 2002 ($1000)
Retail sales per capita, 2002
Accommodation and foodservices sales, 2002 ($1000)
Building permits, 2005
Federal spending, 2004 ($1000)
2,969,167
2,065,588
2,219,433
$11,106
263,512
210
1,279,470
147,317,463
343,663,041
178,067,530
$9,298
27,835,952
61,949
143,902,576
Geography QuickFacts
Land area, 2000 (square miles)
Persons per square mile, 2000
FIPS Code
Metropolitan or Micropolitan Statistical Area
Broome County
New York
706.82
47,213.79
283.6
401.9
7
36
Binghamton, NY Metro A
(a) Includes persons reporting only one race.
(b) Hispanics may be of any race, so also are included in applicable race categories.
FN: Footnote on this item for this area in place of data
NA: Not available
D: Suppressed to avoid disclosure of confidential information
X: Not applicable
S: Suppressed; does not meet publication standards
Z: Value greater than zero but less than half unit of measure shown
F: Fewer than 100 firms
Source: US Census Bureau State & County QuickFacts
Page 36