• Ariel Property Advisors has been retained on an exclusive basis to sell 118-120 West 27th Street. Located between Sixth and Seventh Avenue in Midtown South, the property lies within the new Midtown South Mixed-Use Plan (MSMX) area and benefits from a central location with arguably the best transportation in the world. Now re-zoned, this area is poised to become one of the most dynamic and sought-after areas of New York City. • The property is a 12-story, 37.5’ wide, mixed-use building that has undergone an intensive renovation program to convert the upper 11 floors to residential use. • The residential zoning created by the MSMX plan allows for conversion of the 9,384 SF vacant commercial space on Floors 4,5,6 and the rear of 2 to residential use (This path to convert the remaining commercial had been lacking, as the prior M1-6 zoning would not allow residential use as-of-right). • The incentives found in the newly minted 467-M tax incentive program, combined with the zoning reforms under City of Yes, allow for efficient conversion of the existing 3.5 floors of vacant office space (9,384 sf approx.) and for a 90% real estate tax exemption for this converted space. • The program to obtain a residential CofO was launched in 2010. At present, 84% of this legalization program has been completed at cost of over $8,600,000. • New mechanicals, including a new gas-fired boiler with hydronic heat, new plumbing, upgraded electric service – 1,200 AMPs, new meter bank and panels, new life safety systems, two upgraded elevators, and a building intercom system with key card access have been installed. • 7,281 sf, spanning three floors, have been converted to 5 luxurious two-bedroom apartments renting at an average of $75/sf ($8,000 - $8,750/mth). • An additional 1,320 unit is vacant and a First Rent can be set upon completion of the building legalization program. • 7,950 sf on Floors 4, 5, 6 have been white-boxed and are ready for conversion. An additional 1,436 sf of office space at the rear of the second floor is vacant, gutted and ready for conversion. • There are 5 IMD units spanning 9,615 sf. – 1 of the IMD tenants sold their IMD rights. On vacancy, this full-floor unit could be split into two Free Market apartments. • The 2,532 SF retail space has been marketed for lease and several strong offers obtained. • 118 West 27th Street represents a tremendous opportunity to take over a conversion project (where most of the onerous and expensive work is already complete), benefit from the MSMX rezoning to complete the conversion of the property into a luxurious mixed-use building.