3. MSH Realty Corp.’s vision for 138 East 50th is a true
mixed-use development with a residential tower above
a contextual retail base. The project draws inspiration from the
green streetscape and intimate gardens of nearby Turtle Bay. The
GreenFare blends unique, lifestyle amenities with the desirable
Midtown East address.
Contents
Executive Summary 04
Highlights 06
Property Description 08
Floor Plans 16
Market Description 32
Location Description 36
Financial Summary 38
Stacking Plan 42
4. Executive Summary
SUMMARYHIGHLIGHTSPROPERTYLAYOUTMARKETLOCATIONFINANCIALSTACKING
4
• Turtle Bay is known for its tree lined
streets and garden-style townhomes.
• The neighborhood has become one of
the wealthiest neighborhoods, but the
wide range of living costs has kept it
affordable.
• The Property offers excellent transit op-
tions, with the closest station less than a
one block walk.
• Proximity to the Midtown Manhattan
CBD, Grand Central Terminal, and
United Nations headquarters.
The GreenFare is a 52-story mixed-used de-
velopment with 260 residences and 33,500
square feet of leasable retail space. The
Property offers a unique opportunity to a
growing demographic of homebuyers in
Midtown East at a competitive price point.
Public space improvements and a “pay-as-
you-go” amenity package put the GreenFare
in a class of its own in the Midtown market.
• Current oversaturation of luxury prod-
uct in the submarket.
• 30% of residences are owned, below the
NYC average, indicating unmet demand
for homebuyers who prioritize short
commute times.
• Median sales price of $2,880,932 with
a median PPSF of $1,865 according to
4Q2015 reports.
Apartments: 260 units
Average Unit: 852 SF
Completion Year: 2Q2020
Average Sales PPSF: $1,774
Average Sales by Unit: $,1510,261
Residential Market: Turtle Bay,
Midtown East
Gross Area: 302,648 GSF
Rentable SF: 35,185 RSF
Residential SF: 221,328 SF
Stories: 52 stories
Market
Property
Location Property Snapshot
6. SUMMARYHIGHLIGHTSPROPERTYLAYOUTMARKETLOCATIONFINANCIALSTACKING
Highlights
Neighborhood Overview
Turtle Bay is a neighborhood on the
east side of Midtown Manhattan. It
is constrained by 43rd Street to the
south, 53rd Street to the north, Lex-
ington Avenue to the west, and east-
ward by the bank of the East River.
The neighborhood is known for its
tree lined streets and garden-style
townhomes. Turtle Bay has become
one of the wealthiest neighborhoods,
but the wide range of living costs has
kept it affordable.
Midtown East is the designation giv-
en to the area from 42nd Street north
to 59th Street and Sixth Avenue to
the East River. The neighborhood is
known as an area of convenience and
is within walking distance of Grand
Central Terminal and many corporate
headquarters. Large bars and restau-
rants intended for business-minded
patrons are commonplace with many
clubs lining Third and Fourth Ave-
nues. Midtown East encompasses sev-
eral neighborhoods including: Kips
Bay, Murray Hill, Sutton Place, and
Turtle Bay.
Turtle Bay
Midtown East
6
7. Property Description
SUMMARYHIGHLIGHTSPROPERTYLAYOUTMARKETLOCATIONFINANCIALSTACKING
The GreenFare is a 52-story mixed-used development with 260 residences
and 33,500 square feet of leasable retail space. The Property offers a unique
opportunity to a growing demographic of homebuyers in Midtown East at
a competitive price point. Public space improvements and a “pay-as-you-
go” amenity package put the GreenFare in a class of its own in the Midtown
market.
7
8. SUMMARYHIGHLIGHTSPROPERTYLAYOUTMARKETLOCATIONFINANCIALSTACKING
Site & Zoning
Location Through lot between East 50th & 49th
Streets in Midtown East, Manhattan
Frontage 100’ on southern side of East 50th
18.5’ on northern side of East 49 th
Size & Shape 11,892 square foot irregular lot
Zoning Split zoning with majority of property in
C6-4.5 zone with a sliver in C6-6 zone
Block/Lot
Manhattan Block 1304 / Lot 45
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9. DIB & Zoning Lot Merger
SUMMARYHIGHLIGHTSPROPERTYLAYOUTMARKETLOCATIONFINANCIALSTACKING
Earned As –of-right Framework for Qualifying Sites
“This proposal is a targeted plan. Development at in-
creased FARs would only be permitted on ‘Qualifying
Sites’ of a minimum size. Within the Subdistrict, these
Qualifying Sites are defined as sites with the full front-
age along most avenue blockfronts or 200 feet of front-
age along 42nd Street, as well as a minimum site size of
25,000 square feet. New commercial buildings on Quali-
fying Sites could exceed the base 15 FAR in exchange for
contributions of $250 per square foot to a proposed Dis-
trict Improvement Fund. The fund would be dedicated to
critical transit and pedestrian improvements throughout
the area such as additional, relocated or reconstructed
stair, ramp and escalator connections within the Grand
Central subway station as well as a full range of at-grade
public realm improvements.”
District Improvement Bonus (DIB)
“New commercial buildings on Qualifying Sites could exceed the base 15 FAR in exchange for contributions of
$250 per square foot to a proposed District Improvement Fund (DIF). The fund would be dedicated to critical
transit and pedestrian improvements throughout the area such as additional, relocated or reconstructed stair,
ramp and escalator connections within the Grand Central subway station as well as a full range of at-grade
public realm improvements.”
- East Midtown Rezoning, Department of City Planning
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10. SUMMARYHIGHLIGHTSPROPERTYLAYOUTMARKETLOCATIONFINANCIALSTACKING
Improvements to the Public Realm
The DIF allows for the creation of above-grade
improvements over time. Improvements are
selected from a predetermined cache of urban
design interventions such as: trees and plant-
ings, benches, curb extensions, lighting, side-
walk widening, and building setbacks. These
interventions are intended to make public
space more pleasant; providing shade, space to
meet, and space to sit.
Sidewalk Widening
Sidewalk widening allowances are six built
square feet earned as-of-right for every square
foot of sidewalk added. Through the pedestrian
thoroughfare and six foot setback on two sides
of the building, an additional 22,413 square feet
can be built as-of-right.
Installation of Bioswales
Trees and plantings will conform to the NYC
DEP Green Infrastructure Program guidelines
for bioswales to mitigate impact on the aging
combined sewer system present in Midtown.
The Program’s grant allows for the reimburse-
ment of approved projects, permitting the out-
fit of the pedestrian thoroughfare without cost
to the developer.
Living Wall
The pedestrian thoroughfare will be compli-
mented through the installation of a living wall
along the entirety of the east wall. At 200 feet,
this installation will be the largest green wall in
New York City and will serve as the signature
element of the project.
10
11. Land Acquisiton Assumptions
SUMMARYHIGHLIGHTSPROPERTYLAYOUTMARKETLOCATIONFINANCIALSTACKING
11
Project Profile: New York Restoration Project
Project Owner: New York Restoration Project
Project Location: 534 Carroll Street
GI Technology: Rain Garden,
Permeable Pavers,
ROW Bioswale
Impervious Area: 6,333 sq ft
Storage Volume: 150,000 gallons per year
Year Completed: 2013
GI Grant Award: $328,871
Watershed: Gowanus Canal
14. SUMMARYHIGHLIGHTSPROPERTYLAYOUTMARKETLOCATIONFINANCIALSTACKING
Amenities
Lobby
The ground floor space is accessed from the
pedestrian thoroughfare and offers a tastefully
designed space with double height ceiling that
spans 20 feet. In order to reduce operational
costs and improve building efficiency, a single
lobby services both residences and amenity
floors. This creates a lively atmosphere in the
lobby that essentially serves as an extension of
the public space of the property.
Lounge
The second floor hosts a 3,400 square foot
lounge and bar with commanding views of the
pedestrian thoroughfare below. The space serves
as the waiting and reception area for the rooftop
restaurant with hostess area and plenty of seat-
ing.
Fitness Center & Spa
Located on the third floor, the fitness center is a
fullfloordedicatedforhealthandwellbeing.The
over 8,300 square foot space features 15’ ceiling
heights and will be outfitted to the tenant’s dis-
cerning tastes. Targeted tenants include NYC’s
most popular gyms, including Equinox Fitness
and Crunch.
In order to keep the cost per square foot for residential sales within the buyer’s range, building
amenities are offered in a “pay as you go” form where residents can tailor their individual amenity
package for their lifestyle. This is achieved through operation and renting of amenity space to
expert operators and making the space available to the public. Residents can pick and choose the
amenities they wish to have.
14
15. SUMMARYHIGHLIGHTSPROPERTYLAYOUTMARKETLOCATIONFINANCIALSTACKING
Amenities
Restaurant
The rooftop space will feature a nearly 3,600
square foot restaurant with an additional 2,400
square foot terrace. At 635 feet, the restaurant
will undoubtedly be one of the premier loca-
tions in Manhattan to stop for weekend brunch
or drinks with friends. In order to improve the
seasonal longevity of the restaurant, the terrace
will feature a retractable roof that can enclose
the space.
Grocer
Spanning over the first two stories and base-
ment, the single tenant space features over
16,000 square feet of space and a service ele-
vator independent from the building core. The
space takes advantage of the twenty foot ceiling
heights on the ground floor and 82 feet of front-
age on East 50th Street. Target tenants would be
a Whole Foods, Trader Joe’s, or Gristede’s.
Corner Retail
The approximately 1,400 square foot space is in-
timately positioned on the pedestrian thorough-
fare that helps differentiate the space from oth-
er retail offerings in Midtown East. The double
height space offers the option to increase floor
space through a mezzanine level. A transparent
facade will create the effect of a “jewel box in
the garden” for the space. Target tenants would
be a modern home décor or luxury retail that
requires a relatively modest sized space, such as
a West Elm.
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32. SUMMARYHIGHLIGHTSPROPERTYLAYOUTMARKETLOCATIONFINANCIALSTACKING
Market Description
Demographic Snapshot
Population 157,769
Average Income $149,337
Housing Units 110,981
Ownership 70% Rented
30% Owned
The population of Midtown East shrinks from about
200,000 in the daytime to barely more than 40,000 at
night, making evaluation of the neighborhood difficult.
However, it seems that people in the area are ditching
suitcases for room keys and taking advantage of the below
Manhattan-average cost of housing. As a result, residen-
tial development has been in a frenzy, only being further
exacerbated by speculation around the Grand Central
Terminal commercial area. Despite the influx of luxury
high-rises, Midtown East continues to sell at a discount.
Rising Office Rents
There is considerable opportunity for the Midtown sector to thrive in comparison to up and coming ar-
eas, such as Hudson Yards. The area’s extensive transportation network and low commuting times allow
office rents to continue to grow in Midtown East. The strength of the sector is exemplified by the $2.29
billion sale of 11 Madison, the largest single building transaction in Manhattan since 2008.
International Capital Seeking Refuge
With its prominent place amongst the Manhattan skyline, Midtown East is a logical draw for interna-
tional investment seeking stability from the tumultuous global economy. The $1.95 billion transaction of
the Waldorf Astoria in 2015 is evidence of international investment’s appetite in the neighborhood. The
hotel was purchased by Anbang Insurance and is the highest price paid for a hotel in the United States.
Growing Retail Sector
Although this has been a trend throughout Manhattan, it has still had considerable effects on the trans-
actions in the Midtown East market. Most notably, the Crown Building, 730-734 5th Avenue, purchased
by Wharton Properties and General Growth Properties for $1.775 billion. The 26-story office building
totals 400,000 square feet of which 50,000 square feet of retail space is leased by high end retailers, such
as Bulgari.
Building Boom
With New Yorkers working longer hours, many have sought shorter commute times and Midtown East
has evolved into a live-work-play neighborhood as a result. The demand for new development has risen
substantially and a influx of projects have come to meet market demand.
Midtown East Market Factors
32
33. SUMMARYHIGHLIGHTSPROPERTYLAYOUTMARKETLOCATIONFINANCIALSTACKING
Midtown East Market Overview
4% 20% 22% 53%
Studio 1-Bedroom 2-Bedroom 3-Bedroom
4Q15 Manhattan Unit Mix of New Development Sales
Midtown East Quarterly Tracking
Midtown East PPSF by Unit Size
Studios $1,697
1-Bedroom $1,730
2-Bedroom $1,789
1500+ sq ft $1,900
% of Sales Within Midtown East
Studios N/A
1-Bedroom 5%
2-Bedroom 26%
1500+ sq ft 69%
$2,880,932
4Q15 Median Sales Price
$1,865
4Q15 Median PPSF
33
36. SUMMARYHIGHLIGHTSPROPERTYLAYOUTMARKETLOCATIONFINANCIALSTACKING
Location Description
Demographics
H.E.N.R.Y.
D.I.N.K.
UAL
NCOME
O
IDS
IGH
ARNING
OT
ICH
ET
DINKs vary in age, they can be young
and fresh to the workforce or retired.
They often are the key “innovators”
demographic and are likely to be the
first to try something of a different va-
riety, such as technology. Since DINKs
are relatively affluent, they have a taste
for luxury, especially when it comes
to gourmet food. They have consider-
ably more leisure time than the average
couple because they do not have any
children. This could be by choice or be-
cause they are relatively or recent emp-
ty nesters.
GreenFare is intended to provide an
option for HENRYs and DINKs work-
ing in Midtown to reduce their com-
mute time. The Project also targets
recent empty nesters who are looking
for a trendy option to downsize from a
suburban home.
HENRYs are typically young pro-
fessionals that ascend the busi-
ness ladder rapidly. The income
range of a HENRY is between
$100,000 and $250,000. The high
income and lack of dependents
means they often have larger
disposable incomes. As a result,
HENRY’s control 40% of con-
sumer spending, especially when
it comes to luxury items.
The Midtown East population is
highly educated with 92% hold-
ing a college degree and 40% have
attained a Master’s or higher. 27%
of between the ages of 25 and 34,
which is twice the New York City
average.
36
37. SUMMARYHIGHLIGHTSPROPERTYLAYOUTMARKETLOCATIONFINANCIALSTACKING
Neighborhood Destinations
Central Business District
Largest CBD in the world and ranks among the
most intensely used pieces of real estate in the
world. Midtown is the country’s largest commer-
cial, entertainment, and media center.
Grand Central Terminal
Oneofthebusiesttrainstationsintheworld,serv-
ing nearly 200,000 NYC commuters every day.
Built in 1871, Grand Central Terminal is home to
44 train platforms, several great NY restaurants,
and some of the most beautiful Beaux-Arts archi-
tecture in NYC.
37
