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Listing Courtesy of Compass
$ 43,500,000
Est. payment | /mo
20 Beds
20 Baths
78,000 SqFt
$ 43,500,000
Est. payment | /mo
20 Beds
20 Baths
78,000 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 78,000 sqft
Price per Sqft $557
Subdivision Upper East Side
MLS Listing ID RLS20104664
Bedrooms 20
Full Baths 20
HOA Fees $5,833/mo
HOA Y/N Yes
Year Built 1920
Annual Tax Amount $600,000
Property Sub-Type Multi Family
Property Description
11-unit Manhattan value-add portfolio
Unit Mix:
89 Free Market
17 Rent-Stabilized
5 Rent-Controlled
The portfolio will be delivered approximately 95% vacant. Only 9 regulated units are currently occupied, while the remaining regulated units have been vacant for an extended period.
Projected stabilized value is approximately $65 million. The property also offers the opportunity to assume an existing loan of approximately $18 million at a 5.0% interest rate.
Ownership's position, based on advice from its rent regulation counsel, is that the vacant regulated units may qualify for first rent treatment based on a combination of factors, including the property's prior nonprofit/church use, where the apartments were reportedly occupied by the church rather than operated as traditional rental units, the extended vacancy period, and substantial capital improvements completed before re-occupancy. Purchasers should conduct their own legal and regulatory due diligence regarding these matters.
Contact us for the complete Offering Memorandum, data room access, financials, rent roll, and supporting due diligence materials.
Unit Mix:
89 Free Market
17 Rent-Stabilized
5 Rent-Controlled
The portfolio will be delivered approximately 95% vacant. Only 9 regulated units are currently occupied, while the remaining regulated units have been vacant for an extended period.
Projected stabilized value is approximately $65 million. The property also offers the opportunity to assume an existing loan of approximately $18 million at a 5.0% interest rate.
Ownership's position, based on advice from its rent regulation counsel, is that the vacant regulated units may qualify for first rent treatment based on a combination of factors, including the property's prior nonprofit/church use, where the apartments were reportedly occupied by the church rather than operated as traditional rental units, the extended vacancy period, and substantial capital improvements completed before re-occupancy. Purchasers should conduct their own legal and regulatory due diligence regarding these matters.
Contact us for the complete Offering Memorandum, data room access, financials, rent roll, and supporting due diligence materials.
Location
State NY
County New York
Interior
Furnishings Unfurnished
Fireplace No
Laundry See Remarks
Exterior
View Y/N No
Private Pool No
Building
Dwelling Type Multi Family,Townhouse
Story 6
New Construction No
Others
Ownership None
Monthly Total Fees $55, 833
Pets Allowed Building No, No
RLS Data display by WJFNY