315 West 102nd Street - SOLD

Upper West Side, New York, New York 10025

$23,500,000  

Listing ID Number

24688

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 315 West 102nd Street, a  54' wide, 9 story elevator building containing 36 apartments and a basement super’s unit. The property has been owned by the same family for multiple generations and is being offered for sale for the first time in over 60 years.
Of the 36 apartments, 18 are free-market, 16 are rent stabilized and 2 are rent controlled.  The units average approximately 800 net square feet and consist of 18 one-bedrooms and 18 two-bedrooms laid out in four lines (A, B, C, D). Rents building-wide are significantly below market, averaging approximately $29 per net rentable SF which is a 40-50% discount to prevailing market rates. All the free market apartments have been renovated and are rented for an average of approximately $42 per square foot presenting an immediate repositioning opportunity. The building contains two sets of stairs, is serviced by both a passenger and freight elevator, and has recently undergone a number of major capital improvements including a completely new tear-off roof, newly constructed parapet, new passenger elevator cab and mechanicals, and a refurbished oil tank (#2). Features include a beautiful lobby, tall ceilings in excess of 10’ throughout, and partial views of the Hudson River and Riverside Park.
315 West 102nd Street represents an excellent opportunity to purchase a truly prime elevator building featuring both immediate and long-term upside potential within the heart of one of New York City’s most supply constrained neighborhoods.

Overview

Building Type:Apartment Buildings

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Paul B. Smadbeck
Senior Managing Director
(212) 660 7760
paul.smadbeck@cushwake.com

Hall Oster
Senior Managing Director
(212) 660 7723
hall.oster@cushwake.com

Teddy Galligan
Associate Director
(212) 589 5137
teddy.galligan@cushwake.com

Bryan Smadbeck
Senior Associate
(212) 589 5169
bryan.smadbeck@cushwake.com


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Property Map


Aerial View


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.