113 & 115 West 82nd Street, New York, NY 10024

Upper West Side, New York, New York 10024

$9,500,000  

Listing ID Number

24767

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 113 & 115 West 82nd Street, a pair of adjacent 5 story Renaissance Revival townhouses located steps from Central Park and the American Museum of Natural History. Constructed in the late 1880’s as part of a row of four houses (113-119) by William H. Stafford, the properties have been owned by the same family for generations and are being offered for sale for the first time in over 40 years. 

The buildings combine for 37’ of frontage (18’ & 19’) on the north side of a West 82nd street within the Central Park West Historic District. Of the 20 units 9 are free market and 11 are rent stabilized. The units consist of 18 one-bedrooms and 2 studios. The free market apartments are renting for an average of $2,256 per month or approximately 20%-30% below market with the rent stabilized units averaging $1,261 which represent a 55%-65% discount to market. The buildings are heated via two separate gas fired boilers and are individually metered for both gas and electric.

The properties have approximately 4,185 square feet of additional air rights that could be used to extend the rear or add on top of the buildings subject to LPC approval.

113 & 115 West 82nd Street present a unique opportunity for an investor to purchase 2 brownstones and 20 apartments in a great location with both near and long term upside potential.

The properties will be sold on an as-is where-is basis.

Overview

Building Type:Apartment Buildings, Townhouses
Location:Upper West Side

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

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.