111 West 104th Street, New York, NY 10025

Upper West Side, New York, New York 10025

$29,000,000  

Listing ID Number

24822

Property Description

Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of 111 West 104th Street, a 6 story, ~38,000 SF (approx.), prewar elevator apartment building located in the Manhattan Valley portion of the Upper West Side. The property possesses 88’ of frontage and is located just a short walk from Columbia University, Central Park, and the Columbus Square retail corridor anchored by Wholefoods.

111 West 104th Street contains 36 apartments consisting of 6 two-bedrooms, 20 three-bedrooms, 10 four-bedrooms and a basement super’s unit. Of the 35 rental units, 22 are Free Market/Vacant, 13 are Rent Stabilized and 1 is Rent Controlled. Each floor contains 6 distinct apartment lines ranging in size from 652 to 1,127 SF. The apartments are spacious, averaging approximately 949 SF, and benefit from great light & air due to the center courtyard, side and rear setbacks, and an extraordinary number of windows on all sides of the building. All but one of the recently Free Market/Vacant units have been renovated and are renting for an average of approx. $1,209 per bedroom or $52.84 per net rentable square foot. The remaining regulated apartments are renting for an average of $679 per bedroom or $23.51 per net rentable square foot which represents discount of approximately 48% to prevailing market rates.

The building is currently heated by a dual fuel boiler with a 4,000 gallon #2 oil tank and is individually metered for gas and electric. Recent capital improvements include a full replacement of the elevator mechanicals. All renovated apartments contain modern designs with in-unit washer-dryers, stainless steel appliances, hardwood floors and crown moldings.

Additional features of the building include 10-11’ ceiling heights throughout, a rare arched-center court entrance, and a full basement (approx. 6,000 SF) that is currently being underutilized and represents a significant value creation opportunity for future owners. The excess space could be repositioned to construct duplexes with the ground floor apartments and/or to create amenity space that will help drive future rental growth. Additional upside could also be unlocked by undertaking a renovation of the common areas and creating a public outdoor space on the roof.

111 West 104th Street offers convenient access to all parts of New York City via the 1 train which runs along Broadway or the A, B & C trains on Central Park West.

For setups, asking price, and more, please visit www.themorningsideproperties.com

Overview

Building Type:Apartment Buildings
Location:Manhattan Valley

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Robert M. Shapiro
Executive Managing Director
(212) 660 7717
robert.shapiro@cushwake.com

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

Robert A. Knakal
Chairman, New York Investment Sales
(212) 660 7777
robert.knakal@cushwake.com

Ian Brooks
Senior Associate
(212) 589 5107
ian.brooks@cushwake.com

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

Jonathan Trock
Associate
(212) 589 5156
jonathan.trock@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.