Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of 500 Cathedral Parkway, a corner, 6 story, mixed-use elevator apartment building overlooking the Cathedral of St. John the Divine. The property sits just 4 blocks shy of Columbia University and possesses over 170’ of wrap around frontage on the southwest corner of Cathedral Parkway (West 110th Street) and Amsterdam Avenue. The building has recently undergone a full gut renovation and is being offered in turn-key condition.
500 Cathedral Parkway contains 2 stores combining for more than 70’ of frontage on Amsterdam Avenue, a basement super’s unit, and 27 apartments of which 24 are Free Market/Vacant, 1 is Rent Stabilized and 2 are Rent Controlled. The apartments are spacious, averaging approx. 902 SF, and consist of 3 two-bedrooms, 18 three-bedrooms and 7 four-bedrooms. There are 2 apartments on the ground floor and 5 apartments each on floor 2-6 ranging in size from 700 to 1,324 SF. The units benefit from a tremendous amount of light and air due to a combination of the building’s location on the intersection of two double wide streets and a number of low rise structures to the north and east.
The market rate units have been meticulously designed and renovated to a standard previously absent from the surrounding marketplace. Features of the apartments include en-suite laundry, stainless steel appliances, marble counter tops, hard wood floors, recessed lighting and crown moldings. The renovated units are renting for an average of $4,538 per month or $60.10 per net square foot and the remaining regulated units are renting for an average of $2,383 per month or $24.36 per net square foot which represents a discount of nearly 60%.
The retail units consist of a 1,500 square foot corner restaurant and a 1,500 square foot in-line store which is currently vacant. The restaurant has 4 years remaining on its lease (exp. 12/20 with one 5-year option) and is currently rented for approximately $102 per net square foot. The in-line store is projected to rent for approximately $120 per square foot.
Features of the building include tremendous views, tall ceilings throughout (10’-11’), exquisitely designed common areas, a lobby finished with herring bone floors and wainscoting, and ample tenant amenities including a ButterflyMX virtual doorman system, intercom, package room and exercise room. The property’s ideal position in close proximity to Columbia University, Mount Sinai Hospital, The Cathedral of St. John the Devine, and both Central and Morningside Parks will serve as a driver of future demand and appreciation over the long term. Additional upside potential could be realized by utilizing all, or a portion, of the approximately 11,000+ SF of remaining air-rights which may require Landmark’s & Preservation Commission approval as the property is calendared for inclusion in the proposed Morningside Heights Historic District.
In regards to infrastructure, the building is heated by a #2 oil-fired boiler with a 4,000 gallon tank and is individually metered for gas and electric. Recent improvements to the building systems include a new elevator cab and new windows in 24 apartments.
500 Cathedral Parkway presents an excellent opportunity to acquire a low maintenance, corner mixed-use, property in the Upper West Side’s Bloomingdale District with significant in-place cash flow and remaining near term upside.
For setups, asking price, and more, please visit www.themorningsideproperties.com