3143-3149 Broadway, New York, NY 10027

Morningside Heights, New York, New York 10027

$48,000,000  

Listing ID Number

24825

Property Description

Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of 3143-3149 Broadway, 3 contiguous, 5 story, mixed-use walk-up apartment buildings in Morningside Heights. The properties sit just a few blocks from Columbia University’s new 6.8M SF expansion project and possess over 129’ of frontage on the western side of Broadway between Tiemann Place and La Salle Street (~125th & 126th Streets). The buildings are 80% Free Market and have recently undergone a full gut renovation creating a modern, turn-key, living experience that transcends any other opportunities available to residents in the area.

3143-3149 Broadway contains 3 stores and 67 apartments of which 54 are Free Market/Vacant and 13 are Rent Stabilized. The apartments are well configured and consist of 4 one-bedrooms, 22 two-bedrooms, 33 three-bedrooms, and 8 four-bedrooms. All of the market rate units have been meticulously designed and renovated to a standard previously absent from the surrounding marketplace. Features of the renovated apartments include in-unit laundry, stainless steel appliances, marble counter tops, hardwood floors, recessed lighting and crown moldings. The renovated units are renting for an average of $3,324 per month or $61.93 per net square foot. The remaining regulated units remain in legacy condition with rents averaging $2,105 per month or $32.52 per net square foot which represents discount of nearly 49% to prevailing market rates.

The retail component consists of approximately 5,000 square feet across 3 stores; Bettolona a 2,000 square foot restaurant leased through 2022 at approx. $51.62 PSF, Island Burger a 1,300 SF restaurant leased through 2025 at approx. $80.82 PSF, and Thrifty Supermarket a 1,200 SF (plus basement) convenience store leased through 2026 at approx. $100.00 PSF. Retail rents in the neighborhood are driven by the influence of Columbia University who’s presence will continue to place upward pressure on rents in the coming years.

Features of the buildings include exquisitely designed common areas with exposed brick and recessed lighting, new lobbies complete with upgraded doors and modern intercom systems, tall ceilings throughout and public roof decks. The properties’ ideal locale near Columbia University with its ever expanding campus, Riverside & Morningside Parks, and the 125th Street retail corridor will serve as a driver of future demand and appreciation over the long term.

3143-3149 Broadway presents an excellent opportunity to acquire a package of low maintenance, mixed-use, properties in close proximity to Columbia University with significant in-place cash flow and remaining near term upside.

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

Overview

Building Type:Mixed-Use Investment Buildings
Location:Morningside heights

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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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.