110 West 69th Street - UNDER CONTRACT

Upper West Side, New York, New York 10023

$29,000,000  

Listing ID Number

24868

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 110 West 69th Street, a trophy 48.5’ wide, 9 story, pre-war elevator apartment building containing 36 spacious apartments and situated at the epicenter of one of the world’s great cultural locations on New York City’s Upper West Side.

Owned by the same family for over 40 years and located on a bucolic tree-lined block just steps from Central Park, 110 West 69th Street’s immediate neighbors include Lincoln Center for the Performing Arts and the posh, high-end retail corridors of Columbus Avenue and Broadway.

Of the 36 apartments, 27 are free-market or vacant (2 are vacant), affording a variety of value-add scenarios for conversion to a luxury rental or condominium. Constructed in 1924 in the Neo-Renaissance style, 110 West 69th Street possesses the old-world charm of a classic New York pre-war apartment building with a full, double-height basement, two elevators (passenger and freight), and dual interior staircases with each unit having both a main entrance door and service entrance.

Two of the ground-floor units have been elegantly renovated and duplexed to the basement, each with its own private outdoor garden space. The other 34 apartments are currently laid out as large one-bedrooms, but could easily be converted to two-bedroom units or combined for larger family-size dwellings. Current in-place rents average approximately $44.69 per net rentable SF, roughly 45% below market.

110 West 69th Street represents a rare opportunity to purchase a boutique world-class multi-family trophy with substantial value-add possibilities situated in one of New York City’s most desirable locations.

Co-brokers are invited, and our commission payable by written agreement with the seller shall be split 50-50 with the cooperating broker who signs our brokerage agreement and procures a purchaser in accordance with the provisions therewith.

Overview

Building Type:Apartment Buildings
Block/Lot:1140/37
Lot Sq Ft:4,870
Buildable Sq. Ft:30,159
Units:36
Zoning:R8B

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

Conrad Martin
Associate Director
(212) 307 8175
conrad.martin@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.