Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 840 West End Avenue, a prewar apartment building located on the northeast corner of West End Avenue and West 101st Street in the Upper West Side section of Manhattan. The property is a 6-story, elevator-serviced, residential apartment building that was constructed in 1910 and has recently undergone more than $7 million in capital improvements. Currently, it contains approximately 47,832 gross square feet and features 33 residential units in addition to 1 super’s unit. Additional plans have been meticulously prepared and partially approved for an approximate 5,000 SF penthouse addition.
The subject offering represents a unique and rare opportunity for an investor to acquire and further reposition an asset in one of New York City’s most prestigious residential enclaves. The subject building contains 33 residential units, including 13 one-bedroom, 10 two-bedroom, 3 three-bedroom and 7 four-bedroom units spread throughout six floors and averaging over 1,340 NSF each. Proposed plans call for a five-bedroom penthouse unit to be constructed. This plan was recently approved by Community Board 7 and Landmarks Preservation Commission representing tremendous value-add opportunity. Of the 34 units (incl. new PH), 21 are free market, 11 are rent stabilized and 2 are rent controlled. Furthermore, of the 33 existing units, 10 are currently vacant, of which 4 are in late stages of renovation and 2 have recently been completed to condominium level finishes. Lastly, the rent regulated apartments are rented for an average of approx. $15 PSF which represents a 79% discount to prevailing market rates and illustrates the significant upside still remaining.