105 W 55th Street, New York, NY 10019

Midtown West, New York, New York 10019

$55,000,000  

Listing ID Number

25475

Property Description

Cushman & Wakefield has been exclusively retained to arrange for the sale of 105 West 55th Street—a 10-story mixed use rental building located on the north side of 55th street between Sixth and Seventh Avenues. The property features 2 passenger elevators and contains 52 residential apartments and 5 commercial units.

The residential breakdown of the property is 69% free market units and 31% rent stabilized with the unit mix being comprised of 1 studio apartment, 16 one-bedrooms, 34 two-bedrooms, and 1 three-bedroom. Nearly half of the units are greater than 1,000 square feet, thus creating an opportunity to optimize the efficiency of individual unit layouts. The building uniquely offers both short and long-term upside; on average, the free market units are achieving just $52 per square foot allowing an investor to capitalize on short term increases in rent through relatively minor upgrades within the units. The rent stabilized component of the property offers long term potential either through buyouts of existing tenants or through unit turnover over time.

The commercial component of the space consists of two retail units and 3 commercial units located within the lobby of the building. All of the tenants have been in their spaces long term, ensuring stable cash flow. The lease expirations all occur within the next couple of years and are strategically staggered so that there aren’t multiple vacancies at any given time.

Overview

Building Type:Apartment Buildings, Development/Conversion Sites, Mixed-Use Investment Buildings
Buildable Sq. Ft:125,010
Stories:10
Units:57
Residential Units:55
Commercial Units:5
Zoning:C6-6
FAR:15
Residential FAR:10
Building Sq Ft:54,838

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Robert Burton
Senior Managing Director
(212) 660 7770
robert.burton@cushwake.com

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

Jonathan Hageman
Executive Managing Director
(212) 660 7773
jonathan.hageman@cushwake.com

Keegan Mehlhorn
Associate Director
(212) 660 7718
keegan.mehlhorn@cushwake.com

George D'Ambrosio
Director
(212) 660 7790
george.dambrosio@cushwake.com

Bobby Carrozzo
Senior Associate
(212) 589 5118
bobby.carrozzo@cushwake.com


Property Images

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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.