Upper East Side Portfolio

  • $100M
418 East 77th Street, New York, NY 10075, USA

Upper East Side Portfolio

418 East 77th Street, New York, NY 10075, USA
  • $100M

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Title Property Type Price Beds Baths Property Size Availability Date
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Description

Marketing Description
Avison Young, as the exclusive agent, is pleased to offer for sale the ownership shares in 12 mixed-use and multi-family properties located in the Upper East Side neighborhood of Manhattan. These properties have been owned in the same family for over 65 years. The properties include 418 East 77th Street, 422 East 77th Street, 441 East 75th Street, 1409 York Avenue, 1411 York Avenue, 423 East 77th Street, 305 East 75th Street, 439 East 74th Street, 327 East 75th Street, 442 East 75th Street, 309 East 91st Street and 425 East 75th Street. The properties are comprised of 261 residential units and two retail units spanning 150,231± gross square feet. Of the 261 residential units, 172 are free-market, 71 are rent-stabilized and 18 are rent-controlled. Currently, 54 of the units are vacant offering an immediate opportunity for renovations to increase rents. The units are comprised of 102 studios, 131 one-bedrooms, 25 two-bedrooms, and three three-bedrooms. Based on current configurations many of the units can accommodate additional bedrooms.
The portfolio offers potential investors an opportunity to capitalize on the future upside in an established and distinguished neighborhood. An in-depth analysis of in-place rents and market rents uncovers a potential $2,500,000± increase in future effective gross income. By increasing rents in-place to the market average with the help of renovations, the portfolio provides a favorable value-add investment opportunity.

Investment Highlights
65+ years of ownership
261 residential units and 2 retail units across 12 properties
$5.7 million Pro-forma NOI
Ability to increase room counts across the portfolio
20% of the portfolio is vacant, which provides immediate upside
65% of the residential units in the portfolio are a free to market
All 12 properties are in close proximity allowing for management efficiency
Central location with many transportation options

Details

Updated on July 29, 2019 at 1:10 pm
  • Property ID: 18755
  • Price: $100M
  • Property Size: 150231 sqft
  • Property Type: Retail
  • Property Status: For Sale
  • Price Per/Sf: 665.64
  • Number of Buildings: 12
  • Investment Type: Value Add

Additional details

  • Property Type: Retail, Multifamily, Mixed Use
  • Units: 261
  • Price/Unit: $383,141.76
  • Address 418 East 77th Street, New York, NY 10075, USA
  • City New York
  • State/county New York
  • Zip/Postal Code 10075

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Contact Information

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James Nelson
  • James Nelson
  • 212.729.6585917.362.1485

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James Nelson
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