11-unit Manhattan value-add portfolio Unit Mix: 89 Free Market 17 Rent-Stabilized 5 Rent-Controlled The portfolio will be delivered approximately 95% vacant. Only 9 regulated units are currently occupied, while the remaining regulated units have been vacant for an extended period. Projected stabilized value is approximately $65 million. The property… Read More also offers the opportunity to assume an existing loan of approximately $18 million at a 5.0% interest rate. Ownership's position, based on advice from its rent regulation counsel, is that the vacant regulated units may qualify for first rent treatment based on a combination of factors, including the property's prior nonprofit/church use, where the apartments were reportedly occupied by the church rather than operated as traditional rental units, the extended vacancy period, and substantial capital improvements completed before re-occupancy. Purchasers should conduct their own legal and regulatory due diligence regarding these matters. Contact us for the complete Offering Memorandum, data room access, financials, rent roll, and supporting due diligence materials. Read Less
Listing Courtesy of: Ashley Monaco, Compass
Listing Snapshot
Days Online
1
Last Updated
Property Type
MultiFamily
Beds
20
Full Baths
20
Square Ft.
78,000
Lot Size
0.12 Acres
Year Built
1920
MLS Number
RLS20104664
Additional Details
Building
Entry Level: 1, Living Area Units: SquareFeet, Rooms Total: 40, Structure Type: MultiFamily, Townhouse
Information herein is deemed reliable but not guaranteed and is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. RLS Data display by Coldwell Banker Warburg. If you have any questions regarding the accuracy of this data, please contact us at [email protected]. Data updated:
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