ACQUISITION


NEW YORK CITY MULTI FAMILY

We are in the process of negotiating the potential purchase of a landmarked building in New York City. Excellent off-market cash flowing pre-war classic property with value add opportunity.


SUMMARY

  • 13 story mixed use, 87 unit apt building located in a residential section of Manhattan near subway stations on a main avenue.

  • Doorman Bldg. Currently rental apts. 9-12 Rent Control/Stabilized units.

  • 26 currently vacant. Approximately 120,000 square feet with an additional 3,000 below grade.


OBJECTIVE

  • Renovate to market rate the 26 vacant units. Offer the RC/RS buyout offers.

  • Build the additional 3000sf on the roof as well as build common roof deck.

  • Upgrade the elevators (one at a time) & potentially extend 1 to the roof level if it is not already.

  • Analyze the apartment layout for possibility of relayout/creation of smaller apartments – exploration of the vacant units for structural & Running new risers for same.

  • HVAC addition to explored also.

  • Upgrade the hallways & lobby. As the remaining leases turnover the balance of the apartments get renovated to market rate.

  • Remodeling expenses to be explored based on “makeover vs carving up” larger units, that would render smaller units needing new MEP & structural work.


If this opportunity is of interest, please contact our office at 646-867-7275 or email us for more information.