A 9000 sqft 12 family will be coming soon to the market. The property was built in 2007 and has a 25 year tax abatement. There are 11- 1 bedroom apartments and 1 studio. All apartments are in very good condition and the building is fully rented. Rents range from about $1500 to $1900. Nearly all tenants are being charged a preferential rent.
The asking price will be $6 million.
The building has huge upside potential as a potential condo conversion or a turnkey investment in the East Harlem area.
More details coming soon.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
If you are thinking of buying in Midtown west, maybe you should take a look on West 52nd street where there are several conversions between 8th and 10th avenue. One of those developments is Nine52 which is located at 416 west 52nd street and it is in the sweet spot of affordable luxury and with it’s Midtown Manhattan location, it is not suprisingly selling well.
On the same block is 432 West 52nd street which will have 55 units ranging from studios to 2 bedrooms. This building will feature a 4200 sqft landscaped roof terrace, exercise room, doorman and a residents’ lounge. There are currently 5 listings on streeteasy and 2 are in contract. The most expensive is a duplex with 1153 sqft(107m2) of interior space and 1454sqft(135m2) of exterior space with an ask of $2.25 million and about $4k in monthly carrying charges.
Also on West 52nd street is the Sorting House which is a new construction building built on top of a Post Office. 27 units on streeteasy.com and 27 units in contract. Prices were around $2000 per square foot on average and the apartments ranged in size from 605 sqft (56m2) to 1409 sqft(130m2). Several of the apartments had outdoor spaces and the common charges and taxes together range from about $2.20 per sqft to about $2.80. The developer is Cadence Property Group and architect is Architecture Outfit.
All of these developments are doing well partly because they were ahead of the curve in that they address the affordable luxury market and their location speaks highly to both owner/occupants, local investors and foreign nationals who may not be able to afford Billionaire’s Row.
According to streeteasy, a handful of buildings including the building known as 53rd and 8th, are offering “affordable luxury” condos are only a fraction of what some of buildings are asking for luxury condos. This particular building offers 1 bedrooms of just north of 600 sqft as well as 2bedrooms and even some combination units that total over 2000 square feet. The most expensive listing is under $4 million. This is quite a difference from the usual price of luxury condos which typically start north of $5-6 million.
Since the building was a rental conversion the cost savings is passed on to the buyers. About 26 contracts were signed according to Streeteasy.
200 East 94 street, 52nd and 8, 325 Lex…Several new buildings are catering to an underserved market. With prices for some of these buildings starting in the low’s 700’s or 800’s, Manhattan buyers have a chance to get a foothold in the market and in a building with luxury amenities like pools, roof decks and so on.