Property details
New York City High Rise Residential Apartment, Northeast Region
Property Description
New York City High Rise Residential Apartment
Just Reduced From $27,500,000 To $24,000,000 For Quick Sale!
Trophy Apartments / Condominium
Luxury service Concierge
Highest Quality
Class "A"
60+ Large, Luxury Residential Apartments
Also has 1 Unit consisting of 5 Credit Card/Coin-Operated Laundromat Washer & Dryer Rooms
Plus Lobby, Concierge Station, Public Restroom, Exercise Workout Gymnasium with state of the art machinery and weights and roof top green energy reducing deck with reclining sun tan deck chairs for tenants to lounge, socialize and barbeque.
Ideal Case Cash on Cash Return on Equity to Self-Managed Completely Self-Family Run Buyer with Possible Bank Mortgage Financing & Add Backs Including Amortization Principal Mortgage Reduction:
8.45% Now Proforma
19.42% Projected
Return On Equity Same as above after adding back depreciation tax benefits
15.66% Now Proforma
26.63% Projected
173% Projected Condo Return on Investment
Projected Condominium Net Sellout Value Long Term: $47.8MM
Projected Condo Sellout Profit: $20MM
Home to New York professional athletes who have chosen these apartments as their home away from home during the sports season.
Located close to a University.
Also home to doctors, nurses, policemen, etc.
Located 1 block from Manhattan.
On site gymnasium.
Indoor parking available.
2 blocks to subway. Walk to Metro and River.
Close to beautiful Park
Brand New 2009 construction
97% Occupied
7 Story Luxury Doorman Elevator Brick Apartment
Building contains 50,788 Square Feet of Usable Residential Square Footage, including 16 Units with Additional 3,873 square feet Exterior Usable Terraces/Balconies Totaling 54,661 Usable Saleable Square Feet.
Unit Mix Percentages:
Studios 14%
1 Bedrooms 29%
2 Bedrooms 49%
3 Bedrooms 6%
1 Commercial Unit 2%
INCOME: ACTUAL NOW Proforma or Delivered By Seller At Closing:
Gross Income: $1,800,817
Net Income: 1,315,350
Cap Rate: 4.78%
GRM: 15.27x
5.86% True Cap Rate Return On Equity to All Cash Self Family Run Buyer Doing All Labor & Management Themselves
8.74% Return on Equity Same as Above After Depreciation Tax Benefits
Long Term Future Projection 2024
Gross Income: $3,408,926
Net Income: $2,500,579
Cap Rate: 9.09%
GRM: 8.07x
Images
Highlights
- Status:
- Available
- Price:
- $27,500,000
- PSF:
- $503
- Cap Rate:
- 4.78%
Property Information
- Building Size:
- 54,661 sq.ft.
- Property Type:
- Apartments
- Industry Type:
- Apartment - Multifamily
- Units/Spaces:
- 65
- Year Built:
- 2009
- Purchase Tenure:
- Fee Simple
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.