Property details
New York Off Market Luxury Residential Units, Northeast Region
Property Description
New York Off Market Luxury Residential Units
Very beautiful property!
Brand new building.
Currently at a 4.2% cap rate.
Being relatively new, this property has not reached its full potential.
At the rate of 19 vacancies being filled, this property is rapidly growing and has a lot of future potential and upside.
14 of the remaining vacancies are on low income housing.
The 110 apartments include a thoughtful mix of studio, one and two bedrooms that are impeccably finished and constructed.
City views and natural lights enhance each home’s airy layout. This property integrates modern simplicity with cutting edge finishes.
Luxury building located in the heart of Downtown of a major New York borough.
Over 100 luxury residential units and one retail unit.
Brand new building setting the standard for luxury living in the neighborhood
These luxury residences are constructed with condominium level finishes.
Valuable retail fully leased to a highly regarded early education center.
Projected gross income of $4,800,000 upon completion of lease-up.
Ample amenities including outdoor lounges and roof top deck.
Excellent access to mass transportation with an abundance of subway lines minutes away.
20 units are low income / affordable housing. 5 of these are rented as of now (6/8/19). The balance of the units are all at market rents.
Not including the low income / affordable housing, about the current occupancy is at 70% and moving up at a strong pace (there are about 19 units of free market rents left). Inclusionary, housing is subject to HPD timing.
Please be advised that there is a lot of activity on this property with offers being presented.
Images
Highlights
- Status:
- Available
- Price:
- $110,000,000
- Cap Rate:
- 4.20%
Property Information
- Property Type:
- Apartments
- Industry Type:
- Apartment - Multifamily
- Units/Spaces:
- 100
- 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.