6 - 8 W 107th Street, New York, NY

Sale Notes:
Under Contract
6 West 107th Street is a pre-war, 7-story elevator apartment building located on the south side of 107th Street between Central Park West and Manhattan Avenue. The building is approximately 32,900 square feet and contains 21 residential units, which are comprised of 1 studio, 1 four-bedroom and 19 three-bedroom apartments. Given the assets unique unit mix and significant rental upside, 6 West 107th Street represents a prime investment opportunity from both a rental and future condominium conversion perspective. Of the building’s 21 apartments, 11 are free market units with an average rent of $3,374 per month. There are currently 3 rent controlled units with an average rent of $970 per month, representing a 71% discount to market. The remaining 7 units are rent stabilized units with an average rent of $1,007 per month, representing a 70% discount to market. Furthermore, the Property’s large, pre-war units make it a prime candidate for condominium conversion as the demand by families to own large units in close proximity to Central Park remains high. Located on the Upper West Side, the Property has convenient access to a wide array of recreational, social, and cultural activities. The area is greatly enhanced by its close proximity to Central Park, an 843 acre park with vast open spaces, playgrounds, bodies of water and recreational activities for the public that is steps away from the building. Strong residential demand throughout the Upper West Side has fueled the development of restaurants, bars and retail outlets, creating a unique confluence of “mom & pop” stores, European style cafes, national retailers and trendy bars. The Property is also in the center of the academic quarter of New York City and close to some of the best private educational facilities in New York City.