$2.0 Million Non-Performing Mixed-Use Loan | Manhattan, NY | Ten-X Auction
New York, NY, 10029, US
8 unités
Description de l'actif
Jones Lang LaSalle ("JLL") has been retained on an exclusive basis to facilitate the sale of 803 Wyckoff Avenue, a 5-story residential building located in the Ridgewood neighborhood of Queens, New York. The Property is composted of 54 apartments, including 6 one-bedrooms (11% of total), 8 two-bedrooms (15% of total) and 40 three-bedrooms (74% of total). The large unit layouts at 803 Wyckoff, averaging 740 RSF, cater to a mature renter base as well as provide the optionality of a future condo conversion. It carries a 15-year 421a tax abatement that expires in 2034. Upon expiration of the abatement, the residential units will revert to 100% fair market with unrestricted rent growth. This creates a strong mark-to-market opportunity for the next owner, who can implement a light renovation program and capitalize on the projected spread between in-place rents and future market rents.
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Attributs
Nombre d'unités
54
Superficie locative
3 714 mètres carrés
Occupation
100 %
Média
Points forts de l'investissement
Value-Add Opportunity: 100% of the units will become free market upon the expiration of the abatement, which will generate a significant mark-to market opportunity. Through a combination of light unit renovations and amenity enhancements, the next owner will be able to dramatically push rents and capitalize on the discount of in-place rents.
Exemption from Good Cause Eviction Legislation: Built after 2009, the Property will be unaffected by this year's Good Cause Eviction rent growth legislation at least through 2046. This exemption provides a unique advantage, allowing the next owner to take full advantage of market rent growth upon expiration of the abatement.
Convenient Access to Mass Transit: 803 Wyckoff Avenue is ideally located just 2 blocks from the Myrtle-Wyckoff Avenues subway station, served by the and trains, providing direct access to Manhattan and other parts of Brooklyn and Queens.
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803 Wyckoff Avenue (0 Propriétés)
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Dernière mise à jour
4 déc. 2024
