Living / Multi-housing

240 West 73rd Street (The Tempo)

240 W 73rd St 240 West 73rd St, New York, NY, 10023-2700, US

240 West 73rd Street (The Tempo)_Property for Sale

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Asset Description

JLL has been retained on an exclusive basis to arrange for the sale of “The Tempo” at 240 West 73rd Street, a 16 story plus penthouse pre-war apartment building located on the south side of West 73rd Street between Broadway & West End Avenue.

The 80’ wide, 109,290 Sq. Ft. property features sweeping views of the surrounding Upper West Side neighborhood and contains 191 units of which 128 are fair market and renovated to a very high standard of finish including new flooring, bathrooms, kitchens and A/C. Institutionally owned and operated, over $13M has been invested towards building-wide improvements and apartment renovations since 2014. Building features include a fully renovated lobby with workspace and Wi-Fi, on-site management office, laundry room, gym, and 24-hour doorman. At present the property is nearly 100% leased.

Attributes

Number of units

191 units

Occupancy

90.00%

Year built

1928

Building area gross

10,153 m²

Investment Highlights

Substantial Scale:

80.5’ of Frontage, 109,000 GSF, 16 Stories, 191 Total Units.

Excellent Condition:

Institutional Management has invested significant capital to maintain the building’s infrastructure, common areas, and apartment conditions.

Strong In Place Cash Flow:

The Property is currently generating $5M+ in gross revenue.

Significant Capital Expenditure:

Current ownership has invested approximately $13M in Capex since 2014.

Fully Renovated:

All 128 FM units have been renovated, allowing them to capitalize on the strong rental dynamics in the Upper West Side.

Classification:

The Tempo was previously a Class A Hotel/SRO and is now operated as a rental building. All of the apartments feature luxury finishes, bathrooms and all but 3 of the apartments have kitchens.

Prime Upper West Side Location:

240 West 73rd Street is centrally located between Central and Riverside Parks, containing over 1,126 acres of greenspace.

Exceptional Transportation Access

The property is situated just a 2-minute walk to the 72nd Street & Broadway express 1 2 3 subway station, and just 1 block to the West Side Highway.