Description de l'actif
JLL has been retained as exclusive agent for the sale of 510 E 85th Street, a ~78,000 square foot multifamily apartment building on the Upper East Side of Manhattan. This 100-foot wide property is comprised of 94 residential units across 13 stories, and 17 below-grade garage spaces. Investors are presented with over $3,000,000 of in place cash flow, the opportunity to renovate units and common areas, and introduce amenities to the property.
510 E 85th Street is less than a block away from Carl Schurz Park and two blocks from the 86th Street MTA Station. Some of the best schools in all of NYC are located within a 5-block radius and the nearby E 86th Street retail corridor includes all the necessary conveniences and luxuries expected in an established neighborhood like the Upper East Side.
The Upper East Side has been undergoing an influx of young professional and recent graduates who are unable to afford the astronomical rents of TriBeCa, SoHo and other high-rent downtown neighborhoods. The generous unit layouts and quick access to downtown provide tenants with convenience and spacious living rarely found below E 96th street. 510 E 85th Street has been owned for over 50 years and offers investors considerable cash flow and the opportunity to renovate an reimagine space that has remained relatively unchanged for decades.
Caractéristiques de l'actif
Points clés d'investissement
- 66% free market
- Large value-add opportunity
- Premier schools and hospitals in the area
- +$3,000,000 in in-place gross annual income
- Additional income from parking spaces and on-site laundry
- Long-term ownership