Hudson Heights 2 Pack

JLL has been retained on an exclusive basis to arrange the sale of 213 Bennett Avenue and 50 Overlook Terrace (the “Properties), two 6-story elevator apartment buildings located in Hudson Heights. The Properties feature 129 units and approximately 121,894 gross sq. ft. above grade. Of the 128 Residential units 40 are Free Market (31%), 63 are Rent

Stabilized (49%), 24 are Rent Stabilized with preferential rents (19%) and 1 is Rent Controlled (1%). There is one ground floor commercial unit located in 50 Overlook Terrace rented to the Chabad of Washington Heights through March 2030 for $4,275/month.

The Properties offer spacious apartment layouts with quality light and air and are comprised of 90 one-bedrooms and 38 two-bedrooms. Free Market units average $2,965 monthly, Rent-Stabilized units average $1,900 monthly, Rent-Stabilized units with preferential rents average $2,613 monthly, and one Rent-Controlled unit pays $1,173 monthly. 24 of the 87 Rent Stabilized units have preferential rents equating to ~$111K of annual spread between the pref. and legal rents. This delta, along with the 40 Free Market apartments, offers embedded upside to future ownership to further increase rental revenue.

In regard to infrastructure, the buildings feature gasfired boilers for heating and hot water, with residential units separately metered for gas and electric. Twenty-two units have been renovated within the past five years, and nine of the apartments feature in-unit washer/dryers. The properties have been expertly managed and maintained, with ~$1.4M in capital expenditures invested since 2020, resulting in pristine building conditions inside and out. Recent capital improvements include upgrades to common areas, sidewalks and yards, boilers, elevators, and building exteriors. Additional amenities include on-site laundry facilities in the basements.

Located in the Hudson Heights section of Washington Heights, the Properties are a short walk to subway stations for both the 1 and A trains providing convenient access to midtown Manhattan. Additional benefits include surrounding national and neighborhood retailers, The Met Cloisters, multiple neighborhood parks, specifically, Fort Tryon Park which offers over 67 acres of greenspace along the Hudson River.

The Properties will appeal to investors seeking an opportunity to acquire well-maintained real estate substantially below replacement cost, benefiting from hands-on management in a neighborhood with solid underlying fundamentals.

The Properties will be sold on an as-is where-is basis.