Description

JLL has been retained on an exclusive basis to arrange for the sale of a 98-unit bulk package of residential units at 175 West 95th Street (the “portfolio” or “package”), a rare opportunity to acquire a large-scale portfolio of sponsor units at a steep discount to market value.

Located on the east side of Amsterdam Avenue spanning the full width of the block between West 95th & 96th Streets, the 27-story building sits on a 30,212 SF lot with a residential entrance on West 95th Street. The approximately 306,605 SF building is comprised of 226 residential units with 1 community facility, 4 retail units and a garage. Constructed in 1971, the 306K square foot residential tower was converted to a condominium in 2015.

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Attributes

Number of units

Building area net

8,917 m²

Media

Investment Highlights

PROTECTED STATUS

The rent laws from the 2019 HSTPA impacting rent stabilization status in New York City do not compromise the Free Market status of the sponsor units on vacancy. 100% of the 98 Rent Stabilized units will convert to Free Market on unit turnover and can be leased at market rent or sold off individually.

HISTORICAL SUCCESS

Since January of 2018, current ownership has sold a total of 40 units — 35 renovated units and 5 unrenovated units - with an average renovated sale price per square foot of $1,667. All sales occurring after January 2023 are achieving an average renovated sale price per square foot of $1,716.

IDEAL UNIT VALUE

New construction condominiums on the Upper West Side typically sell at a premium price point at or above $2,000/ SF. Given the spread of this premium for new construction units, renovated buildings like 175 West 95th Street offer a compelling value option for purchasers looking for high-end finishes and beautiful views in a fully amenitized building. The condos at 175 West 95th Street provide the same neighborhood atmosphere and luxurious Upper West Side experience as new construction but at a preferable discount.