127 Riverside Drive

JLL has been retained on an exclusive basis to arrange for the sale of 127 Riverside Drive, an 8-story elevatored apartment building occupying an extraordinary location at the southeast corner of Riverside Drive and West 85th Street with majestic views of the Hudson River. With world-class curb appeal, the 77% Free Market building is configured as 22 units and comprised of approximately 17,325 SF above grade. The property has been owned by the same family for multiple generations and is available for the first time in over 52 years.

The apartments are arranged as thirteen 1-bedroom units and nine 2-bedrooms of which 17 are Free Market, 3 are Rent Stabilized and 2 are Rent Controlled. The Free-Market apartments are currently leased for an average of $3,265 per month while the Rent Stabilized and Rent Controlled units are averaging $1,485/month and $311/month respectively. While there are many apartments that feature stunning views of the Hudson River, the sweeping river view from the expansive roof is extraordinary, presenting an opportunity to add a valuable amenity.

In addition to the 22 apartments, there is a management office in the partially above-grade basement which could be combined with the apartment above to create a 3 or 4-bedroom duplex. Also in the basement there is a super’s apartment and workshop adjacent to the management office.

Regarding infrastructure, the building is serviced by two elevators, a passenger car and manually operated freight elevator. The property is heated by a gas-fired boiler and the apartments are metered for electric.

127 Riverside Drive shows magnificently, with bright public areas and excellent interior light and air given the property’s river-front corner location. With all of the Free-Market apartments in legacy condition, there is a clear value-add opportunity to significantly improve the rental profile through fresh renovations to a standard commensurate with the property’s premier location.

127 Riverside Drive represents an outstanding value-add investment opportunity which will continue to capitalize on surging rental growth, high percentage of Free Market apartments, proximity to Columbia University, access to the 1 train along Broadway and the property’s incredible riverfront corner location and remarkable curb appeal. The property will be sold on an as-is where-is basis.