220 West 71st Street

JLL has been retained on an exclusive basis to arrange for the sale of 220 West 71st Street, a 53-foot wide, 10-story elevatored apartment building located on the south side of West 71st Street between Broadway and West End Avenue. The building is comprised of approximately 38,463 gross square feet above grade and houses 37 apartments along with 2 professional spaces. Of the 37 residential units, 21 are Free Market, 10 are Rent-Stabilized, 5 are Rent-Controlled and 1 is a vacant, formerly Rent-Controlled apartment which can be marked to market. There is also a very nicely renovated, approx. 625 SF loft studio in the basement which will be delivered vacant.  

Rents for the Free-Market component are currently averaging $3,941/Month, while the Rent-Stabilized and Rent Controlled units are averaging $1,485/month and $1,361/month respectively. Layouts consist of 8 two-bedroom apartments, 27 large one-bedrooms, and 2 penthouse studios with huge outdoor terraces. 

Future ownership can add substantial value through renovation of the Free-Market units where conversion of most of the 1-bedroom lines to 2-bedroom units is possible. Upgrades to the common areas and the addition of amenities in the full, high-ceilinged basement space will also greatly enhance rental values commensurate with the property’s premier location. Further, there is substantial future upside in the five Rent Controlled units which together represent roughly 14% of the rentable area and are currently averaging ~$19.00 PSF. In regard to infrastructure, the apartments are individually metered for both gas and electric and the building is currently heated by an oil-fired boiler (No. 2 oil). The elevator was completely refurbished in 2020 and Local Law 11 work is in the final stages of completion for the current cycle. 

220 West 71st Street has incomparable access to public transportation being virtually adjacent to the West 72nd Street & Broadway express subway station providing convenient access via the 1 2 3 trains to midtown Manhattan. The property is equidistant from Central Park to the east and Riverside Park to the west and is surrounded by a multitude of exceptional restaurants and both neighborhood and national high-end retailers along the major Broadway, West 72nd Street, and Amsterdam Avenue corridors.

220 West 71st Street is clearly a trophy asset that will appeal to investors seeking a value-add opportunity in a premier location with solid underlying neighborhood fundamentals and outstanding potential future upside. The property will be sold on an as-is where-is basis.