The Westport

500 West 56th Street, New York, NY, 10019, US

Description

Jones Lang LaSalle has been retained on an exclusive basis to arrange the 100% fee simple sale of The Westport (the “Property”), a 26-story, 371-unit luxury multi-housing and commercial asset located at 500 West 56th Street in Midtown West, Manhattan. Delivered in 2003, The Westport has been institutionally developed and managed by Related for over 20 years. The Property is located on a block-through corner lot on 10th Avenue, providing maximum light and air and convenient access to Central Park, Columbus Circle, and Hudson River Park. The location also offers ample transportation options with 10 subway and bus lines within 5 blocks.

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Attributes

Year built

2003

Number of units

371

Rentable area

329,322 sf

Occupancy

97%

Parking spaces

110

Media

Investment Highlights

Rare opportunity to acquire a large-scale luxury asset with significant renovation upside in a premier West Side location
Institutionally developed and managed by Related for over 20 years
Recently completed 421-a extension yields $60MM in tax savings throughout the remaining benefit term
Block-through corner location provides maximum light and air for elevated living experience
Located within 5 blocks of 10 subway and bus lines, providing convenient access to Midtown, Hudson Yards and the Penn District
Comprehensive amenity package includes a rooftop terrace, indoor basketball court, and 24-hour concierge service
Blue-chip resident demographics with residents’ annual income averaging $232K
Multi-housing fundamentals projected to remain robust due to stifled residential construction pipeline and rising home prices