Living / Multi-housing

2568-2574 Broadway

2568-2574 Broadway, New York, NY, 10025, US

Executive Summarydownload
2568-2574 Broadway_Property for Sale

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Asset description

JLL has been retained on an exclusive basis to arrange for the sale 2568-2574 Broadway (aka 226 West 97th Street and 230 West 97th Street / the “Property”), two interconnected 8-story and 7-story (plus penthouses) classic pre-war, elevator buildings spanning 83,335 gross square feet along the southeast corner of Broadway and West 97th Street. The Property represents a rare opportunity to own a trophy asset of substantial scale with 242’ of wrap-around, Broadway corner frontage in the heart of the Upper West Side.


The property is currently configured as 74 units, consisting of 71 apartments and 3 stores occupying 8,018 sq. ft. on the ground floor. The apartments are accessed by two separate residential entrances located on 97th Street that interconnect at the core of each building. The retail component features investment grade tenancy anchored by Bank of America (S&P: A- rating) and Paris Baguette, who is on a long-term lease expiring in 2029. The southernmost retail unit on Broadway is currently occupied by Dunkin Donuts and will be available for repositioning within the next year. The Bank of America branch features ~57’ of grandfathered frontage along Broadway (local zoning restricts frontage for new Broadway bank locations to 25’).

Attributes

Occupancy
100.00%
Year built
1910
Building area gross
83,335 sf
Land area Gross
0.23 acres (10,093 sf)

Investment highlights

-Pre-War, Trophy Elevator Building of Substantial Scale - 8 Stories - 74 Units - 83,335 Gross Sq. Ft.


-Rare Opportunity to Control 242’ of Wrap-Around, Broadway Frontage


-Multiple Paths to Add Immediate Value Through Free Market Unit Renovations, Lobby / Common Area Upgrades & Addition of Tenant Amenities


-8,018 Sq. Ft. of Ground Floor Retail on Broadway – Considered One of Manhattan’s Premier Retail Corridors, Broadway Features an Eclectic Mix of Both National Retailers and Local Curated Shops


-Steps from 96th Street 1-2-3 Subway Station and 2 Blocks from 96th Street B-C Subway Station


-Credit Retail Tenancy - Anchored by Bank of America (S&P: A- Credit Rating) and Paris Baguette


-51’ of Grandfathered Broadway Bank Frontage (Local Zoning Limits New Bank Frontage to 25’)


-96th Street Renaissance – 5 Prominent Developments Recently Completed or in the Development Pipeline Within 4 Blocks of the Property


-Unrivaled Access to Green Space – Nestled Between Central Park and Riverside Park


-Manhattan Post-COVID Residential Rebound – With Home Sales and Rents Currently Above Pre-Pandemic Levels, 2568-2574 Broadway Will Benefit from an Influx of New and Returning Residents


-New York City’s Retail Recovery - New Store Openings Across Manhattan are Signaling the Release of Pent-up Retail Leasing Demand


-Supply Constrained Submarket with Limited Competitive Housing Stock – Luxury Condo Development, Stabilized Unit Warehousing & Single-Family Townhouse Conversions Reducing Local Rental Supply


-Apartments Transcend Quality of Competitive Rental Housing


-Corner Building with Quality Light & Air


-Upper West Side Transformation - 17 Large-Scale Residential Developments (Nine Along Broadway) Totaling 975+ Units, Bringing Greater Wealth & Disposable Income to the Neighborhood

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Last updated
Nov 30, 2022