Living / Multi-housing

323 West 89th Street

323 W 89th St, New York, NY, 10024-2104, US

323 West 89th Street_Property for Sale

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Asset description

JLL has been retained on an exclusive basis to arrange for the sale of 323 West 89th Street, a 22’ wide, 5-story plus penthouse, multifamily townhouse located on the north side of West 89th Street between West End Avenue and Riverside Drive. Designed by renowned architect C.P.H. Gilbert in the Renaissance Revival style, the ~7,120 Sq. Ft. property is currently configured as 10 Free Market apartments. The building has been owned and well maintained by the same family for over 35 years.


The apartments are arranged as one studio, six convertible one-beds (two of which have yet to be converted from existing large studios), three duplex apartments that could function as 1-bed plus home office or loft 2-bedrooms, and a basement office. All three of the duplex apartments feature outdoor space: two are located on the penthouse level with private roof terraces and the third features exclusive access to the garden. The apartments are currently leased for an average of ~$2,679 per month (excluding vacant projections) in a market that could achieve $3,000-$4,500 per month depending on unit layout. Additional revenue can be added to the rent roll by combining apartment 1A and the basement office to create a 4th duplex apartment.

Attributes

Asking Price
$6,250,000
Number of units
10 units
Occupancy
50.00%
Year built
1900
Building area gross
7,120 sf

Investment highlights

  • Fully Decontrolled
  • 35+ Year Family Ownership
  • Excellent Single Family Conversion
  • Tax Class 2B
  • 22’ of frontage
  • Multiple Paths to Add Value
  • Riverside Park Block
  • 7 Floors of Usable Space

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Last updated
Oct 7, 2022