Living / Multi-housing

435 West 238th Street

435 West 238th Street, New York, NY, 10463, US

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Asset description

JLL has been retained on an exclusive basis to arrange for the sale-leaseback through 12/31/23 of 435 West 238th Street (the “Property”). A 7-story, elevator apartment building in the Riverdale neighborhood of the Northwest Bronx, NY. The Property is approximately 107,485 gross square feet including the basement and excluding the cellar. Additionally, the building is on a sloped lot, making the basement visible on the eastern end while remaining underground on the western end. Located on the north side of W 238th Street between Greystone Ave & Waldo Ave, the asset was originally constructed as an apartment building in 1959 and converted to a dormitory of Manhattan College in 1991. Ownership has asked that prospective purchasers build a 1-year leaseback into their offers, after which the property will be delivered vacant.

Attributes

Number of units
95 units
Year built
1959
Building area gross
107,485 sf

Investment highlights

Premier Riverdale Locations

435 West 238th Street is located at the northwest corner of West 238th Street and Waldo Avenue, one block from Van Cortlandt Park. Riverdale is the Bronx’s most desirable location which typically achieves the highest residential rents and sellouts in the borough.


Sale Leaseback Through 12/31/23

The property will be sold subject to a short-term lease through 12/31/23 with Manhattan College as the tenant and after which will be delivered vacant. This allows for an investor and/or user to have income while they prepare their potential renovation plans. 


Incredible Mark-to-Market Opportunity

Given the pending vacancy and vintage of the asset, investors have the opportunity to completely transform the property through a substantial renovation and/or condominium conversion.


Long-Term Institutional Ownership

Institutionally owned and utilized by Manhattan College for almost 55 years, the property has been well maintained throughout. 


Diverse & Expansive Unit Mix

The building’s original layout remains intact and features 95 units consisting of studios, one-bedrooms, and two-bedroom apartments. Furthermore, given the vintage of the construction, every unit has the ability to be increased in size by at least one-bedroom. 


Location & Connectivity

The property is only a 5 minute walk (4 blocks) from the 1 train subway line at 238th Street, which can provide only a 20 minute commute to Midtown Manhattan

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Last updated
Aug 23, 2022