Tribeca - Prospect Heights - Upper West Side - Washington Heights

Sofia Portfolio

Portfolio description

Jones Lang LaSalle (JLL) has been retained exclusively to arrange for the sale of the Sofia Portfolio, consisting of four properties located in the most prominent areas of New York City. All four properties currently operate as cash-flowing self-storage buildings and hold residential conversion potential. The Portfolio encompasses properties strategically located in prime New York City neighborhoods: Tribeca, Prospect Heights, Upper West Side, and Washington Heights. Collectively, these assets total approximately 306,400 SF. These neighborhoods offer excellent demographics, catering to both high-priced condominiums and rents. Additionally, the Portfolio presents a unique opportunity to tap into the thriving self-storage market in New York, benefiting from high barriers to entry.

The Sofia Portfolio stands out as the most distinctive investment opportunity in New York, combining premier submarkets, strong conversion potential, and significant growth in the condo, rental, and self-storage markets. This unique combination of factors positions the Sofia Portfolio as an extremely attractive and unparalleled investment opportunity.

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Attributes

Buildings

Building area gross

306,417 sf

Land area gross

44,200 sf

Sofia Portfolio (4 Properties)

Media

Investment highlights

139 Franklin Street: The Property offers a highly sought-after opportunity in Tribeca, one of New York City’s most prestigious residential and commercial neighborhoods. With approximately 56K SF, the building currently operates as a successful self-storage facility. Its conversion potential is highlighted by the abundant light and air on both the north and south sides, with the top three floors offering the perfect canvas for luxurious penthouses.

491 Bergen Street: Located on the north side of Bergen Street between 6th Avenue and Carlton Avenue, the ~74K SF structure offers unobstructed views, low adjacent density, and tremendous optionality in the heart of Prospect Heights. As it stands today, the Property operates as an efficient self-storage building, and holds tremendous residential conversion potential.

471-475 Amsterdam Avenue: The ~97K SF structure offers tremendous optionality in Manhattan’s most prominent residential neighborhood. Today, the Property operates as a successful self-storage asset, attracting those living in the immediate and surrounding neighborhoods. With its prime location and ample light and air, the Property offers great investor optionality, whether as a cash-flowing self-storage building, a sought-after condo building, or a rental property through the 467-m abatement program.

4388-4396 Broadway: Located on the east side of Broadway between W 187th Street and Farview Avenue, the vacant ~7.7K lot (4388 Broadway - Lot 3) and operating ~37.3K SF self-storage building (4396 Broadway - Lot 6) sit adjacent to each other. With the flexibility of R7-2 / C2-4 Zoning, the vacant lot at 4388 Broadway (Lot 3) allows for the construction of approximately ~30.8K buildable square feet of residential SF as of right, or up to ~31k SF.