Per the purchase and sale agreement, this transaction has a 45 day closing period. The purchaser has the option to give written notice to the seller at least 5 days before the scheduled closing to exercise an additional 15 day extension for a 60 day total closing period. No credit card deposits will be accepted. Please select wire transfer or bid agreement. Property tours are available by appointment ONLY. Please contact Barrett Friedman at 212-944-4760 or bfriedman@mhpnyc.com, or Alex Smith at 212-763-3565 or asmith@mhpnyc.com. Investment Highlights ±10,500 SF five-story (+ “English Basement”) elevator townhouse with six apartments Property is currently 100% leased at an average of ±$59/PSF All six units on short term leases expiring in 2017 and 2018 Opportunity for condo conversion or single family townhouse conversion Value add rental potential by expanding first floor units into lower level English Basement (includes windows, light, air, & dedicated entrance) currently used as storage Not restricted by any Landmark Historic District designation Investment Overview 213 West 85th Street is a prime 5-story, 6-unit, elevator townhouse located in the Upper Westside of New York, NY. It contains one Studio, one 1BR/1BA, and four 3BR/2BA units. The upper four units have direct access to the keyed elevator, which opens up directly into the units. 213 West 85th Street is located on the north side of 85th, between Amsterdam Avenue and Broadway, within the R8B zoning district of Manhattan Community District 7. It is currently being operated as a rental apartment building. The property boasts 10’ ceilings throughout, with 12’ ceilings on floors one and five. There is an “English Basement” lower level with a direct entrance from the street, which has windows that receive light and air from the light-and-air shaft between the subject property and the neighboring building. The lower level is currently unoccupied and is being used as storage, making it ideal to integrate with the first floor units to be utilized as rentable space. The property will be delivered with short term leases in place on all 6 units. The building is not restricted by any area Landmark Historic District designation. 213 West 85th Street is currently 100% occupied by six tenants paying an average of ±$59 per square foot. A new owner will have the option to benefit from a fully occupied building with healthy in place rents that will continue to increase in one of Manhattan’s most desirable neighborhoods. DOB shows the building underwent major renovations from 2005 to 2008, which included substantial elevator work, new mechanicals, new bathrooms and kitchens, and the installation of a new gas boiler. The property’s current lay out makes it a prime candidate for a straight forward condo conversion. Every unit in the building is already well furnished with beautiful materials and high end appliances. The four upper floors would offer prospective condo buyers the privacy and exclusivity of having their own full floor (or floors) with a keyed elevator that opens up directly into the unit. The two first floor units could be incorporated with the lower level to create two duplex apartments, one of which would have direct entry via a front door accessible from the street. Of course, the property could also be converted and used as a magnificent 5-story townhouse with an elevator, and extremely rare amenity in single family homes in New York City. This offering presents a new owner with the incredible opportunity to operate a turnkey property as an income producing apartment building, with the potential of adding value and increasing the rent roll by activating the lower level, in one of the most thriving residential neighborhoods in Manhattan. A new owner would then have the option to convert and sell each unit as individual condominiums at any time in the future without the need for major construction.
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Multi-Family Space
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