The Property is not subject to any rent regulation, allowing for uncapped market rent growth in one of the most occupied and desirable neighborhoods in Manhattan. From Q2 2016 to Q2 2019, Morningside Heights’ market rents grew by 13.1%, a CAGR of 4.17%, more than doubling Manhattan’s increase of 6.4% during the same time period. Columbia University’s continued expansion and investment in the Morningside Heights neighborhood has caused a rapid migration north from the Upper West Side, which has generated steady rent growth at the Property. Residents enjoy excellent connectivity to the rest of Manhattan as well as the outer boroughs via subway stations on Broadway at 110th Street and 116th Street, both within a 7-minute walk of the Property. 1080 Amsterdam offers prospective investors the opportunity to acquire a recently renovated, 100% fair market asset surrounded by northern Manhattan’s most valued economic driver.
Holliday Fenoglio Fowler, L.P. (“HFF”) has been exclusively retained to offer for sale the leasehold interest in 1080 Amsterdam (the “Property”), a 21-story, 96-unit, luxury residential property located at the corner of West 113th Street and Amsterdam Avenue in the Morningside Heights neighborhood of Manhattan. The Property is only a two-minute walk from the heart of Columbia University’s main campus and over 97% of the current rent roll consists of Columbia students or staff. 1080 Amsterdam offers investors the unique opportunity to acquire a recently renovated, fully amenitized, 100% fair market, pre-war building next to a world renowned Ivy League School in an already 98%+ occupied residential submarket. The Property includes 100% leased ground-floor corner retail that has been occupied by a pharmacy tenant since 1996.