|Number of units||101|
JLL has been retained on an exclusive basis to arrange for the sale of 740 West End Avenue “The Property”, an exceptionally maintained pre-war elevator building located on the northeast corner of 96th Street and West End Avenue. Constructed in 1915, the property has been owned and operated by the same family for multiple generations.
The 14-story building features ornate construction details with tremendous light and air due to its 225’ of wrap-around corner frontage on a pair of double wide streets. The 135,460 square foot property contains 101 units of which 37 are Free Market, 57 are Rent Stabilized (4 of which are vacant and 1 of which will be vacating by 10/31/21), 6 are Commercial and 1 is occupied by the super.
Purchasers will reap the benefits of impeccably maintained infrastructure with virtually no remaining deferred maintenance. Over the past 20 years ownership has invested heavily in upgrading the major buildings systems allowing the next owner to focus on unlocking value from the residential component. Legacy apartment renovations coupled with modern demand preferences have created a significant and immediate mark to market opportunity on the deregulated apartments. Generous unit sizes, excess potential amenity space and the ability to easily reconfigure layouts will provide prospective purchasers with a variety of repositioning strategies directly catering to the demographics of the Upper West Side.
-Long-Term Family Ownership
-Remarkable Real Estate
-Immediate Mark-to-Market Potential
-Post-COVID Rental Rebound
-Protected Light & Air
-City & Hudson River Views