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JLL has been retained on an exclusive basis to arrange for the sale of 1672 Third Avenue a 25’ wide, 10,845 GSF, predominantly Free Market building located on the west side of Third Avenue between 93rd and 94th Street in the Carnegie Hill neighborhood of the Upper East Side in Manhattan. Built in 1905, the 5-story property features 16 apartments and one ground floor commercial unit projected to generate $600,000 in total annual revenue. All but one of the FM units is currently vacant, while all but one of the RS units is occupied. All 16 units are configured as one-bedroom apartments, which are projected a t an average of $1,955 ($55/ SF) per month across both FM and RS units. The property presents an ideal value add opportunity in the residential portion of the building, while also providing strong in-place revenue from a new ten-year leased signed with the long-term commercial tenant on the ground floor. By renovating the residential units at the building, a potential investor could benefit from the robust residential rental market in Manhattan. In regards to connectivity, the property is located in a neighborhood with a rich culture of fine cuisines, high-end retailers, and overall convenience (home to the 92 nd Street Equinox, The District, Pascalou, Duane Reade and Westside Market), and is within close proximity to the 96th Street subway stations, which services the N, Q, and 6 trains. With the added benefit of approximately 14,500 in available air rights, 1672 Third Avenue presents an excellent opportunity for investors to acquire a well located, low maintenance, multifamily building with significant potential cash flow and a tremendous amount of remaining upside given the Property's future development value.
- 70% Free Market
- 80% Vacant Residential Portion
- 4.70% Projected Cap Rate