Premier 419-Unit Elevator Tower | Deep Tax Benefits | Immediate Revenue Growth Through Executed 610 Amendment

Highlights:

• Massive Institutional Scale: 3 separate buildings spanning 476,038 gross square feet with 419 residential units and 3 commercial/ parking units
• Revenue Diversification: Complementing the residential units are two high-value commercial anchors: a Day Care and a School Dedicated parking component adds additional steady monthly cash flow
• Deep Tax Savings: Residential and parking condos benefit from 420-c tax exemptions, significantly minimizing the real estate tax load until 2048
• Commercial condos utilize the Industrial & Commercial Abatement Program (ICAP) to mitigate costs
• Comprehensive Assumable Debt Structure: Current financing features an attractive 3.84% swap rate through May 2027 on 7-day SIFMA bonds plus servicing and credit enhancement, at which point the debt transitions to a flexible floating-rate structure with reduced servicing fees. Investors can further optimize yield by using the principal reserve fund—projected to hit the required 20% threshold in 2027—to pay down the bonds, lowering annual interest payments through 2042.
• Modern Infrastructure: Constructed in 2009, this elevator-serviced building offers state-of-the-art systems requiring minimal capital expenditures
• Mott Haven’s Institutional Transformation: Located at the cornerstone of the rapidly evolving Mott Haven submarket, a neighborhood defined by a historic surge in large-scale residential development, trendy waterfront parks, and an expanding retail landscape
• Income Upside: Path for significant revenue growth driven by a recently executed 610 Amendment, allowing ownership to collect the full voucher payment standards
• 141 current voucher-backed units
• Strategic Gateway Location: Occupying a high-visibility corner at Willis Avenue and Bruckner Boulevard, the property serves as a dominant gateway between Manhattan and the Bronx, offering a "minutes-to-Manhattan" commute via the Willis Avenue Bridge and immediate access to major transit thoroughfares

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