Overview

Description

Ariel Property Advisors presents 163 & 167 East 115th Street, two (2) SRO walkup buildings located on the north side of East 115th Street between Lexington Avenue and 3rd Avenue in East Harlem.

The two buildings combine for a total of 6,350 gross square feet and have twenty-four (24) SRO units, which consist of twenty-three (23) Class B studio units and one (1) one-bedroom Class A unit that is located on the ground floor of 167 East 115th Street. Current vacancies provide an opportunity for strengthening existing cash flow or future conversion to Class A units.

The properties enjoy easy access to lower Manhattan and the outer boroughs via the 116th Street 6 subway train located just around the corner along Lexington Avenue. These properties are also conveniently located between bustling Lexington and Third Avenue retail corridors, offering tenants access to a multitude of eateries and shopping destinations. Local attractions within walking distance include The East River Plaza, Thomas Jefferson Park and the Hunter School of Social Work.

With close proximity to transportation, retail corridors and new construction projects, 163 & 167 East 115th Street present an opportunity with strong in-place cash flow and future upside potential.

Documents

---