6-Story, 36-Unit Elevator Building on Upper West Side

Description:

Ariel Property Advisors has been retained on an exclusive basis to arrange the sale of 350 West 110th Street, a six-story, 36-unit elevator multifamily property located on the south side of West 110th Street between Columbus and Manhattan Avenues in the Upper West Side.

The property is fully rent-stabilized with a unit mix of 28 two-bedroom units, 7 three-bedroom units, and one super’s unit spanning 40,768 square feet. There are approximately 12,302 square feet of air rights. Throughout the pandemic, the property has experienced extremely low vacancy rates and strong collections. Moreover, the building is in excellent condition. Since the early 2000s, the property has been completely renovated with all new systems including new electrical, plumbing, roof, and the modernization of kitchens and bathrooms.

350 West 110th Street is well-located and just one block away from Central Park, Morningside Park, and The Cathedral of Saint John the Divine. The 110th Street Cathedral Parkway subway station is situated one block east of the property, providing quick and easy access to lower Manhattan and the outer boroughs via the B and C trains. Within a 10-minute walk are Columbia University, Riverside Park, Mount Sinai Morningside Hospital, and the New York-Presbyterian Medical Center. Moreover, the property is in close proximity to major retail corridors along Broadway, Amsterdam Avenue, and 116th Street, which boast an endless selection of trendy bars and acclaimed restaurants, in addition to big brand names such as Whole Foods, Sephora, and Chase Bank.

350 West 110th Street’s central location and stable income provide investors with a valuable opportunity to acquire a recession-resistant, cash-flowing property. Additionally, qualified investors could utilize agency programs or conventional financing, both of which have been bullish towards this asset class.

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