Corner Mixed-Use Multifamily Portfolio, 59 Units w/Development Potential

Description:

Ariel Property Advisors has been retained on an exclusive basis to sell 992-1000 Amsterdam Avenue, a package of two adjacent buildings located within the Upper West Side of Manhattan, on the corner of West 109th Street and Amsterdam Avenue.

992-996 Amsterdam Ave (elevator) and 998-1000 Amsterdam Ave (walk-up) collectively span 45,576 gross square feet, with an additional 15,172 square feet of air rights. The buildings contain a total of 52 residential units (100% regulated) and 7 commercial units that benefit from 100 feet of frontage on the avenue.

Investors may utilize the unused air rights to increase revenue by constructing new penthouse duplexes, or decide instead to increase the overall unit count with the addition of a full floor. The properties are within close proximity to some of New York’s most prominent landmarks and destinations, including Columbia University, Riverside Park, the Cathedral Church of St. John the Divine, Morningside Park and Central Park. Additionally, future residents will enjoy a wide variety of retail and dining options along Broadway, Amsterdam Avenue and Columbus Avenue. The 1 train at Broadway and 110th Street and the A/B/C trains at 110th Street – Cathedral Parkway Station provide convenient access to Lower Manhattan and the outer boroughs.

992-1000 Amsterdam Avenue provides investors with the opportunity to acquire an attractive corner asset with in-place cash flow and potential to add value through the unused air rights.

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