331 West 87th Street, New York, NY

$3,950,000

Price

4,109 sqft

Building Size

1,510 sqft

Lot Area

Overview
Building Size
4,109 sqft
Lot Area
1,510 sqft
Units
6
Zoning
R8
Floors
4
Description

JLL has been retained on an exclusive basis to arrange
for the sale of 331 West 87th Street, a 4.5 story
Renaissance Revival townhouse located steps from
Riverside Park. 331 West 87th Street was originally
constructed in 1892 as one in a row of four (327-333)
houses with exquisitely detailed uniform Roman brick
facades featuring low box stoops, Juliet balconies,
and ornately detailed lentils.

Currently the house is configured as 6 rental
apartments, of which 5 are Rent Stabilized and 1
is Free Market. The units consist of 5 studios and 2
floor-through, one-bedroom, apartments. The parlor
floor has been renovated for use by a prior owner and
features original detail, ample light and air, and full
possession of the garden which is accessed via a large
terrace. The average monthly rent per apartment is
$1,990 or $43.15 per net rentable square foot which
represents a significant discount to prevailing market
rates for newly renovated apartments.

Much of the house’s original charm and detail remain
intact including fireplaces with mantels, wood floors,
an intricate staircase, wainscoting, and tall ceilings.
The house’s center hall is topped by an ornate skylight
and additional skylights can be found in several of the
apartment bathrooms. The building is heated by a #2
oil fired boiler and is individually metered for electric.

The property possesses approx. 4,980 SF of additional
air rights and lies within the West End Avenue –
Riverside Historic District. It may be possible to
utilize a portion of the excess air-rights by building
out the remainder of the 5th floor and/or adding to
the rear of the house with Landmark & Preservation
Commission’s approval. 331 West 87th Street will be
sold on an as-is where-is basis

Highlights
  • 4,980 SF of additional air rights
  • West End Avenue - Riverside Historic District

Location
Gallery