JLL has been retained on an exclusive basis to arrange for the
sale of 205 West 107th Street, a 37.5’ wide, 5-story plus basement
walk-up apartment building. Located on the north side of West
107th Street between Broadway and Amsterdam Avenue, the
tax class 2B property is comprised of 10 units and approximately
17,106 total square feet.
The building is currently configured as 10 apartments of which 6
are Free Market, 1 is Rent Stabilized, and 3 are Rent Controlled. All
6 Free Market units have been fully renovated with condominium
level finishes and feature high-end appliances from Wolf and
Bosch. The renovated units are currently renting for an average
of ~$7,375/per month or ~$49/PSF. Of the 4 remaining Rent
Regulated apartments, 3 are Rent Controlled with rents averaging
at a 90% discount to market.
A majority of the building’s apartments are ~1,310 SF floorthroughs
with the exception of the ground floor units, which
have been duplexed into the basement and contain their own
private outdoor space. Inclusive of these lower level duplexes,
205 West 107th Street features 6 floors of rentable square footage
that combine for a total of over ~15,900 rentable square feet.
Furthermore, the fifth-floor units benefit from approximately 800
SF of additional air rights that can be utilized to duplex to the roof.
In addition to extensive common area and apartment renovations,
the property has recently undergone a full mechanicals upgrade
which includes a new boiler, plumbing risers and central air
conditioning systems for the Free Market units.
In regards to connectivity, the property is conveniently located
just a few blocks from the 103rd Street and 110th Street 1, 2, 3
Subway Stations as well as the 103rd and 110th Street A, C, B, D
Stations. The property’s central location near Columbia University
and proximity to multiple major Subway lines will continue to
drive demand for its apartments over the long term.
205 West 107th Street benefits from both the recent high-end
renovations of its Free Market units and the ample future upside of
its Rent Regulated component (3/4 Rent Controlled). Features of
the building include minimal loss factor, large layouts, favorable
tax class 2B status (which is ~$4.04/PSF) and a recent full systems
upgrade. 205 West 107th Street will appeal to investors looking
for a mostly Free Market asset with remaining future upside that
lies in a central and well-connected location. The property will be
sold on an as-is where-is basis.