JLL has been retained on an exclusive basis to arrange for the
sale of 2647-2649 Broadway, a 60’ wide, ~33,000 SF, 7 story
elevator mixed-use building. The property lies on the west side
of Broadway between West 100th and West 101st Streets and has
been owned and operated by the same group for nearly 35 years.
The building consists of 27 apartments and 2 stores. Of the
residential units, 7 are Rent Stabilized and 20 are Free Market/
Vacant and poised for re-positioning in accordance with the
purchaser’s business plan. The legacy Rent Stabilized units are
renting for an average of $1,793 per month or approximately
$20 PRSF, which represents a ~67% discount to prevailing
market rates in the neighborhood. On average the apartments
are estimated at approximately 900 SF and present purchasers
with flexibility in regards to both future unit configurations and
possible combination/divisions. Each line can either be divided
or combined with at least one other line to achieve optimal rental
The retail component is vacatable and is comprised of ~4,250 SF
on the ground level and a large portion of the basement space.
The basement spaces present the opportunity to potentially
increase the total rentable square footage by way of renovation
and restoring windows. Neighboring retail tenants include
Starbucks, Duane Reade, Westside Market, Urban Outfitters, and
Chipotle. Several new construction projects in the immediate
neighborhood will boost the local population and continue to
drive near term demand for quality retailers in the area.
The property also presents a rare long term value add development
/ assemblage opportunity as it sits outside of all the local Historic
Districts and possesses approximately 39,000 - 51,000 buildable
square feet pursuant to the terms of the Designated Inclusionary
In regard to infrastructure, ownership has recently invested in
a new elevator cab and mechanicals, as well as installed a dual
capacity boiler. The units are individually metered for gas/electric.
Overall, flexible potential unit configurations / divisions and
future ground-up development / assemblage potential offer
investors a unique opportunity to acquire an elevator mixed-use
building with both immediate and long-term upside.
2647-2649 Broadway will be sold on an as-is where-is basis.