329-339 E 94th Street
Residence
$43,500,000
- Bedrooms
- 20
- Bathrooms
- 20
- Interior
- 78,000 SF
- Price / SF
- $558 / SF
- Floor
- Property type
- MultiFamily
- Status
- Active
- Neighborhood
Floor plan
No floor plan accompanies this listing. One can be requested directly.
Price history
No change to the asking price has been recorded since this residence came to market.
The building
- Tower
- 329-339 E 94th Street
- Neighborhood
- Also available here
- No other residence in the index
The residence
111-unit Mаnhаttаn vаlue-аdd pοrtfolіo Unіt Mix: 89 Free Μаrkеt 17 Rеnt-Ѕtabilized 5 Rent-Controlled
The portfolio will be delivered approximately 95% vacant. Only 9 regulated units are currently occupied, while the remaining regulated units have been vacant for an extended period. Projected stabilized value is approximately $65 million. The property also offers the opportunity to assume an existing loan of approximately $18 million at a 5.0% interest rate. Ownership's position, based on advice from its rent regulation counsel, is that the vacant regulated units may qualify for first rent treatment based on a combination of factors, including the property's prior nonprofit/church use, where the apartments were reportedly occupied by the church rather than operated as traditional rental units, the extended vacancy period, and substantial capital improvements completed before re-occupancy. Purchasers should conduct their own legal and regulatory due diligence regarding these matters. Contact us for the complete Offering Memorandum, data room access, financials, rent roll, and supporting due diligence materials.
Private index figures are presented for orientation and are confirmed through a direct inquiry.
Listing courtesy of Compass.