We’ve continued to observe the residential real estate market since the March 2020 escalation of the pandemic and before. It is evident that many investment asset classes including the residential class A and lesser class rentals in New York City have and continue to see some retraction in occupancy and diminished rental values. We’ve identified however, to our amazement, that the single family market including condominium and cooperative sales have remained relatively strong. Though not as strong as some of the other markets in the country, New York City Condominium and Cooperative for sale unit demand is steady while supply inventory is shrinking and especially with units priced below $750k. This evidential fact, combined with the restrictive tenant laws enacted in June of 2019 and diminishing multifamily rental values is supporting our belief that a unique opportunity has occurred. We seek to identify acquire and convert a number of qualifying multifamily and properly zoned distressed hospitality properties into for sale, affordably priced Cooperative or Condominium units. These units will meet the needs of a significant underserved buyer that has been previously priced out of the market while fostering the opportunity for tenants to become homeowners with the benefits of appreciating value over rental. Highlights· Central Upper West Side location · Close proximity to Columbia University · Well-maintained elevator building · 93 SRO units of approximately 283 sqft each and 78 are vacant · Functionally operational and well maintained · Proximity to Broadway’s 96th Street Subway Station, which services the Trains, and the 103rd Street Subway Station, which services the Train.
The Property is just south of Columbia University, making it an ideal opportunity for conversion to affordable and competitively priced, purpose-built student housing, or a dormitory. Positioned along West 97th Street, the Property is located in the Manhattan Valley neighborhood of Manhattan, which is a residential area located in the northern portion of the Upper West Side. Broadway, a neighboring avenue, also serves as a vital retail corridor for the immediate area and, in turn, attracts a high degree of foot traffic. The Property is just steps from the 96th Street and 103rd Street Subway Stations, along Broadway, and is proximate to multiple bus stations that service the overall city and immediate area. These metro stations service the 1, 2, and 3 Trains, respectively. Moreover, Columbia University is only two subway stops north of the 96th Street Subway Station, via the 1 Train. This first-class property and location offers our investors and sponsor partners the opportunity to participate in the purchase of this great in-place property and its benefits as we pursue a very creative and much needed housing conversion plan for the limited risk and significant returns we project.
The projections below are our conservative estimate for this project. A more detailed development plan and explanation of financial considerations are available for discussion after investor/sponsor interests are expressed.