|Number of units||29|
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 over 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 $1,816 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 combinations/divisions. Each line can either be divided or combined with at least one other line to achieve optimal rental income.
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 Housing Area.
In regard to infrastructure, ownership has recently invested in a new elevator cab and mechanicals, as well as installed a dual capacity burner. 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.
- 60' wide 7 story elevator building
- 27 Apartments & 2 retail stores
- 7RS and 20 Vacant apartments
- Additional air rights