JLL has been retained on an exclusive basis to arrange for the sale of 12 West 104th Street, a freestanding 27’ wide, 5 story walk- up located steps from Central Park. The building is configured as 16 apartments and is comprised of approximately 10,434 Sq. Ft. inclusive of the basement. Although mid-block, the property feels much like a corner building as adjacent public gardens on either side provide abundant light and protected views to all apartments.
The apartments are configured as 3 one-bedrooms and 13 two- bedrooms of which 15 are Free Market and 1 is Rent Stabilized. Floors 1-5 contain 3 units each and the basement contains 1 large apartment that steps out on grade to a south facing terrace. The market rate units are currently leased for an average of $2,931 per month and the remaining Rent Stabilized unit is rented for $1,413 per month, which represents a 52% discount to market rent within the building. In regard to infrastructure, the building is heated via a #2 oil fired boiler and is individually metered for both gas and electric. Possible value-add opportunities include modernizing apartment and common area finishes, adding a public roof deck and timing expirations to align with the summer leasing season in order to capture the full momentum of the rental market.
12 West 104th Street will appeal to investors seeking low maintenance, primarily Free Market building with additional upside and strong underlying fundamentals. The property will be sold on an as-is-where-is basis.