JLL has been retained on an exclusive basis to arrange for the sale of 206 West 80th Street, a 25’ wide, walk-up building containing 13 apartments on floors 1-5 and 2 step down commercial spaces in the basement (the 6th floor). The property is located on the south side of West 80th Street between Amsterdam Avenue and Broadway and is comprised of approximately 9,660 Sq. Ft.
The property benefits from recent upgrades to the common areas as well as 7 of the 13 apartments. The remaining 6 regulated apartments are in legacy condition and combine for approx 60% of the building’s Residential square footage. In regard to infrastructure, the building is heated via a #2 oil fired boiler and is individually metered for both gas and electric. Owner is currently waiting on signoff for dual burner.
Of the 13 apartments 7 are Free Market, 3 are Rent Stabilized and 3 are rent controlled. The Free Market apartments are renting for an average of $3,668 per month while the rent regulated units are averaging $885.50 which represents a 76% discount to prevailing market rent within the building.
The two commercial spaces are leased to Deborah Herschel & Support Solutions of New York Co. and are averaging $28/PSF in rent. Support Solutions of New York Co. has a lease in place until October 2019 while Deborah Herschel has a lease until June 2023.
206 West 80th Street benefits from its proximity to some of the best bars and restaurants the Upper West Side has to offer along Amsterdam Avenue and is half a block from Zabar’s Gourmet emporium. In addition to the culinary options the building is also well served by public transportation with the 1 train located at West 79th Street and Broadway.
206 West 80th Street will appeal to investors seeking a well located mixed-use building with additional upside. The property will be sold on an as-is where-is basis.