Avison Young, as exclusive agent, is pleased to offer for sale the ownership shares in 12 mixed-use and multi-family properties located in the Upper East Side neighborhood of Manhattan. These properties have been owned in the same family for over 65 years. The properties include 418 East 77th Street, 422 East 77th Street, 441 East 75th Street, 1409 York Avenue, 1411 York Avenue, 423 East 77th Street, 305 East 75th Street, 439 East 74th Street, 327 East 75th Street, 442 East 75th Street, 309 East 91st Street and 425 East 75th Street. The properties are comprised of 261 residential units and two retail units spanning 150,231± gross square feet. Of the 261 residential units, 172 are free-market, 71 are rent- stabilized and 18 are rent-controlled. Currently, 54 of the units are vacant offering an immediate opportunity for renovations to increase rents. The units are comprised of 102 studios, 131 one- bedrooms, 25 two-bedrooms and three three-bedrooms. Based on current configurations many of the units can accommodate additional bedrooms.
The portfolio offers potential investors an opportunity to capitalize on future upside in an established and distinguished neighborhood. An in-depth analysis of in-place rents and market rents uncovers a potential $2,500,000± increase in future effective gross income. By increasing rents in-place to the market average with the help of renovations, the portfolio provides a favorable value-add investment opportunity.
• 65+ years of ownership
• 261 residential units and 2 retail units across 12 properties
• Ability to increase room counts across the portfolio
• 20% of the portfolio is vacant, which provides immediate upside
• 65% of the residential units in the portfolio are free-market
• All 12 properties are in close proximity allowing for management efficiency
• Central location with many transportation options