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Multifamily

FS 140th LLC Cluster

224 W 140th St, New York, NY 10030

Listing Price: $13,500,000

Cap Rate
4.80%
Number of Units
113
Price/Unit
$119,469
Price/Gross SF
$123.68
Gross SF
109,157

Investment Overview

New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity: FS 140th Cluster LLC. The properties are comprised of four buildings – 3 contiguous buildings on 140th Street between Adam Clayton Powell Blvd and Frederick Douglass Blvd and one building on the corner of Adam Clayton Powell and 140th Street totaling 113 units across 109,157 square feet. Located in the highly desirable Central Harlem section in Upper Manhattan Steps away from Strivers Row, St. Nicholas park, City College, and more. The unit make up consists 67 two-bedroom units, 12 three-bedroom units, 24 four-bedroom units, 1 five-bedroom unit and 8 retail storefronts in 2394 Adam Clayton Powell. 224-228 West 140th Street are five-story walk up buildings with 2394 Adam Clayton Powell Blvd being a six-story elevator building. Conveniently located near the 145th street retail corridor, Harlem Hospital, The Madison Avenue Bridge into the Bronx and the B/C/2/3 subway terminals.

Investment Highlights

  • Low basis: Well below replacement cost. $124 per square foot or $119,469 per unit.
  • Tax Incentive: Protected tax increases of 2% annually due to the regulatory agreement in place with the base year commencing 2015/2016.
  • The Opportunity: Four buildings located on the same block in Harlem with regulatory agreement in place until 2044

Exclusively Listed By

  • Seth Glasser

    Licensed Associate Real Estate Broker

    (212) 430-5136

    Email Seth

    License(s): NY: 10301209629

    Manhattan

  • Peter Von Der Ahe

    Licensed Associate Real Estate Broker

    (212) 430-5114

    Email Peter

    License(s): NY: 10301209838, NY: 31VO0942643

    Manhattan

Financing By

Multifamily

FS 140th LLC Cluster

Listing Price: $13,500,000

Cap Rate
4.80%
Number of Units
113
Price/Unit
$119,469
Price/Gross SF
$123.68
Gross SF
109,157

Investment Highlights

  • Low basis: Well below replacement cost. $124 per square foot or $119,469 per unit.
  • Tax Incentive: Protected tax increases of 2% annually due to the regulatory agreement in place with the base year commencing 2015/2016.
  • The Opportunity: Four buildings located on the same block in Harlem with regulatory agreement in place until 2044

Investment Overview

New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity: FS 140th Cluster LLC. The properties are comprised of four buildings – 3 contiguous buildings on 140th Street between Adam Clayton Powell Blvd and Frederick Douglass Blvd and one building on the corner of Adam Clayton Powell and 140th Street totaling 113 units across 109,157 square feet. Located in the highly desirable Central Harlem section in Upper Manhattan Steps away from Strivers Row, St. Nicholas park, City College, and more. The unit make up consists 67 two-bedroom units, 12 three-bedroom units, 24 four-bedroom units, 1 five-bedroom unit and 8 retail storefronts in 2394 Adam Clayton Powell. 224-228 West 140th Street are five-story walk up buildings with 2394 Adam Clayton Powell Blvd being a six-story elevator building. Conveniently located near the 145th street retail corridor, Harlem Hospital, The Madison Avenue Bridge into the Bronx and the B/C/2/3 subway terminals.

Exclusively Listed By

  • Seth Glasser

    Licensed Associate Real Estate Broker

    (212) 430-5136

    Email Seth

    License(s): NY: 10301209629

    Manhattan

  • Peter Von Der Ahe

    Licensed Associate Real Estate Broker

    (212) 430-5114

    Email Peter

    License(s): NY: 10301209838, NY: 31VO0942643

    Manhattan

Financing By

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