Investment Overview

THE OFFERING New York Multifamily is pleased to exclusively offer 640-644 Tenth Avenue for sale, in the Midtown West neighborhood of Manhattan. Located on the South-East corner of Tenth Avenue and West 45th Street, this 27-unit mixed-use investment opportunity is comprised of approximately 17,932 square feet. The three contiguous properties each feature 8 apartments and 1 retail space, offering 70 feet of Avenue frontage along Tenth. The properties are al tax class 2B and zoned R8 (Block: 1055, Lots: 3, 4, 64). THE OPPORTUNITY Significant Value-Add Potential: The offering contains 23 free market apartments, 1 rent controlled apartment, and 3 commercial retail spaces. With 96% of the apartments being free market, the new buyer will be able to capitalize on strong rental demand in the area and add value through unit and common-area renovations. Protected Tax Class 2B Status: Currently configured as three separate tax lots, with each property having 9 total units, 640-644 Tenth Avenue benefits from the highly desirable protected tax class status: 2B. As tax class 2B assets, the properties’ tax increases are capped at 8% year over year and no more than 30% over any given 5-year period. This presents a significant hedge against further tax exposure risk. Retail Activation Opportunity: The offering contains three retail spaces with signed leases at sale. The purchaser has the opportunity to drive multifamily rents through building activation and increased curb appeal of the new retail tenants. Economies of Scale: With 24 residential units and three commercial spaces spread over nearly 18,000 square feet, this offering allows an investor to gain a large footprint in Midtown West area immediately. Any buyer will gain a substantial presence in the neighborhood by owning a mixed-use asset with 70’ of frontage on Tenth Avenue. Strategic Location: Located in the heart of Midtown West, 640-644 Tenth Avenue sits in one the most desirable and visited locations in the city. Renters are attracted to the neighborhood’s attractions, dining and nightlife scene, and proximity to New York’s theater district on Broadway. This offering is conveniently located two blocks from the A, C, and E subway lines and is within walking distance to Hudson Yards, Times Square and Midtown Manhattan.