Investment Overview

THE OFFERING New York Multifamily is pleased to offer the following opportunity located in the booming West Village Neighborhood. 605 Hudson Street is located on the West Side of Hudson Street between West 12th & Bethune Streets and contains a gross square footage of 11,912. The property is zoned C1-6 and is built 35 ft X 71 ft on a 35 ft X 76 ft lot (Block: 624; Lot: 17). THE OPPORTUNITY Rare Offering. Having been owned and operated by the same family for almost 40 years, 605 Hudson Street represents the incredibly rare opportunity to acquire a 5-story mixed-use property in the heart of the West Village. The property features 6 apartments, comprised of 4 1-BR units, and 2 large 3-BR units. Additionally, there are two retail spaces, one restaurant & one jewelry store. The jewelry store contract expires in one year and is rented significantly below market, and the restaurant space, La Ripaille, is owner occupied and will be delivered vacant. 605 Hudson Street also falls into the highly desirable tax class 2B designation. As such, assessed values for property taxes can increase by no more than 8% annually, and by no more than 30% over any given 5-year period. Value-Add Opportunity & Live + Income. 605 Hudson Street represents a truly unrivaled value-add & retail repositioning opportunity. 83% of the upstairs apartments are Free Market and are renting considerably below market. With each unit being over 900 SF, any investor can reposition the floor plates to add a bedroom to each unit, providing for immense rental upside. Additionally, the owner-occupied floor-through 3BR 2 BA unit & restaurant space will be delivered vacant upon sale providing for a perfect opportunity for a restaurant user to replicate the vision of current ownership and benefit from a live + income investment. With one retail space being delivered vacant and the other with a short-term contract in place, there is both boundless upside in repositioning the retail, and renovating the apartments upstairs to capitalize on strong future income. Trophy Location. Renown as arguably the best block in the West Village, 605 Hudson Street rests amidst one of the world’s most desirable locations. Strategically located directly across the street from Abingdon Square Park, just steps from the Hudson River, Washington Square Park, Bleecker Street, and amidst New York City’s best bars & restaurants, any user or investor will benefit from this unrivaled location for generations to come. Given its immediate proximity to transportation, restaurants, retail and other amenities in the West Village neighborhood, high profile renters are eager to pay a premium for all this location has to offer.