Description

A 7,750 SF mixed-use walk-up with nine free-market three-bedroom apartments over two commercial spaces: an operating restaurant with basement dining and a retail storefront leased to a shoe store. The headline: six of the nine apartments will be delivered vacant on September 1, and every unit in the building is free-market. An investor can start renovating the majority of the residential portion on day one, with no buyouts to negotiate and no regulated leases to work around. The value-add math is straightforward. Each apartment is a three-bedroom, one-bath layout. Add a second bathroom, in-unit laundry, and updated finishes, and these units rent at a different number. The two commercial tenants keep paying while the work happens, so the building produces income through the entire reposition. The location does the rest: two short blocks to Central Park, roughly ten blocks to Columbia University, with the 1, B, and C trains nearby and the restaurants of Columbus and Amsterdam at the doorstep. Most value-add deals make you wait years for the vacancy. This one hands it to you at closing.