Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
Cap Rate N/A

Documents

Enter the "Deal room" for exclusive documents related to this property.

The Deal Room features confidential documents related to this property. To access the Deal Room, you will need to be logged in. If you don't have an account, please create one. More questions? Visit our FAQ.
I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key facts

Year Built 1929
Building Area Net
Number of units 133

Property description

Jones Lang LaSalle (“JLL) has been exclusively retained to facilitate the sale of 98 Riverside Drive, New York, NY (the “Property”), a 17-story, 125-unit multi-housing property in the Upper West Side.  The Property represents a rare opportunity to own an institutionally maintained pre-war asset with various value-add opportunities in both the short term and long term. 

 

The Property’s large unit sizes, averaging 1,201 SF, cater to both a hybrid work from home schedule as well as families taking advantage of the Upper West Side’s prestigious private and public schools. The irreplaceable location on Riverside Park provides stunning sunset views over the Hudson River, an escape to green space, and an alternative commute via a biking trail to various technology expanding companies along the west side of Manhattan. 

Investment highlights

Upside in Rent: Concessions burning off in the near term should produce 10-30% net effective rent growth in the Upper West Side.  Additionally, the rent PSF is 30% and 42% below the competitive properties for the two and three bedrooms respectively.


In Demand Large Units: The average unit size boasts an average of 1,201 SF and in the NY metro area three-bedrooms achieved 13% rent growth in Q3, more than double the average of smaller unit types. 


Value-Add Opportunities: A new owner can finish renovating 94% of FM units to Class A standard, add bedrooms to oversized living rooms, reconfigure rent stabilized units and renovate rent controlled units to achieve market rents, renovate and add amenities, and reduce expenses.


Tech Job Growth on West Side: Big tech companies continue to lease office space near Penn Station, Hudson Yards, and Hudson Square, all of which are a convenient 15-to-25-minute commute from the property by train or bike. 


Discount to Replacement Cost & Condos: The property represents a discount to both replacement cost ($1,200+/SF) and condo pricing ($2,000/SF). 


Strong Supply / Demand Fundamentals: There have been over 42,000 jobs added or relocated to the west side with less than 1,000 units of supply on the Upper West Side.


Superb Schools: The Upper West Side has some of the country’s most profound public and private schools all of which receive A or A+ rankings on Niche.com. Some of the neighboring schools are The Calhoun School, Trinity School, Columbia Grammar & Preparatory School, P.S. 9 Sarah Anderson, M.S. 243 Center School, and Manhattan Hunter Science High School.


Discount to Owning: Residents at 98 Riverside receive a 35% or $5,800 per month discount to owning a condo, which creates a sticky tenant base that is willing to pay higher rents. 

Last Updated Date: 18 Oct 2021

Please enter your corporate email account in the email field. We may not be able to reply to your personal email account or free email address such as Gmail or Yahoo Mail.

There was an error submitting your request. Please try again, or submit you inquiry here.

 

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.

Last Updated Date: 18 Oct 2021

Do you have any questions?  Visit our FAQ page

The value of trust beneficiary rights fluctuates due to fluctuations in the price of real estate, and there is a risk of falling beyond the investment principal. Real estate prices are fluctuated by changes in the population of the area in which they are located and the number of newly supplied properties, fluctuations in interest rates and exchange rates, changes of tax system, loss/damage due to natural disasters such as earthquakes, deterioration over time, and the discovery of hidden defects such as soil pollution.

Please go to the below link for our commitment to compliance (Japanese only).

https://www.joneslanglasalle.co.jp/ja/compliance-with-laws-and-regulations-and-its-representation

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.