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|Building Area Net||
|Number of units||133|
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.
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.