Listed by Ariel Property Advisors
$11,000,000
1465 Park Avenue
Details
Property Type Multifamily
Sub Type Apartment Building, Commercial
Square Footage 191,934
Units 240
Zoning R9, C2-4. MIH
Parking Spaces 57 spaces
Parking Per SqFt 0.30
Multifamily | 400 Resi Units | 505,503 SF
Marketing description
Institutional Affordable Housing Asset With 400 Residential Units, Commercial & Parking in Manhattan
Investment highlights
- Centralized Scale: 17 story elevator tower grossing 505,503 square feet
- Diverse Unit Mix: 400 residential units (239 low income units), 3,842 NSF of commercial space, 8,691 NSF of community facility space and 57 parking spots
- Long Term Tax Benefit: 40 year Article XI tax exemption from 2016
- Transportation Hub: Rider’s Paradise Score of 100 with close proximity to the 6 and 2,3 subway lines
- New Construction High Quality Asset: Completed in June 2020 with modern systems and amenities including a fitness center, roof terraces, landscaped courtyards and on-site laundry facilities
- Assumable Long-Term Debt: $123M total unpaid principal balance maturing in 2062 $45.6M senior loan at 5.20% $31.4M subordinate loan at 2.65% $46.2M subordinate loan at 2.65%
- Block-Through Prominent Corner Location: Spans the entirety of the city block between East 107th Street and East 108th Street with additional frontage along Lexington Avenue
Listing Contacts
Listed by Ariel Property Advisors
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