Listed by Ariel Property Advisors
$148,000,000
Alvista Towers
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 373,632
Units 380
Price per SqFt $396
Year Built 2018
Stories 25
Lot Size (SqFt) 25,042
Zoning C6-4, (R10 residential equivalent), DJ
Multifamily | 380 Units | $389,474/unit
Investment highlights
- Institutional Scale and Modern Efficiency
- 380 residential units offering significant management economies of scale and minimizes operational volatility
- 25 story asset built in 2018 requiring minimal immediate capital expenditures
- Strategic Regulatory Advantage & Upside
- Regulatory agreement includes the crucial 610 Amendment, which allows for rent mark-ups on subsidized voucher units
- Strong voucher-backed stability with 122 current voucher units
- Long-Term Tax Protection
- Benefits from a long-term Article XI real estate tax abatement, providing material protection from future real estate tax reassessments through 2059, subject to ongoing compliance with applicable regulatory requirements
- Article XI status materially enhances long-term cash flow stability and improves downside protection in periods of rising operating costs or tax rate volatility, while remaining transferable to a new owner in connection with a sale
- Robust Amenities & Infrastructure
- Equipped with an extensive amenity package, including a 105-space parking garage, fitness centers, residents’ lounges, a children’s playroom, and a 190 space bike room
- Federal Low Income Housing Tax Credits
- Anticipation of generating additional tax credits until 2029
- Unparalleled Transit Connectivity
- Situated at a premier transit hub, providing immediate access to the LIRR, JFK AirTrain, and multiple subway lines (E, J, Z)
- Boasts a near-perfect Walk Score, placing tenants within steps of essential retail, dining, and cultural amenities
- Accretive Assumable Financing
- Attractive existing $122M HDC mortgage stack with favorable interest rates as low as 2.22% maturing in 2059
- Epicenter of the Jamaica Neighborhood Plan
- The asset sits at the heart of the recently approved 230-block rezoning and recent $413 million commitment in city-secured funding for local infrastructure to renovate the Jamaica Avenue retail corridor, redevelopment of Station Plaza, and sewer and green infrastructure upgrades
Listing Contacts
Listed by Ariel Property Advisors
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