The Coop & Condo Collection
About This Property
Marketing description
The New York Multifamily Group at Marcus & Millichap is pleased to exclusively offer for sale a 66-unit, rent regulatedCooperative and Condominum portfolio spread across 15 buildings throughout Manhattan. Locations featured include The Upper West Side, Midtown East & Murray Hill, Chelsea, and The Bronx. These units have a combined sellable net square footage of 64,370 Square Feet.
The Co-Op | Condo Collection presents a rare opportunity to acquire 66 rent-stabilized cooperative and condominium units across prime Manhattan and Bronx locations at a significant discount to intrinsic market value, offering investors a highly tax-efficient, self-liquidating portfolio with substantial upside created through natural tenant turnover and future deregulation.
ACQUISITION AT A STEEP DISCOUNT TO INTRINSIC VALUE
The portfolio is priced at $11M wholesale against a $40.2M retail vacant value — a blended ~73% discount to true market value. That gap is the trade. Buyers are essentially acquiring Manhattan and Bronx real estate at cents on the dollar, with the deregulation mechanism as the unlock.
EXTRAORDINARY PRICE PER SQUARE FOOT
At 64,370 total SF against a $10.88M price, the blended acquisition cost is roughly $171/SF — a fraction of what comparable NYC condos and co-ops trade for in open-market transactions. In neighborhoods like the Upper West Side (500 West End Ave), the West Village (61 Horatio), and the Upper East Side (300 E 71st), free-market values routinely exceed $1,000– $1,500/SF.
INSTANT VALUE CREATION ON EVERY TURNOVER
When a rent-stabilized tenant vacates, the unit legally deregulates and can be sold at full market value or rented at market rate. The math is compelling:
- A single unit turnover at 500 West End Ave (e.g., Unit 7K at 85% discount, $186K paid, $623K vacant value) generates a ~3.3x return on that unit alone
- Two to three turnovers per year can more than offset the portfolio’s ~$417K annual NOI deficit
- Buyers aren’t waiting for the whole portfolio to pop — each turnover is an independent liquidity event
Investment highlights
- 66-Unit Cooperative & Condominium Portfolio spanning 15 Buildings across Manhattan & The Bronx
- Acquisition Basis at an approximate 73% Discount to Aggregate Retail Vacant Value ($11M Basis vs. $40.2M Estimated Vacant Sellout)
- Exceptional Below-Market Basis at Approximately $193/SF Across 56,236 Sellable Square Feet in Supply-Constrained NYC Submarkets
- Embedded Deregulation & Turnover Upside creating significant Mark-to- Market Value Creation on Individual Unit Vacancies
- Trophy-Adjacent Locations including the Upper West Side, Upper East Side, Chelsea, Midtown East, Murray Hill & Riverdale
- Negative In-Place NOI providing potential Tax Shield Benefits while Investors await natural Tenant Turnover & Deregulation Events
- Self-Liquidating Long-Term Value-Add Opportunity with no Construction, Entitlement, or Development Risk Exposure
- Rare Opportunity to acquire Institutional-Quality Manhattan Cooperative & Condominium Units at a significant fraction of Replacement Cost and Open- Market Pricing
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