148 West 70th Street
Multifamily | 17 Units
Marketing description
CBRE is pleased to present for sale 148 West 70th Street (the "Property"), a five story, 17 unit multifamily building located in Lincoln Square, one of the Upper West Side's most historically significant and supply constrained neighborhoods. The 4,642 square foot Property is situated on the south side of West 70th Street between Columbus Avenue and Central Park West, just two blocks from Central Park.
The Property comprises six free market units and eleven rent stabilized units, generating average monthly rents of approximately $2,801 and $1,277, respectively. The unit mix consists of fifteen studios, one one bedroom unit, and one two bedroom unit, a configuration designed to maximize unit count and gross income. The combination of regulated income and free market exposure provides a balanced cash flow profile with embedded long term upside.
The Property is located within the Upper West Side / Central Park West Historic District, as designated by the New York City Landmarks Preservation Commission, underscoring its architectural character, long term neighborhood stability, and irreplaceable location within Lincoln Square.
148 West 70th Street benefits from exceptional proximity to Manhattan's most coveted lifestyle amenities. The Property is a five minute walk to Central Park, a seven minute walk to the 72nd Street 1 train station, and an eight minute walk to Lincoln Center, one of the world's premier performing arts destinations. The surrounding area offers an extensive mix of upscale and boutique restaurants, cafes, and bars along Broadway and Columbus Avenue, supporting sustained tenant demand.
Overall, 148 West 70th Street represents a rare opportunity to acquire a well maintained, boutique multifamily asset in one of Manhattan's most established and historically acclaimed neighborhoods. Supported by strong in place income, limited new supply, and best in class surrounding amenities, the acquisition offers investors a durable, long term hold with stable cash flow and measured upside potential in the Upper West Side.
Investment highlights
- Prime Upper West Side Location Adjacent to Central Park - Located just two blocks from Central Park in Lincoln Square, one of Manhattan's most supply constrained and historically prestigious neighborhoods, supporting long term tenant demand and value preservation.
- Balanced Income Profile with Embedded Upside - The Property comprises six free market units and eleven rent stabilized units, offering a stable cash flow base while retaining mark-to-market potential through free market exposure.
- Efficient Unit Mix Maximizes Gross Income - A thoughtfully configured unit mix of twelve studios, one one-bedroom, and one two-bedroom unit optimizes unit density and maximizes rental income efficiency within a compact building footprint.
- Long Term Ownership and Strong Physical Condition - Meticulously maintained by long term ownership, the Property benefits from sound physical condition, minimizing near term capital requirements and supporting a low volatility investment profile.
- Historic District Designation Enhances Scarcity Value - Situated within the Upper West Side / Central Park West Historic District, the Property benefits from architectural preservation, limited competitive supply, and enduring neighborhood character.
- Best in Class Lifestyle and Transit Connectivity - Proximity to Central Park, Lincoln Center, Broadway and Columbus Avenue retail, and within walking distance of the 72nd Street subway station (1 train), reinforcing sustained rental demand driven by lifestyle and accessibility.
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