342 W 71ST ST New York NY 10023

Cushman & Wakefield has been hired on an exclusive basis to arrange for the sale of 342 West 71st Street, a 52' wide, 7 story elevator building containing 124 Single Room Occupancy units (plus a super's unit) in the heart of the Upper West Side. The property lies on a quaint cul-de-sac, just east of the new community of luxury residences that have been constructed along Riverside Boulevard in recent years, and only a half block from Riverside Park.

The building is built approximately 109' deep on the lot and features large floor plates, tall ceilings throughout, a full basement and windows facing every direction. The units consist of 79 SRO’s that are in legacy condition, 36 renovated SRO’s of which 9 are vacant, and a Super’s apartment (the 125th unit). The average monthly rent per unit is presently$615. The renovated units are renting for an average of $1,147 per month while the legacy units are averaging $316 per month, which equates to a discount of approximately 72%. The recent market-wide trend towards condominium conversions and the development of larger family style apartments has resulted in a significant lack of efficient, smaller, and furnished rental units in the marketplace. This supply imbalance creates a value-add opportunity for buildings that have the ability to fill the void.

342 West 71st Street represents an exciting opportunity for an investor to acquire and manage a property that possesses substantial long term upside potential at a discount to prevailing market pricing.