240 W 73RD ST New York NY 10023-2700

The Tempo at 240 West 73rd Street, is a 16 story plus

penthouse pre-war apartment building located on the south side

of West 73rd Street between Broadway & West End Avenue.

The 80’ wide, 109,290 Sq. Ft. property features sweeping views of

the surrounding Upper West Side neighborhood and contains 191

units of which 128 are fair market and renovated to a very high

standard of finish including new flooring, bathrooms, kitchens

and A/C. Institutionally owned and operated, over $13M has been

invested towards building-wide improvements and apartment

renovations since 2014. Building features include a fully renovated

lobby with workspace and Wi-Fi, on-site management

office, laundry room, gym, and 24-hour doorman. At present the

property is nearly 100% leased.

The 191 units are broken down into 189 residential units, one

medical office, and a vacant 2,110 SF ground floor commercial

space that could be converted to an apartment. As noted, 128

units (67%) are free market and the remaining 61 units (32%)

are rent stabilized. The unit mix for both the free market and

rent stabilized apartments is very diverse, featuring studios,

1 bedrooms, and 2 bedrooms of varying sizes. The superior unit

renovations have allowed the property to capitalize on the post covid

rental recovery which will continue to boost revenue as

leases roll. The influx of both new and returning city residents

coupled with the supply-constrained rental market has caused

rents in Manhattan to surge above pre-pandemic levels and

ownership has expertly positioned The Tempo to capture this

continuing upward trend.

The medical office is located on the ground floor in 1,355 SF of

rentable space which has been occupied by the same tenant since

2005. The lease was recently renewed for 10 years expiring in April

of 2032 at a current rent of $14,000 per month ($124/sf) with annual

increases. The vacant ground floor space was formerly home to

Gymboree and may be suited for conversion to residential use.

The sale of “The Tempo” at 240 West 73rd Street represents an

outstanding opportunity to own a large-scale, cash-flowing,

virtually turn-key property situated in one of the most desirable

locations in Manhattan.

1. Substantial Scale- 80.5’ of Frontage, 109,000 GSF, 16 Stories, 191 Total Units.

2. Excellent Condition- Institutional Management has invested significant capital to maintain the building’s infrastructure, common areas, and apartment conditions.

3. Strong In Place Cash Flow- The Property is currently generating $5M+ in gross revenue.

4. Significant Capital Expenditures - Current ownership has invested approximately $13M in Capex since 2014.

5. Fully Renovated- All 128 FM units have been renovated, allowing them to capitalize on the strong rental dynamics in the Upper West Side.

6. Classification: The Tempo was previously a Class A Hotel/SRO and is now operated as a rental building. All of the apartments feature luxury finishes, bathrooms and all but 3 of the apartments have kitchens.

7. Prime Upper West Side Location- 240 West 73rd Street is centrally located between Central and Riverside Parks, containing over 1,126 acres of greenspace.

8. Exceptional Transportation Access- The property is situated just a 2-minute walk to the 72nd Street & Broadway express 1 2 3 subway station, and just 1 block to the West Side Highway.