100% FREE MARKET
STRONG IN-PLACE CASH FLOW AND FUTURE UPSIDE!
Centrally positioned near Manhattan’s most vibrant neighborhoods including the Chelsea Gallery District and Hudson Yards, this 5 story multifamily property has tremendous upside potential. Although well-maintained by the current owner, it represents an ideal opportunity for an investor to upgrade the units further and benefit from higher rents. The strong in-place rent roll and high demand for units in this area make the property viable for long-term hold, even for an overseas or hands-off investor.
Alternatively, the building is well suited for a condominium conversion. The property is not landmarked and there are approx. 2,890 square feet of air rights included.
The building is currently configured as 10 free-market units. All apartments are light-flooded and provide views towards public and private gardens. Four units are 2-bedroom duplexes, the remaining six units are configured as generous one bedrooms. There are two apartments per floor, three units have access to private outdoor space. The property is in excellent condition; the apartments feature recent updates, open kitchens, and through-the-wall air condition units.
The property’s location is right next to the Lamartine Place Historic District, a small historic district featuring twelve charming mid-19th-century-row houses. While 315 West 29th Street retained its charming front garden and numerous historic features, including exposed brick throughout, the building is located outside of the historic district and not encumbered by a landmark designation.
There is substantial future upside in the rents as demand for apartments in this area is expected to grow further. The immediate neighborhood of 315 West 29th Street is emerging as one of Manhattan’s most desirable commercial and residential neighborhoods due to over $27 billion in recent public and private investments including the revitalization of Penn Station and the development of Hudson Yards, Manhattan West, and the High Line.
This property presents a unique opportunity to acquire an entirely free market investment property with multiple options for future use.
