A study of comps in the area yield close to $270/sf. There is 23,300 sf of residential space (17 units) to sell. A premium for recently built and location should yield close to $300/sf for sales. The gross result approaching $7.0M.
This complex is even better situated to the waterfront and Metro North than the com parables. About a third of the tenants have shown interest in purchasing their unit.
The asking price is $5.25M which includes both the residential and commercial components.
The Orchid Condominium
The Orchid Condominium is a (4) story brick mixed use condominium building on the east side of Spring Street in the Village of Ossining. There are (2) commercial units at the street front of the property and (17) residential units, a gym, enclosed parking and mechanical rooms on the ground floor. Floors 1-4 have (26) residential condominium units.
Property Overview
73 Spring Street consists of (2) ground floor commercial units and (17) residential units within the larger“Orchid Condominium”. Of the (17) residential units,
- (12) of the units are 1-bedroom, 1-bathroom
- (3) of the units are 2-bedroom, 1-bathroom
- (2) of the units are 2-bedroom, 2-bathroom.
In addition to a fitness room, the property features very large units with high end fixtures including granite kitchen counter tops, bamboo hardwood floors, stainless steel appliances, washer and dryer, large bathrooms with separate shower and bathtub and large vanity.
The property includes (17)richly appointed 1 and 2 bedroom units, some with views of the Hudson River and majestic Palisades and others with outdoor patios, accessible from individual rental units.
