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714-720 10th Ave 2 Multifamily Properties Offered at $10,000,000 in New York, NY
Investment Highlights
- 4 Four-Story Mixed-Use Buildings in Prime Midtown West.
- Current Retail Leasing rates are between $150-$200/SF.
- Bordering the Hudson Yards Development – the City’s Largest Private Development Ever Undertaken.
- Apartments are renovated and historically generate $85/SF.
- 80 Feet of Frontage on Tenth Avenue. 64 Feet of Frontage on West 49th Street.
Executive Summary
718 & 720 10th Ave. had a complete gut renovation in 1995-1996 and are all electric.
Each apartment is independent with its own hot water heater and heating and cooling units. The buildings do not have a boiler or central hot water tank.
Tenants each pay for their own utilities. New water mains were also installed at that time.
Current backflow preventers and RPZ values are in both buildings. Buildings are partially sprinklered.
Roofs are maintained and in excellent condition.
The property is steps from Times Square, the Jacob Javits Center and the Port Authority Bus Terminal which includes access to the A, C and E subway lines. This
opportunity is also located on the border of the city’s new Hudson Yards transformation, which is in the process of developing over 13 million square feet of commercial,
residential and communal developments.
INVESTMENT HIGHLIGHTS
Two Four-Story Mixed-Use Buildings in Prime Midtown West.
Gut renovated in 1996. New beams and columns.
40 Feet of Frontage on Tenth Avenue.
7,159 Square Feet of as of right Air Rights. Additional air rights available through the city's affordability development program.
Steps from Times Square, Port Authority Terminal (which includes the
Across the Street from the newly constructed 114,000 SF residential building for actors and artists.
718 and 720 10th Ave. are built full to the lot line while 716 10th Ave is built 20 ft. by 50 ft. All residential units are built 20.08 ft. by 50 ft. There are over 15,000 Sf of
additional air-rights associated with the portfolio.
718 & 720 10th Ave. had a complete gut renovation in 1995-1996 and are all electric.
Each apartment is independent with its own hot water heater and heating and cooling units. The buildings do not have a boiler or central hot water tank.
Tenants each pay for their own utilities. New water mains were also installed at that time.
Current backflow preventers and RPZ values are in both buildings. Buildings are partially sprinklered.
Roofs are maintained and in excellent condition.
Each apartment is independent with its own hot water heater and heating and cooling units. The buildings do not have a boiler or central hot water tank.
Tenants each pay for their own utilities. New water mains were also installed at that time.
Current backflow preventers and RPZ values are in both buildings. Buildings are partially sprinklered.
Roofs are maintained and in excellent condition.
The property is steps from Times Square, the Jacob Javits Center and the Port Authority Bus Terminal which includes access to the A, C and E subway lines. This
opportunity is also located on the border of the city’s new Hudson Yards transformation, which is in the process of developing over 13 million square feet of commercial,
residential and communal developments.
INVESTMENT HIGHLIGHTS
Two Four-Story Mixed-Use Buildings in Prime Midtown West.
Gut renovated in 1996. New beams and columns.
40 Feet of Frontage on Tenth Avenue.
7,159 Square Feet of as of right Air Rights. Additional air rights available through the city's affordability development program.
Steps from Times Square, Port Authority Terminal (which includes the
Across the Street from the newly constructed 114,000 SF residential building for actors and artists.
718 and 720 10th Ave. are built full to the lot line while 716 10th Ave is built 20 ft. by 50 ft. All residential units are built 20.08 ft. by 50 ft. There are over 15,000 Sf of
additional air-rights associated with the portfolio.
718 & 720 10th Ave. had a complete gut renovation in 1995-1996 and are all electric.
Each apartment is independent with its own hot water heater and heating and cooling units. The buildings do not have a boiler or central hot water tank.
Tenants each pay for their own utilities. New water mains were also installed at that time.
Current backflow preventers and RPZ values are in both buildings. Buildings are partially sprinklered.
Roofs are maintained and in excellent condition.
Property Facts
| Price | $10,000,000 | Number of Properties | 2 |
| Price / SF | $1,164 / SF | Individually For Sale | 0 |
| Cap Rate | 3.22% | Total Building Size | 8,594 SF |
| Sale Type | Investment | Total Land Area | 0.06 AC |
| Status | Active |
| Price | $10,000,000 |
| Price / SF | $1,164 / SF |
| Cap Rate | 3.22% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 8,594 SF |
| Total Land Area | 0.06 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 718 Tenth Ave, New York, NY 10019 | Multifamily | 4,297 SF | 1920 | - |
| 720 Tenth Ave, New York, NY 10019 | Multifamily | 4,297 SF | 1910 | - |
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