1090 Saint Nicholas Ave
New York, NY 10032

JLL has been retained on an exclusive basis to arrange for the
sale of 1090 St. Nicholas Avenue, a 41 unit elevatored apartment
building featuring 236’ of wraparound frontage on the corner of
West 165th Street and St. Nicholas Avenue. The building spans
approximately 51,550 gross square feet and is comprised of 40
large residential apartments and an 8,000 square foot commercial
space. Of the 40 apartments 11 are Free Market (avg. $3,352/mo),
4 are Rent Controlled (avg. $1,303/mo), 3 are Rent Stabilized with
preferential rents (avg. $2,406/mo) and 22 are Rent Stabilized (avg.
$1,755/mo)*. The apartments average approximately 925 square
feet and benefit from tremendous natural light due to the corner
location, proximity to McKenna Square Park and a series of internal
courts. All of the Free-Market apartments have been renovated to
include washer/dryers, stainless steel appliances and dishwashers.
1090 St. Nicholas Avenue is well positioned to benefit from its
proximity to the 28 building, 22-acre New York-Presbyterian /
Columbia University hospital campus. The hospital’s core campus
spans West 165th Street to West 168th Street from Audubon Avenue
to Riverside Drive. New York-Presbyterian has been ranked as one of
the top three hospitals in New York and among the top ten worldwide.
The hospital will continue to act as a major demand driver for both
the residential units and commercial space well into the future.
The commercial space is occupied by The Metropolitan Center
for Mental Health which has a lease through 2030/2031 and is
paying approximately $30 PSF plus ~$30K in annual real estate tax
recoveries. The tenant took possession in 2002 and has invested in
the unit over the years. The space features two separate entrances, a
private two stop lift and a separate HVAC system. Other professional
office spaces in the local submarket can command rents north of $60
PSF representing significant up-side potential. Purchasers will have
the ability to re-set the rent upon lease expiration and benefit from
the increased cash flow. The space is well suited for a medical user
given the building’s proximity to the New York-Presbyterian hospital
campus. The space is eligible for occupancy pursuant to use group 4
which includes community facilities, houses of worship, community
centers, hospitals and ambulatory health care facilities.
The building has been very well maintained by private ownership
which has invested a significant amount into recent building
improvements. Major upgrades include renovated common areas,
a new elevator cab & mechanicals, roof and Local Law 11 work. In
regard to infrastructure, the building is heated by a dual fuel boiler,
and all units are individually metered for gas and electric.
1090 St. Nicholas Avenue represents an excellent opportunity for
long term investors to acquire a well located, low maintenance,
elevator building at an attractive basis. The property is being
offered at a substantial discount to its last sale and a significant
discount to replacement cost. The property will be sold on an as-is,
where-is basis.
*9 of the Rent Stabilized apartments including those on preferential
rents have been renovated and are leased for more than $2,000 per
month.