$7,200,000
Updated 11 years ago
Sold

540-542 West 157th Street

Washington Heights, Manhattan | Amsterdam Ave & Broadway

Income Property

$7,200,000
floors / apts6 / 43
Building TypeLow-Rise

Building Amenities

  • Voice Intercom

Property Description for 540-542 West 157th Street

> 540-42 West 157th Street is a forty-three (43) unit, six (6) story elevator building located on the south side of 157th Street, between Broadway and Amsterdam Avenue. > Of the building residential units, there are twenty-three (23) one-bedroom, eighteen (18) twobedroom, and two (2) three-bedroom units. > All of the buildings units are rent stabilized and current rents are operating at approximately $20 per sq. Ft, which offer significant upside to investors. > The property enjoys easy access to downtown and outer borough locations via the 1 train on Broadway & 157th Street, the C train on Amsterdam Avenue & 155th Street, and nearby highways such as the Henry Hudson Parkway and the Harlem River Drive. > With its close proximity to local institutions, the property benefits from consistent rental demand in a rapidly appreciating area of Northern Manhattan. > These include Columbia Presbyterian Hospital, City College, & Columbia’s Manhattanville expansion. > Well positioned to take advantage of the area’s continued growth, 540-42 West 157th Street offers investors a well maintained asset with a strong value-add component.

Listing History for 540-542 West 157th Street

Now
05/08/2014
Sold and Closed by Victor Sozio
Ariel Property Advisors
01/07/2014
Contract Signed by Victor Sozio
Ariel Property Advisors

Building Details for 540-542 West 157th Street

OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1910
Floors/Apts6/43
Learn More About the Building

Contact Agents

Contact Agents

Victor Sozio
Ariel Property Advisors
Shimon Shkury
Ariel Property Advisors
Michael Tortorici
Ariel Property Advisors

Washington Heights | Manhattan

Quick Profile

Washington Heights, a hilly neighborhood on Manhattan’s northern tip known for its affordable apartments, preserved pre-war buildings, and Dominican food. Some would argue that it's a hidden gem and one of Manhattan's last neighborhoods that has retained its culture. The large swath of land is bordered by Inwood to the north along Dyckman Street, by Harlem to the South along 155th Street, by the Harlem River to the east, and the Hudson River to the West. It is the highest natural point on the Island of Manhattan. 

Despite its high residential density, Washington Heights and Inwood have not seen modern housing construction in more than a decade other than relatively small housing units. Midtown Manhattan, Battery Park, TriBeCa, Chelsea, and Hell’s Kitchen, on the other hand, have seen an increase in building. Most of the high rise construction belongs to hospitals such as New York Presbyterian, Columbia University Medical Center, and educational institutions like Yeshiva University and Boricua College. 

Washington Heights has access to amazing green spaces like The Cloisters, Fort Washington Park, Highbridge Park and Fort Tryon Park. There is no shortage of historical landmarks either. Remember General George Washington set up his camp in Washington Heights during the Revolutionary War. He used the elevated neighborhood to his tactical advantage to spot the Redcoats. As history would have it, his plan didn’t work out so well and the British occupied New York for seven years.  

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 52014TH