331 West 87th Street

JLL has been retained on an exclusive basis to arrange for the sale of 331 West 87th Street, a 4.5 story Renaissance Revival townhouse located steps from Riverside Park. 331 West 87th Street was originally constructed in 1892 as one in a row of four (327-333) houses with exquisitely detailed uniform Roman brick facades featuring low box stoops, Juliet balconies, and ornately detailed lentils. Currently the house is configured as 6 rental apartments, of which 5 are Rent Stabilized and 1 is Free Market. The units consist of 5 studios and 2 floor-through, one-bedroom, apartments. The parlor floor has been renovated for use by a prior owner and features original detail, ample light and air, and full possession of the garden which is accessed via a large terrace. The average monthly rent per apartment is $1,990 or $43.15 per net rentable square foot which represents a significant discount to prevailing market rates for newly renovated apartments. Much of the house’s original charm and detail remain intact including fireplaces with mantels, wood floors, an intricate staircase, wainscoting, and tall ceilings. The house’s center hall is topped by an ornate skylight and additional skylights can be found in several of the apartment bathrooms. The building is heated by a #2 oil fired boiler and is individually metered for electric. The property possesses approx. 4,980 SF of additional air rights and lies within the West End Avenue – Riverside Historic District. It may be possible to utilize a portion of the excess air-rights by building out the remainder of the 5th floor and/or adding to the rear of the house with Landmark & Preservation Commission’s approval. 331 West 87th Street will be sold on an as-is where-is basis.