57 West 86th Street

JLL has been retained on an exclusive basis to arrange for the sale of 57 West 86th Street, a 42.6’ wide, 13-unit mixed-use property located on the north side of West 86th Street between Central Park West and Columbus Avenue. The building has been well maintained by a long-time family owner and is being offered for sale for the first time in over 40 years. 57 West 86th Street was originally built as two row houses in 1888-1889 and was later combined into one building by The Corn Exchange Bank & Trust Company to be used as their Upper West Side Branch. The retail space has been continuously occupied as a bank dating to the late 1920’s. Today, the retail space is occupied by J.P Morgan Chase which has a lease through July of 2024 with one 5-year option to renew. The bank’s space consists of approximately 3,500 rentable square feet on the ground, and 2,800 square feet on the lower level which includes a bank vault and other ancillary space. Current rent is approximately $140 per SF blended including escalations. The residential portion of the property consists of 12 apartments of which 11 are Free Market and 1 is Rent Stabilized. The units consist of 2 studios, 9 one-bedrooms, and 1 two-bedroom apartments. While the Free Market units have been renovated over the course of time, 5 of the 9 one-bedroom units could be converted to 2-bedroom layouts. Currently fair-market rents are averaging approximately $2,920 per month or roughly $59/ PSF representing a ~20-25% discount to market. Four of the apartments feature attractive outdoor spaces overlooking the low-lying townhouses to the north. The Rent Stabilized unit is a top floor studio renting for $1,262/month. The property benefits from its location less than a block from Central Park West and the B & C subway station at West 86th Street. To the west tenants have access to countless bars, restaurants and shopping outlets which line Columbus and Amsterdam Avenues. Additional transportation can be found on Broadway and West 86th Street where the (1) train offers access to midtown and points north. 57 West 86th Street represents an incredible opportunity for an investor to own a well located, predominantly Free-Market building with additional upside on a wide-street Central Park block. In addition to the future upside in the residential rents the property also benefits from approximately 29,612 SF of additional air rights which could be used to enlarge the building subject to LPC approval. The property will be sold on an as-is where is basis.