Updated 6 years ago
Off Market
92 Pinehurst Ave
Hudson Heights, Manhattan | West 181st Street & West 183rd Street
84,037 Square FeetRental Property
$25,000,000
floors / apts6 / 72
Lot Size150'x112'
ZoneR7-2
Building TypeLow-Rise
Price Per SF
$297
Building Amenities
- Voice Intercom
- Elevator
Property Description for 92 Pinehurst Ave
Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of the residential condominium portion of 92 Pinehurst Avenue in the Hudson Heights neighborhood of Northern Manhattan. The property is a 72-unit building with elevator service, located on a cul-de-sac just a landscaped stairway above the bustling 181st Street corridor. The residential portion of the property features approximately 72,896 total square feet above grade of which the usable residential area is about 60,000 square feet. The retail condominium portion facing 181st Street was sold separately years back, and is not included in this offering. The average in-place rent of $23 per square foot is well below the $40 per square foot rate that similar buildings achieve nearby. An investor could take advantage of the upside by increasing rents upon lease expirations of those rent regulated leases with preferential rents to the legal registered rents. An alternative strategy would be to convert the free market units to either co-ops or condominiums, as sales in comparable apartments are averaging $720 per square foot with asking prices above $1,000 per square foot.
Listing History for 92 Pinehurst Ave
Now
11/18/2015
POM by James P. Nelson
Cushman & Wakefield
07/15/2015
$25,000,000
Initial Price by James P. Nelson
Cushman & Wakefield
Building Details for 92 Pinehurst Ave
OwnershipRental Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessElevator
Year Built1928
Floors/Apts6/72
Transit and Citi Bike
Subway
181 St
0.09 miles
175 St
0.25 miles
181 St
0.32 miles
Citi Bike
W 180 St & Fort Washington Ave
0.09 miles
Fort Washington Ave & W 183 St
0.12 miles
Contact Agents
Contact Agents
James Nelson
Cushman & Wakefield
Mitchell Levine
Cushman & Wakefield
Matthew Nickerson
Cushman & Wakefield
Hudson Heights | Manhattan
Quick Profile
Shhh… It just might be one of New York City’s best kept secrets. It’s got a little more space and some affordability. It offers multiple parks, river views, great ethnic restaurants and according to residents, a sense of community.
Hudson Heights, an enclave of Washington Heights sits on a plateau atop a bluff overlooking the Hudson River. It’s inhabited by resident locals who have lived in the neighborhood for decades as well as artists, actors, young families and the newly arrived, all searching for more bang for their buck.
Like many neighborhoods in New York City, this section of Washington Heights was renamed by real estate brokers looking to attract a variety of people and distinguish the area from the greater Washington Heights neighborhood. Hudson Heights is bounded by the Hudson River to the west, Broadway to the east, 173rd Street to the south, and Fort Tryon Park to the north.
Walk through the neighborhood's tree-lined streets and you’ll quickly see its prewar charm that dots the neighborhood. Architectural details like Gargoyles, turrets and Gothic style aesthetic are on full display. And we can’t forget the healthy mix of Art Deco and European Tudor Revival either. It’s like a case study in 20’s, 30’s and 40’s architecture right before your eyes.
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: 59693TH
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