3210 Riverdale Ave

Massey Knakal Realty Services is pleased to present 3210 Riverdale Avenue, a newly built, 11 story elevator building located in the highly desirable South Riverdale. Originally built as a condominium, the building is well-appointed and features high-end finishes and amenities, including oversized windows, high ceilings, private terraces, a gym, a shared tenant roof deck & lounge, virtual doorman system and on premise parking. In addition, the property features great light and air as it benefits from almost 450’ of wrap frontage. All residential units are individually metered for gas/elective and HVAC is provided by PTAC units in every apartment (Package Terminal Air-Conditioner). In addition, the building benefits from a 25 year 421a abatement (exp. 2036) as well as two 15 year ICIP abatements (exp. 2025). The building currently has a final certificate of occupancy. The building is divided into 46 residential units, commercial/community facility space and a multi-level garage: the 46 apartments are fully occupied and renting at an average of $33/PSF, the commercial portion is leased to a school/learning center with tenant taking occupancy in February 2015 and the parking garage can hold up to 150 cars as per the certificate of occupancy. Upon stabilization, the property will generate approximately $1,800,000 in annual gross revenue. Located on Riverdale Avenue the property offers easy access to both Riverdale and Kingsbridge neighborhoods, shopping and transportation via the MTA #1 train on Broadway. The building is turn-key and offers investors strong in-place cash flow plus significant upside potential through leasing out the parking garage and renting out the tenant storage units. For more information please contact one of our agents.