370-374 Columbus Ave

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 370 Columbus Avenue, a 56 unit, mixed-use elevator apartment building. Situated between West 77th and West 78th Streets, the property is located in the heart of the Upper West Side directly across the street from the world-renowned American Museum of Natural History.

The five-story building features 54 residential apartments and 2 commercial units. Of the 54 apartments, 40 are fair market and all but one is renovated to a high standard of finish. This remaining unit was previously occupied by a rent controlled tenant but will be delivered vacant allowing future ownership to realize immediate upside through the renovation of this unit. Of the remaining units, 13 are rent stabilized and 1 is rent controlled. There is also a super’s apartment in the basement. Overall, the residential rents currently average approximately $64.23 per square feet which provides near and long-term growth potential.

Additionally, there is tremendous value in the property’s retail frontage directly across from The American Museum of Natural History, Which has just recently announced plans for a $325 million expansion project that will include a new museum entrance across from 370 Columbus Avenue. Currently the two retail spaces are occupied by Sushi of Gari, a Japanese Restaurant, and a neighborhood deli/market whose leases expire in 2019 and 2017, respectively. As the current rent for the retail space is more than 61.1% below market, prospective investors have the opportunity to significantly increase their income as the leases naturally expire in the short term.

370 Columbus Avenue also contains approximately 30,065 SF of additional development rights. While the property lies within the historic district and subject to Landmark Preservation Committee approval, it is highly likely that the property may be able to utilize some or all of the additional air rights in the future.

The property sits in the epicenter of Manhattan’s Upper West Side, which has more recently become home to a lively mix of families, young professionals, and college students. It offers an attractive alternative to the crowded, boisterous streets of Midtown and Downtown neighborhoods. The property is in close proximity to everything residents could ask for: Central Park and the American Museum of Natural History to the east, Lincoln Center to the south, Riverside Park to the west, and Columbia University to the north, with a diverse range of beautifully designed buildings, award winning restaurants, nightlife, performing arts centers, and a countless number of other attractions nestled in between.

The growing desire of young professionals and students to relocate to the Upper West Side presents large benefits to investors and owners who look to capitalize on the high demand for apartments in this supply-constrained area. Additionally, the property benefits from its convenient accessibility to public transportation as the 1, 2, 3, B and C subway lines are within short walking distance as well as countless convenient bus lines available to the area. 370 Columbus represents a unique opportunity to purchase a healthy income-producing asset with substantial upside. The offering is ideal for investors who seek to benefit from near-term growth and long-term potential of a property in one of the most dynamic portions of the Upper West Side.