169 West 83rd Street

Built by legendary architecture firm McKim, Mead, & White, 169 West 83rd Street is a New York City townhouse gem. The Beaux Arts masters created this five-story, 18.5-foot wide Romanesque townhouse in 1885, and it has been thoughtfully updated and maintained by the current owner. It is turnkey with tip-top renovations and all rentals are 100% Free Market.

The configuration features floor-through units that include an owner’s duplex, which boasts an impressive rear garden, and additional four rental units. These existing rentals achieve top prices with room for continued growth and are in high demand due to the location and integrity of the townhouse.

In addition to the tremendous quality, space, and utility offered, the taxes are astoundingly low for this type of building, at $36,000. Compare these numbers to any condo, and this townhouse proves an incredible value. In fact, these taxes are approximately half of what you might find on another comparable townhouse. This annual savings of $36,000 could pay for an additional $690,000 at 3.25% amortized over 30 years. In addition, there are 2,022 square feet of available development rights that can be built in the back, or roof top, subject to the appropriate agency approvals.

Three potential financial scenarios are outlined on the following pages including opportunities for Easy Transformation into Owner’s Triplex, Live and Invest Owner’s Duplex with Rental Income, and a Pure Investment.

Garden Level of Owner’s Unit Duplex (Future Triplex)
Magnificent design elements abound when stepping into the vestibule and entrance hall of this historic townhouse including a peek at original marble floors flanked by lovely solid slab granite wainscotting, a coffered oak ceiling, solid oak door, and classic grand staircase leading to the floors above.

The owner’s unit is accessed at the rear of the entrance hall. This unique garden duplex has a spacious and open flow. The more formal oak-paneled front room with its impressive stone mantelpiece can accommodate both living and dining areas. A gourmet kitchen lies at the heart of the unit and features a sprawling L-shaped countertop with bar seating, pull-out pantries, a Fisher & Paykel double dishwasher, commercial grade drop in DCS grill-top stove and wall oven. Just off the kitchen is a luxurious full bathroom.

The rear of the floor hosts a large, light-filled bedroom that opens up to the private garden oasis. Boasting six hundred square feet, this garden is a showstopper with lovely stonework, a gazebo with poured concrete seating, and plenty of sky. There is also outdoor lighting and power and water supply for the garden hose.

Cellar Level of Owner’s Unit Duplex
A stairwell in the foyer of the owner’s unit leads to the cellar of the townhouse. In addition to dedicated rooms for mechanicals, the front of the floor has space for a sunny home office or other ancillary use. This large room, which is currently used for storage, has two front-facing windows and can open up to 120 square feet. The rear room of the cellar has two windows and is spacious enough for a bedroom or recreational area. An exterior staircase leads up from this room to the garden above. There is also a full bath and a centrally located laundry room with radiant heat flooring.

Second, Third, Fourth, and Fifth Floors
All apartments on these floors are gracious, floor-through three-bedrooms. The second floor can become the upper level of an owner’s triplex by constructing a small extension to contain a new interior staircase that accesses the Garden level. This could also serve as an outdoor terrace to the tenants’ floor above, increasing value further.
Each thoughtfully configured unit has elements of the original, rich building design with large windows in each room, and all street-facing windows are sound-resistant. They also contain updated kitchens and baths.

Extra Notable Features

? There are multiple light and air shafts, as well as existing staircase structures that can be expanded and enclosed.
? New boiler and modified “smart” heating system with Ecobee controller that can control the building for a set point temperature on the top floor and therefore the building from your smart phone saving tremendous expense on over-heating.
? New gas piping from street to building to boiler and water heater.
? New gas meters and piping to stoves.
? New chimney.
? New 20-year insulated roof with silicone topcoat.
? Central vacuum on both floors, four points, in the owner’s duplex.