124 West 78th Street

JLL has been retained on an exclusive basis to arrange for the sale of 124 West 78th Street, a historic 1881 Moorish Revival rowhouse with an architecturally distinctive façade designed by the renowned architect Raphael Gaustavino, whose famous (and patented) Tile Arch System can be seen in such iconic structures as the Dakota, Grand Central Terminal, Grant’s Tomb, Carnegie Hall, the American Museum of Natural History, and the U. S. Supreme Court. The property has been owned and managed by the same family for multiple generations and is being offered for sale for the first time in nearly 50 years. In addition to its architectural distinction, 124 West 78th Street is located on the well-known and eminently desirable “Museum” block of West 78th Street between Columbus and Amsterdam Avenues, a block full of historic homes featuring Gaustavino’s irreplaceable style, and where through-traffic is restricted due to the Museum of Natural History’s location on the eastern end of the block. This distinctive 5-story rowhouse has a 3-story extension, penthouse additions, and is currently arranged as 10 apartments and a basement office. Of the apartments, 2 are Rent Stabilized (garden floor front is currently vacant), and 8 are Free Market. Layouts include 2 two-bedrooms, 6 studios, and 2 one-bedroom units which are duplexed to the roof with additional outdoor space. The Free-Market units are achieving an average rent of approximately $2,691 per month, with the rentstabilized unit at ~$1,200 a month. Features of the property include 7 floors of living space, 4 outdoor spaces, a public laundry room and favorable Class 2B tax status. In additional there are approximately 1,248 SF of excess air-rights which could be used to add to the existing structure. Future use of the air-rights are subject to Landmark’s & Preservation Commission’s approval. A wide array of purchasers will be attracted to the property’s strong cash flow, ideal location and low incidence of rent regulation. Although eminently attractive as a stand-alone investment property, potential owner-occupants will also have the opportunity to create a spectacular owner’s unit (without the necessity of public hallways above the parlor floor) on the Upper West Side’s most sought after Columbus – Amsterdam blocks. 124 West 78th Street is offered as part of the McDonnell Portfolio of four Upper West Side multi-family townhouses which are being offered separately or as a package. Each property will be sold on an as-is, where-is, basis.