230 East 44th Street - The Centra 230-238 E 44th St

New York Multifamily is pleased to offer 230 East 44th Street located in the heart of Turtle Bay. The building is located on the South side of the street between 3rd
and 2nd Avenue and contains a gross square footage of 135,315. The property is zoned C5-2. Block – 1217 and Lot – 30.
THE OPPORTUNITY
Building Overview:
This 14-story elevatored building stretches 130 feet wide containing 164 residential apartments and 3 commercial units. The unit mix consists of 42 1-bedroom apartments, 90 2-bedroom apartments, 23 3-bedroom apartments,6 4-bedroom apartments, and 3 5-bedroom apartments. The building is 82% Free Market, Tax Class 2, and currently staffed by 32BJ Union.
High Level Residential Finishes:
All 135 Free Market apartments feature newly renovated white oak flooring,white quartz countertop, custom high gloss white lacquer millwork cabinets, LG refrigerator, Bloomberg glass oven range, and stainless-steel dishwasher. The bathrooms have marble vanity tops and custom white Wyndham storage vanities. Amenities include 24-hour doorman, live-in super, elevators, fitness center, package room, roof deck, and laundry-in-building.
Rare Economies of Scale Opportunity at an Attractive Basis:
This opportunity allows a potential purchaser to operate 167 units in a newly renovated 14 story elevator building for $362 per square foot. Similar fee simple opportunities in this neighborhood sell closer to $1,000+ per square foot making this a rare find for someone looking to quickly expand their footprint in New York City.
Strong In-Place Cash Flow:
The residential units are mostly renovated and free market commanding strong in place rents across the board. The building is currently generating $3,218,387 a year in Net Operating Income.
Attractive Long-Term Leasehold:
This opportunity is to purchase the in-place Leasehold for 230 East 44th Street, which expires in the year 2114 giving a purchaser substantial term left and the ability to operate 167 units at an attractive price point. We have included a lease schedule/abstract in this book for your convenience outlining relevant dates and terms of the lease.
Turtle Bay Neighborhood:
The building sits in the heart of the highly desirable Turtle Bay neighborhood surrounded by highly trafficked retail, a seamless supply of restaurants, nightlife, parks, historical activities, and transportation.