Newly Constructed Multifamily

Investment Highlights

• Brand-new multifamily construction currently benefiting from a 35-year 421A Tax Abatement.
• Beneficial location offering access to 21 subway stations and two Metro-North stations.
• Recently occupied in 2024, which allows new ownership to reap the rewards of having a fresh tenant mix.
• The area is seeing impressive public investment and rezoning to yield more community space for residents.

Executive Summary

This property presents a brand-new multifamily asset in a booming neighborhood. The building is modern and sleek, with plentiful windows, a rooftop terrace, and spacious floor plans. Newly constructed and consisting of seven stories across 26 units, this asset has immense potential. The property is impressive, ringing in at 18,871 square feet with two studios, 15 one-bedrooms, and nine two-bedroom apartments. Seven total parking spaces are also included. This asset comes equipped with a tax abatement and government programs for all units. The transition to new ownership is seamless for this asset due to the new build and no outstanding rents due.
The location is an excellent place for investment. The submarket has notable demand drivers, such as offering residents a half-hour commute to Midtown, and rents here offer a significant discount to rents in more central submarkets. The submarket should continue to change due to increased public investment. The area — already home to 21 subway stations and two Metro-North stations — will add another rail stop as part of the Penn Station Access project. The approved rezoning of a major corridor has the potential to transform the area, which is currently dominated by auto body shops and industrial developments. The rezoning is expected to spur the creation of community space, supermarkets, and ground-floor retail.