Cushman & Wakefield has been retained on an exclusive basis to sell an apartment building at 10 West 65th Street, located between Columbus Avenue and Central Park West, on Manhattan’s Upper West Side. The asking price for the property, which has “tremendous upside,” is $115 million.
John Ciraulo Vice Chairman in the capital markets group of Cushman & Wakefield told Real Estate Weekly that the considerable price point is a result of both the property’s location and “the potential of converting this building to a condo now or in the future.”
The six story pre-war elevator building also comes with more than 50,000 s/f of air rights which gives the future buyer options to expand.
The building has 81 units and an additional Super’s unit, averaging over 920 net rentable s/f each, featuring sunken living rooms and high ceilings. Of the 81 units, 35 are tenant occupied and registered as either rent-stabilized or rent-controlled.
“Typically with the rent regulated tenants it might not be a foreign buyer just because they get a little afraid of all the regulated laws that are going to apply but I’ve seen it happen and that doesn’t mean it isn’t going to be foreign money.”
The remaining 46 are currently owner-occupied or otherwise controlled by one of New York’s major educational institutions as dormitory space. The parcel runs 80’ deep, housing an expansive laundry room in the basement and holds potential for duplex ground floor apartments or amenities such as a fitness room, recreational room, or storage space.
“We have been in the market for about a week but it was just before the holiday,” said Ciraulo. “There has been some initial interest but we’re expecting this to pick up next week.”
The existing composition ideally allows for continued operation as a rental property or potential conversion to condominium ownership. Situated steps from Lincoln Center and Central Park, the property sits within one of New York City’s most prestigious and dynamic neighborhoods.
It benefits from close proximity to numerous attractions, award-winning restaurants, performing arts centers, and enjoys convenient accessibility from the 1, 2, A, B, C, and D subway lines.
This property is being exclusively marketed by Cushman’s Ciraulo and Paul Smadbeck.