ERG Property Advisors is marketing an elevator apartment building that sits near Columbia University.
The university is embarking on a $6 billion expansion that will see new science, business and the arts buildings erected over the next several years.
“The university expansion plan in the neighborhood will have a tremendous, positive impact on this asset and the surrounding area,” according to Matthew Sparks, who is listing the property with Oren Neria and Zak Jacoby.
The six-story pre-war elevator building at 3621-3629 Broadway (aka 601 West 149th Street) in the Hamilton Heights neighborhood of northern Manhattan contains 45 apartments.It also has 100 ft. of retail frontage on Broadway.
The property contains three, four and five-bedroom units, half of which have been renovated to luxury standards while the remainder are positioned to capture significant upside potential, according to Sparks.
“Rents on the renovated apartments are in the $20s psf range, while the Manhattan average is in the low $60 range, which makes the building a well positioned asset in a rapidly growing market,” said Sparks.
Neria added that the building will be delivered with a brand new modular gas-fired boiler and heating plant which will “significantly reduce heating costsˮ for the new owner.
The property is listed at $16,500,000.