Classic pre-war multi-housing property hits market in Washington Heights

NEW YORK, N.Y., May 11, 2023 – JLL Capital Markets has been retained to market for sale 788 Riverside Dr., a classic, pre-war, 10-story elevatored apartment building in the Washington Heights neighborhood of Manhattan with an anticipated pricing of $13,750,000.

The 80,678-square-foot property features 62 apartments.45 apartments are rent stabilized, eight are rent stabilized at market, five are rent controlled and four are free market. Located at the southeast corner of Riverside Drive and West 156th Street, the architecturally impressive property is less than two blocks from the 157th Street Broadway subway station providing convenient access via the 1 train to midtown Manhattan.

Featuring stunning Hudson River views from multiple lines of apartments, 788 Riverside Dr. is immediately adjacent to the Audubon Terrace complex and offers a dramatic open space that allows common access to the facilities of Boricua College, the American Academy of Arts and Letters and the Hispanic Society Museum and Library.

With average unit sizes of 1,025 square feet, the property features two studios, nine one-bedroom units, 42 two-bedroom units, eight three-bedroom units and one six-bedroom, three-bath duplex. All of the units are separately metered for electricity and gas, and the building is heated by a dual-fuel boiler which was refurbished in 2008. The building is serviced by two elevators, an automatic passenger and a manually operated freight.

The JLL team representing the legacy seller is being led by Managing Directors Hall Oster and Paul Smadbeck.

“788 Riverside Drive will appeal to investors seeking an opportunity to acquire exceptional real estate substantially below replacement cost in a neighborhood with solid underlying fundamentals and significant barriers to future rental supply,” said Smadbeck.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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