Pair of Upper West Side multi-housing buildings offered for sale

NEW YORK, June 29, 2022 – JLL Capital Markets announced today that it has been retained on an exclusive basis to arrange the sale of 103-105 West 105th St., two adjacent 5.5-story multi-housing properties located two blocks west of Central Park. The asking price is $8.35 million.

Situated just off the corner of Columbus Avenue in an area poised to continue its post-pandemic recovery as Columbia University returns to full operations in the 2022-2023 school year, the properties comprise a total of 20 apartments, configured as 15 two-bedroom units and five one bedrooms. 14 of the apartments are free market.

Owned by the same private investor for the past 12 years, the properties have multiple levels of outdoor space, basement storage and laundry. A substantial rehabilitation was completed in the late 1980’s and each unit has its own boiler/hot water heater and is individually sub-metered for gas and electric usage.

The two walk-up buildings are a four-minute walk from Columbia University, which will return to full in-person activities inclusive of international enrollment this coming fall,and near the Broadway 1 and Central Park B and C subway stations.

The JLL team representing the seller is being led by Managing Directors Hall Oster and Paul Smadbeck, Vice Presidents Teddy Galligan and Conrad Martin and Associate Braedon Gait.

“The properties will appeal to purchasers seeking a true value-add offering with tax-class protected status and a location that will support steady occupancy and substantive long-term rent growth,” said Oster.

Galligan added, “The properties’ predominantly free market status, access to subway stations and favorable unit layouts that support sharing by students or young professionals provide an immediate path to short-term rent growth. Longer term demand will be supported by the supply constrained nature of the Upper West Side building stock and the continued evolution of the retail landscape along Columbus and Amsterdam Avenues.”

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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