Investor Opportunity. Acquire the entire 27th floor (8 condo units) at The Residences at The W Downtown aka 123 Washington Street for $8,500,000 // $1495 psf with master lease in place. Also possible to purchase two additional consecutive floors for a total of 24 units with master lease in place. Portfolio priced to sell at $24,000,000.The Portfolio has a Master-Unit privileges that do not require condo board approval so units can be combined, etc. These floors can be accessed by either the residential lobby elevators or the hotel lobby elevators. Significant income appreciation potential as Master-Leased through September of 2021 with a well-known corporate/furnished housing company. The master-lessee covers all standard related expenses (cable, internet, electric, etc) in addition to fully furnishing, managing, and subleasing the apartments to their corporate clients for a minimum of 30+ nights .Investors can choose to not re-new the master lease and rent the furnished units individually, thereby increasing the NOI. Furnished rentals are expected to be in high demand as office workers and travelers are returning to the city and not ready to move back full-time.This property is one of very few condo buildings where Owners are allowed to do short-term rentals (30 day minimum).Each floor has identical layouts and unit mixes. Five one bedroom, one bathroom and three studios, one-bathroom condos per floor. This portfolio can be sold either as a bulk of 24 Units or individual floors (8 unit tranches). The One-bedroom units range in size from 606-924 square feet and the studios range from 394-465 square feet. Every unit has incredible panoramic views of the city skyline and/or the Hudson River.The W Downtown Residences is in the heart of the most emblematic neighborhood in NYC the Financial District, just across from the World Trade Center Memorial, Oculus, and steps from Fulton Street Station and Battery Park City with access to 24 Subway lines and the most vibrant restaurants and bars.Please call us or email for further info.
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