Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of the residential condominium portion of 92 Pinehurst Avenue in the Hudson Heights neighborhood of Northern Manhattan. The property is a 72-unit building with elevator service, located on a cul-de-sac just a landscaped stairway above the bustling 181st Street corridor. The residential portion of the property features approximately 72,896 total square feet above grade of which the usable residential area is about 60,000 square feet. The retail condominium portion facing 181st Street was sold separately years back, and is not included in this offering. The average in-place rent of $23 per square foot is well below the $40 per square foot rate that similar buildings achieve nearby. An investor could take advantage of the upside by increasing rents upon lease expirations of those rent regulated leases with preferential rents to the legal registered rents. An alternative strategy would be to convert the free market units to either co-ops or condominiums, as sales in comparable apartments are averaging $720 per square foot with asking prices above $1,000 per square foot.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
