Jones Lang LaSalle Inc.

10/27/2021 | Press release | Distributed by Public on 10/27/2021 10:59

Recently renovated, turnkey apartment building hits the market for $9.95M

NEW YORK, October 27, 2021 - JLL Capital Markets announced that it is exclusively marketing for sale 203 West 80th St. in New York's Upper West Side. The 10-unit, fully leased, turn-key apartment building seeks $9.95 million.

The property which is configured as 10 free-market apartments, recently underwent a substantial renovation that includes gut renovations of all apartments, new building systems and upgraded common areas. The units consist of four one-bedroom apartments, four two-bedroom apartments and two three-bedroom apartments. The ground-floor apartments have been combined with the cellar to create front and back duplexes, and the fifth-floor apartments have been combined with two sixth-floor additions to create front and back penthouses.

The property benefits from Tax Class 2B status and possesses seven total floors of living space, featuring high ceilings, in-unit laundry, individual HVAC systems, layouts with ample storage, a bike storage room, a rear garden and private roof terraces for each of the penthouse apartments.

Located on the north side of West 80th Street between Broadway and Amsterdam avenues, the property is only steps from world-class retail corridors and is only an eight-minute walk from Central Park. The building also benefits from remarkable access to transportation - it is only a two-minute walk from the 79th Street 1 subway station and an eight-minute walk from the 81st Street B-C subway station.

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

"203 West 80th St. is poised to benefit from a post-COVID rebound in market rents, as well as long-term rental growth," Oster said. "The property's free-market status, luxury renovations and ideal location in a highly desirable neighborhood position it for significant capital appreciation."

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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