April 2014

Upper Manhattan - A smart investment

Many of the buildings uptown are large with 40-50+ units and offer landlords the opportunity to take advantage of economies of scale. The average monthly rents are $1,100-$1,300, and this is often for large two and three bedroom units. At these below market rates driven by rent stabilization, landlords will enjoy increasing rents over time. For so many years, investors have been requesting investments below 96th St. and now the boundaries have moved much further north.

 

In addition, these neighborhoods have local institutions and amenities in place to guarantee continued stability including: Columbia University’s Medical School and Hospital, New York Presbyterian Medical Center, City College of NY, Fort Tryon Park, Inwood Hill Park, The Cloisters, 125th St. (almost like 34th St.), East River Plaza, Cathedral of Saint John the Divine, The Apollo Theatre, Dyckman Farmhouse Museum, National Jazz Museum in Harlem and so much more. The second Harlem Renaissance continues with millions of dollars being invested in businesses, infrastructure and residential development. Homeowners are committed to renovating and restoring their brownstones. Lastly, we shouldn’t forget about the attractive architecture that exists uptown and this will help fuel all of the future condo conversions. Recently, I sold 820-830 Riverside Dr., a 46-unit apartment building for $9.4 million. The deal had all of the winning ingredients: great bricks, low average rents, large apartments and lots of upside. 

 

 

Read the article here