New York, NY – In a significant transaction for Upper Manhattan’s gentrifying Fort George/Fort Tryon neighborhood, 1-29 Bogardus Place, LLC, a local investor, has purchased the seven-story 103-unit, post-war, 95% occupied elevator residential apartment building at 1 Bogardus Place for $16.25 million.
Eastern Consolidated R. Stuart Gross, Executive Managing Director and Principal, with Max Bryce, Associate Director, and Scott Ellard, Director Financial Services, represented the seller, Bogardus Property Owner LLC, and procured the buyer of the income-producing property, which is comprised of units ranging from 589-square-foot studios to 1,405-square-foot three bedrooms.
“As demand for housing continues to grow throughout Manhattan, this transaction is further indication of the accelerating demand for multifamily investment properties in Upper Manhattan,” Mr. Gross said. “Since only 23% of the units have been renovated, the new owner will benefit greatly from future financial upside by renovating the remaining units as leases roll over and tenants vacate.”
1 Bogardus Place is situated in the quiet residential enclave of Fort George in Upper Manhattan. The neighborhood is well-served by public transportation with A and 1 subway lines and stations just a few blocks away. It is close to many local schools (PS 178 on the same block) and there is an abundance of retail establishments and services in the immediate neighborhood. The property is also a short walking distance to some of the area’s most valuable treasures in Fort Tryon including The Cloisters, a medieval museum and gardens, Inwood Hill Park and the Hudson River Greenway that runs from Fort George Park south to Fort Washington Park.
The apartments have generous room lay-outs; each is separately metered for electric. The lobby was the focus of a comprehensive renovation which brought to life the original ornate marble paneling in the vestibule and complements the well maintained interior throughout the property. The asset also includes an on-site parking facility (indoor & outdoor) permitted for 32 spaces as an attractive amenity for building residents.
Attorneys in the transaction were Ilan Lerman, Esq. of Winston & Strawn LLP for the seller, and Karen Scanna, Esq., of Stroock & Stroock & Lavan LLP for the buyer.
Founded in 1981, Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, combining an unrivaled expertise in the greater New York marketplace with a worldwide roster of institutional and private investor clients. Over the years, it has been responsible for the acquisition, disposition and finance of all types of properties, including office and apartment buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air rights transfers.