NEW YORK CITY – With Manhattan multifamily showing no signs of slowing down, a seven-story, mixed-use property at 2070 Frederick Douglass Boulevard in bustling West Harlem is on the market exclusively through Eastern Consolidated for $9.75 million.
Eastern Consolidated’s Senior Director Adelaide Polsinelli is marketing the recently-renovated 15,000-square-foot elevator apartment building at West 112th Street. The property – which was gut renovated and with new construction of the two top floors in 2007- consists of 16 units, which are mostly two and three bedroom units, as well as two retail stores on the ground floor. The apartments are rented at approximately 25% below the market rents.
“Investors are continuing to venture northward for multifamily and retail, and this asset is truly a gem,” Polsinelli said, noting that all apartments have stainless steel kitchen equipment including dishwashers and oak cabinets with granite counter tops and subway tile baths – a rarity for product in the area. “The building’s retail spaces are also extremely undervalued, making this a great opportunity for anyone hoping to capture the built in appreciation of Manhattan’s strong multifamily market with the added bonus of two prime retail spaces.
Close to major New York institutions such as Columbia University and Central Park, the property is in close proximity to the “B” and “C” trains at Cathedral Parkway/110th Street. In the same area, Eastern Consolidated is also marketing a pre-war mixed-use building at 352-354 Lenox Avenue in Central Harlem for $4.5 million; a 11,795-square-foot retail condominium near the Museum of Natural History at 380 Columbus Avenue for $23.5 million; and a 5,273-square-foot townhouse at 219 West 71st Street for $8 million.
Founded in 1981, Manhattan-based Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, offering unrivaled expertise in the greater New York marketplace to an impressive worldwide roster of institutional and private investor clients. The 40-person team of brokers, who, combined, offer fluency in 11 languages, come from a wide diversity of entrepreneurial and professional backgrounds. With annual sales up to $4 billion, Eastern Consolidated focuses on the acquisition, disposition and finance of all types of properties.