NEW YORK – It’s a deal that’s pretty as a picture. For the first time in over three decades, a gorgeous 5,273-square-foot townhouse at 219 West 71st Street on a picturesque Upper West Side block is on the market for sale exclusively through Eastern Consolidated for $8 million.
Eastern Consolidated’s Senior Director Ronda Rogovin, Associate Director Chad Sinsheimer, Associate Jamie Rogovin, and Senior Financial Analyst Paul J. Nigido are spearheading the marketing efforts for the property on behalf of the seller, Dianne Thelen, a local long-term owner.
According to Ms. Rogovin, the beautifully-maintained 4 ½ story property – located on the north side of West 71st Street between Broadway and West End Avenue – contains five free-market units, two of which are duplex units, all with leases expiring by October 2014. She explains that the building offers a potential user or investor “an incredible opportunity” to gain full possession of the property in one of the city’s “most coveted hotspots” in a swift timeframe.
“The property features gorgeous architectural details, marble bathrooms, contemporary appliances and decorative fireplaces,” she said. In addition, each of the two duplex units offers either private garden access or private rooftop deck access. “This property has the old-world charm of the Upper West Side that buyers yearn for.”
“We are seeing incredible demand in the area for multifamily townhouses with favorable lease situations where the building can be delivered vacant within the next year or so. With the dearth of residential stock on the Upper West Side there is a growing trend to convert these buildings,” according to Mr. Sinsheimer.
The property is just steps away from popular shops and restaurants on West 72nd Street, Broadway, Columbus and Amsterdam Avenues, and a few short blocks from Central Park and Riverside Park. The building lies half a block from the 1, 2, and 3 subway station on Broadway between West 71st and West 72nd Street.
The forthcoming sale of the property comes on the heels of an investment boom on the Upper West Side. According to a recent MetroGrid report released by Eastern Consolidated’s chief economist Barbara Byrne Denham, sales volume of multifamily properties on the Upper West Side increased three-fold in 2012 over 2011 (compared to 3% for all of Manhattan).
Rogovin notes that the area will continue to draw users and investors for its stability, quality of life, outstanding cultural institutions and housing stock.
For more information about acquiring the property, please contact Ms. Rogovin at Eastern’s Midtown offices at 212 499-7700.
About Eastern Consolidated
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.