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    1516 Park Avenue New York, NY 10029

    Sponsored
    For Sale
    Contact for pricing

    59 Units, 5% Cap Rate, New Construction

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    394
    This exceptional 12-story, 59-unit apartment building in East Harlem, New York, offers a compelling investment opportunity with a 5.00% capitalization rate. Built in 2023, the property boasts a mix of studio, one-bedroom, and two-bedroom apartments, many featuring private patios or balconies. Modern interiors include high-end appliances, in-unit washers and dryers, and smart climate control. Residents enjoy access to a rooftop terrace, fitness center with yoga and dance studios, business center, media room, community spaces, bike storage, package lockers, valet trash service, and 24/7 doorman and concierge service. A significant 10,000 square feet of ground-floor retail space is fully leased, providing substantial income. The building also includes shared terraces on the second and twelfth floors. Located near the 110th Street subway station, this property benefits from a 36-year tax abatement and proximity to Central Park, museums, and diverse dining and entertainment options. The building includes 18 affordable housing units. This is a prime investment in a rapidly developing neighborhood. The property is fully leased.

    Property Features for 1516 Park Avenue

    General Information

    Property type
    Multifamily properties

    Building Details

    Year Built
    2023
    Stories
    12
    Units
    59
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.94568693448
    Latitude
    40.796197344008

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    FAQs

    What type of property is this?
    Multifamily property - 59 Units, 5% Cap Rate, New Construction
    Where is this multifamily property located?
    The property is located at 1516 Park Avenue New York, NY.
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    1516 Park Avenue New York, NY 10029
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1516 Park Avenue New York, NY 10029
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