542 Cathedral Pkwy New York, NY 10025

Property Details for 542 Cathedral Pkwy

Year built

1985

Property size

4,565 SF

Property type

Apartment buildings

Description

This exceptional three-unit apartment building at 542 Cathedral Parkway presents a unique investment opportunity in the coveted Morningside Heights Historic District of New York City. The 25-foot-wide building, constructed in 1985 and expanded in 1991, boasts 4,565 square feet and offers three spacious free-market apartments, each equipped with its own hot water heater, washer/dryer, and electric range. Baseboard heating and wall-mounted air conditioners provide climate control. A finished lower level adds an additional 800 square feet of rentable space, enhancing income potential. Tenants are responsible for their own heat and electricity, minimizing maintenance for the owner. The building's true potential lies in its significant air rights. With approximately 11,520 square feet of unused air rights, there's substantial opportunity for expansion, allowing for the addition of stories or even a completely new structure. This prime location, just a block from Riverside Park and steps from the 110th Street subway station, offers unparalleled convenience and accessibility. Nearby attractions include Morningside Park, Columbia University, Mount Sinai St. Luke's Hospital, and Central Park. The proximity to Columbia University makes this an ideal property for student housing or faculty residences. This is a rare chance to acquire a well-maintained multifamily building with exceptional growth potential in one of Manhattan's most desirable neighborhoods. The asking price is $4,950,000.