II & III Hudson Vw New York, NY 10031

Property Details for II & III Hudson Vw

Property size

11,660 SF

Property type

Retail properties

Description

This exceptional investment opportunity encompasses eight buildings comprising the Hudson View II & III portfolio in the vibrant Harlem neighborhood of New York City (zip code 10031). The portfolio features a total of 280 units across approximately 142,690 square feet of retail space, strategically located across multiple addresses including 520 W 145th St, 528 W 145th St, 1704 Amsterdam Ave, and 502 W 145th St. The property boasts significant retail frontage exceeding 200 feet along Amsterdam Avenue, a major Manhattan retail thoroughfare. A key component of this offering is the inclusion of 129 project-based Section 8 voucher units, supported by mark-up-to-market HAP agreements with a 5-year term. These agreements include automatic lease increases of 3%-4% upon expiration, ensuring consistent revenue growth. The portfolio also includes 11 commercial units, adding to the diverse income stream. Available air rights total 8,248 square feet, presenting potential for future development. The properties are zoned R7D/C2-4, R7D/R7A/C1-4/C2-4, allowing for a variety of uses. The lot sizes range from 2,898 to 30,077 square feet. The buildings are two to twenty-one stories high. This portfolio presents a compelling investment opportunity with strong historical cash flow and significant upside potential. Note that an expiring Article V Shelter Rent Tax agreement is in place. The buildable square footage, as-of-right, varies across the properties, ranging from 12,170 to 124,220 square feet. Bidding deadline is Thursday, December 5th, 2024.