New York, NY, September 13, 2012 --(PR.com
)-- ERG Property Advisors is pleased to announce the exclusive listing of 3621-3629 Broadway aka 601 W. 149th Street in the Sugar Hill neighborhood of Northern Manhattan.
This 6 story pre-war elevator apartment building contains 45 apartments with 100’ of retail frontage on bustling Broadway Avenue. Units in the building have spacious 3, 4 and 5 bedroom apartments with 50% of the apartments renovated to a luxury standard and while 50% remain positioned to capture significant upside potential.
Rents on the renovated apartments are in the $20’s per sq.ft. range while the Manhattan average is in the low $60’s per sq.ft. range which makes the building a well positioned asset in a rapidly growing market.
Notably, the property is located near the new Columbia expansion plan that is now in effect and being executed over the next 10 years in the Hamilton Heights neighborhood and will have a tremendous positive impact on this asset and the surrounding area.
The building will be delivered with a brand new state of the art modular gas- fired boiler and heating plant which will significantly reduce heating costs for the new owner.
The property is listed for $16,500,000.
For more information about this property, please contact or Matthew Sparks at (646) 253-0904. You may also contact Oren Neria at (646) 253- 0935 his or Zak Jacoby at (646) 253-0981.
About ERG Property Advisors
ERG Property Advisors is a full-service commercial real estate brokerage company based in New York City. Its core activities are investment sales and strategic consulting. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG has access to a vast network of NNN properties throughout the United States. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles. Visit www.ergpa.com for recent deals and press coverage.