Abacus Portfolio
Commercial real estate listings in West 66th Street, New York, NY, USA
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views count 28 Views
Listing was updated on: 01/11/2023
location icon 77-79 Madison Street, New York, NY, United States
Multifamily for Sale
from January 11, 2023
Description

The Anton Group at Marcus & Millichap is pleased to offer for sale the seven-property Abacus Portfolio, a once-in-a-generation investment opportunity in New York’s Lower East Side/Two Bridges and Hell’s Kitchen neighborhoods. Six of the properties are in Lower East Side/Two Bridges: 77-79 Madison Street, 223 Madison Street, 28 Forsyth Street, 51 and 53 Monroe Street, and 83 Henry Street. The other property is in Hell’s Kitchen: 544 West 49th Street. Combined, the subject properties include 148 total units and 82,772 gross square feet. The portfolio can be sold together or separately.

 

The Lower East Side/Two Bridges collection is located in a neighborhood that continues to develop at a rapid pace, with growing opportunities and access to retail, public transportation and city-shaping development projects. The properties are in close proximity to top education and health centers such as Pace University and NYC Health + Hospitals. Transportation access through the East Broadway, Chambers Street, Brooklyn Bridge City Hall, and Bowery stations allows connections to all parts of the city. The structures are close to major retail stores such as the Target and Trader Joes stores at 400 Grand Street and the CVS at 500 Grand Street. The Two Bridges neighborhood is friendly to walkers and bicyclists alike.

 

The desirable locations stand to benefit greatly from major developments coming to the surrounding market. There are plans for four new supertalls, which, according to the State Court of Appeals, will face an easier review process and add more than 2,700 residential units to the area. As a result, the pipeline of approved new developments in addition to the existing One Manhattan Square, a 72-story residential skyscraper built in 2019, have already and will continue to shape the overall submarket in Manhattan.

 

The subject properties present an impressive unit mix, consisting of studio, one-, two-, three-, and four-bedroom units. The seven properties include 42 free market units (28.6%), 103 rent stabilized units (70.1%), and 2 rent controlled units (1.4%). The 42 free market units offer value-add opportunities, in below-market rents as well as unrenovated interiors, lobbies, and common areas.

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The information above is from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.