248 W 102nd St
New York, NY 10025

JLL has been retained on an exclusive basis to arrange for the
sale of 248 West 102nd Street, a 20’ wide, 5-story apartment
house in pristine condition located on the south side of West
102nd Street between Broadway and West End Avenue. The 70%
Free Market building is configured as 10 units and comprised
of approximately 6,714 SF above grade. The property has been
owned by the same family for three generations and is available
for the first time in over ~35 years.
The apartments are arranged as eight 1-bedrooms, and two
2-bedrooms of which 7 are Free Market, 2 are Rent Stabilized
and 1 is Rent Controlled. The Free-Market apartments are
currently leased for an average of $3,533 per month while the
Rent Stabilized units are averaging $1,884 per month. The Rent
Controlled unit is currently paying $819 per month. The first-floor
front unit (1A) is duplexed to the basement and the two units
on the fifth floor (5A and 5B) are both duplexed to the roof and
feature expansive private terraces
248 West 102nd Street shows magnificently with clean,
bright public areas and all 7 Free-Market units having been
renovated to a very high standard. The property will continue
to capitalize on surging rental growth due to its primarily Free
Market status, proximity to Columbia University, access to the
1 2 3 trains along Broadway and high-quality common area/
apartment renovations. The property has been well cared for by
family ownership which has reinvested significant capital into
maintaining the building.
Drivers of growth in the short term include the ongoing citywide
rental growth and the property’s stellar location just west of the
1 2 3 trains on Broadway and its proximity to Riverside Park. In
addition to natural rent growth in both the long and short term,
there is also additional space in the basement where future
ownership may be able to add amenities such as tenant storage
or an in-building laundry room.
248 West 102nd Street will appeal to investors seeking a
renovated, low maintenance, mostly Free Market building close
to Columbia University. The property will be sold on an as-is
where-is basis. Assumable ~$2.1M Chase loan maturing June
2036 (fixed rate of 3.375% through June, 2031)