Cushman & Wakefield to Market NYC Beaux-Arts Community
- Jun 21, 2017
Cushman & Wakefield will market 410 West End Avenue, a seven-story, elevator, Beaux-Arts-style apartment building on Manhattan’s Upper West Side. Situated within the Riverside West End Historic District between West 79th and West 80th Streets, the structure is a 42-unit, 20,972-square-foot building built around 1899.
Measuring 42 feet wide, the building initially housed 14 families and their servants. Later converted to a hotel, the structure was reconverted to an apartment building in 1964. The same family has owned 410 West End Avenue since the 1960s.
Air rights for sale
The building offers multiple upside possibilities. The buyer will be able to use more than 25,000 square feet of air rights for a possible future expansion, subject to the Landmarks Preservation Commission’s approval. The air rights and the building itself are being sold separately. The air rights may be sold to a neighbor.
“Ownership of 410 West End Avenue represents a compelling opportunity to take advantage of a strong location and generous immediate upside,” said James Nelson, Cushman & Wakefield vice chairman, and the force behind the marketing program.
Nelson will direct a sales team made up of Mitchell Levine, Hall Oster and Teddy Galligan of Cushman & Wakefield. “This striking property allows an investor to acquire an asset poised for strategic repositioning in a scenic Manhattan neighborhood long associated with achievement and success,” Nelson added.
Potential for renovation
Nelson and colleagues believe 410 West End Avenue serves up additional opportunity for greater rental revenues going forward. The new owner could renovate apartments, and could also enhance common areas and the building’s lobby. The layout of 410 West End Avenue permits the combining of apartment lines. Doing so could produce two- and three-bedroom, family-style apartment homes that on the Upper West Side are in limited supply and thus in great demand. Finally, the unique shape of the building guarantees every room has windows, for abundant light and ventilation.