Invictus

19
Units
18,253
SF
$399
PPSF
7.6%
Cap Rate
$162,186
ANNUAL TAX BILL

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INVESTMENT HIGHLIGHTS

Invictus Property Advisors is pleased to announce the closing of a three-building mixed-use portfolio on the Upper East Side for $9.3 million.

This 28-unit portfolio includes 25 residential units (52% rent-stabilized) and 3 commercial spaces, with an 89% occupancy rate at the time of sale. The portfolio comprises two contiguous buildings on Madison Avenue, near Central Park and Mount Sinai Medical Center, and a third property on East 91st Street, uniquely located in a neighborhood predominantly characterized by townhouses and condominiums.

The transaction presented significant opportunities for the buyer, including the conversion of a vacant two-story commercial duplex into a high-end residential unit through an Alteration Type-1 filing, exempting the property from Good Cause Eviction regulations. The portfolio also offered a value-add opportunity to increase rents on the free-market units, coupled with a strategy to address the higher-than-average tax burden (over $13 per SF) through a real estate tax certiorari.

This sale marks the conclusion of a long-standing family portfolio, operated for over 35 years, with these three buildings being the final assets in a four-building Manhattan collection that Invictus sold.

At Invictus, we specialize in unlocking value through creative strategies and expert execution. Let’s discuss how we can maximize your property’s potential.

Manhattan Mixed-Use

INVESTMENT HIGHLIGHTS

exclusive agents

Josh Lipton

Andrew Levine

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