17'
Frontage
3,632 SF
SF
8
Units
Vacant
Notes
$71,868
ANNUAL TAX BILL

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INVESTMENT HIGHLIGHTS

Invictus Property Advisors has closed the sale of a landmark 8-family townhouse at 255 West 70th Street on Manhattan’s Upper West Side.

The 17-foot-wide property was delivered fully vacant and traded for $3,250,000, or $894 per square foot. The purchaser, a developer, plans to gut renovate the building and convert it into a single-family residence.

The transaction reflects a growing trend we are seeing across New York City’s more affluent neighborhoods. Following recent changes to the Substantial Rehabilitation provisions, including the removal of vacancy as a presumption of substandard or seriously deteriorated condition, investors are increasingly evaluating vacant multifamily properties for conversion to single-family homes and eventual resale to end-users.

In neighborhoods such as the Upper West Side, where renovated single-family townhouses can command a significant premium, this is creating a new avenue for developers to reposition multifamily assets.

Manhattan Townhouse

INVESTMENT HIGHLIGHTS

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