Invictus Property Advisors has been retained on an exclusive basis for the sale of 280 Manhattan Avenue, a park-side, renovated, walk-up multifamily building with a J-51 tax abatement located in the southern part of West Harlem in Manhattan. Positioned between 111th and 112th Streets, the property benefits from proximity to the B & C train, Morningside Park, and top-tier neighborhood amenities (ref. pp. 13-14), making it a highly attractive asset for long-term investors.
The building is in excellent condition with a compliant C/O and has been recently renovated. Due to the in-place J-51 tax abatement, the unit mix currently consists of fifteen (15) rent-stabilized apartments and one (1) rent-controlled unit. All leases include the appropriate J-51 rider ensuring the free market status of the units at the conclusion of the J-51 abatement period.
All units and common spaces are very well-maintained with in-unit washer and dryers in all apartments. Each unit also contains a hot water heater and a boiler. With no commercial space, the asset is purely residential, streamlining management and reducing risk associated with retail turnover. Given West Harlem’s strong rental fundamentals, its proximity to Columbia, as well as the property’s strong in-place cashflow, investors will benefit from continued rental appreciation and low vacancy risk in one of Manhattan’s most resilient submarkets.
Transportation access is another major driver of value. The C train at Cathedral Parkway on 110th Street is just a few blocks away, providing express access to the UWS, Midtown, and Downtown Manhattan. The B line at the same stop offers full west side coverage including Brooklyn. Numerous crosstown, uptown, and downtown bus lines also serve the area, ensuring connectivity for both residents and prospective tenants.
