INVICTUS Property Advisors has been retained on an exclusive basis for the sale of 419 West 144th Street. The subject property is a five-story five (5) unit townhouse located in the Hamilton Heights Historic District ("The District"). The District is a quiet residential community of renowned architectural quality which retains much of its late 19th century atmosphere and charm. Upon entering The District on Convent Avenue passing through the gateway of the City College campus, one is immediately aware of this unique self-contained enclave hidden within the Upper Manhattan neighborhood. Hamilton Terrace is the most sought after dead-end street in the neighborhood and is one of its best kept secrets—an oasis within NYC. The property is located in one of the most picturesque sections of Harlem, where famous residents share blocks with well-heeled professionals; the neighborhood counts among its citizens many people who are active in the political, legal, medical and artistic life of the City. Descending the low-profile stoop of the property, you are immediately smitten by a picturesque vista dominated by the massive Gothic-style City College tower rising above the grassy slope and treetops of Saint Nicholas Park.
The building has been family-owned for decades and has been immaculately maintained with zero (0) DOB/ECB violations. Over the years, ownership has made improvements to the individual units and conducted various capital expenditure projects. There is a certificate of occupancy for five (5) units, conforming with the current use of the building. The asset is currently fully occupied, but the "owner's triplex" unit can be vacated with a 90-day termination notice, presenting an end-user purchaser with the unique opportunity of live + income. In addition to the triplex, there are two (2) apartments on floors four and five consisting of three (3) studios and one (1) junior 1-bedroom.
A future owner will benefit from the property falling into tax class 2A whereby state law limits how much the assessed value can rise each year i.e., no more than 8% from the year prior or 30% over five (5) years. Such caps would remain even if 419 West 144th Street were converted into a condo property at some point in the future.
419 West 144th Street is located around the corner from the A, B, C & D subway lines at West 145th Street and Saint Nicholas Avenue and a quarter mile walk from the 1 subway line at West 145th Street and Broadway.
