Cushman & Wakefield Retained Exclusively to Sell Long-Term Investment Opportunity on the Upper West Side
Cushman & Wakefield has been retained on an exclusive basis to sell a 50% fee interest in a property located at 323-335 West 96th Street, between West End Avenue and Riverside Drive on Manhattan’s Upper West Side. Ownership is requesting proposals.
The offering consists of a 50% fee interest in the property. The land is currently subject to a 99-year ground lease which commenced in October of 2000. At the beginning of the lease term, the Lessee constructed a new, 15-story, elevator-serviced apartment building totaling approximately 133,700 gross square feet and 174 units.
This is an opportunity for an investor to place long-term capital into one of the safest real estate investments available in the marketplace. Additionally, at the expiration of the lease, the building and all improvements revert back to the fee owners who can operate the existing structure, develop a new building, or conduct an outright sale of the property.
This fee interest is being marketed exclusively by Bob Knakal, Chairman, New York Investment Sales and Hall Oster, Senior Director.