Massey Knakal Secures Long-Term Triple Net Lease For Residential Building In Morningside Heights
Massey Knakal Realty Services has secured the long-term lease of 1080 Amsterdam Avenue (aka 501 West 113th Street) for a term of 99 years. The property is ideally located on the northwest corner of Amsterdam Avenue and West 113th Street along the southern boundary of Columbia University’s campus in the heart of Morningside Heights.
This 20-story pre-war apartment building was constructed in 1932 and contains 98 units (96 residential and 2 commercial). The units are spacious and feature classic layouts including sunken living rooms, ample closet space and large windows with views of Columbia University’s campus, Midtown Manhattan and the Hudson River.The 82,250-square-foot, 20-story pre-war elevator building is located just south of Columbia University’s campus, at the northwest corner of Amsterdam Avenue and West 113th Street on Manhattan’s Upper West Side. The building has most recently been used to house hospital or employee staff by the owner, St. Luke’s Roosevelt Hospital Center (“SLRHC”).
The property was leased to a partnership of SL Green/Stonehenge which will undertake a strategic renovation to convert the property into an attractive and desirable Upper West Side luxury residential address. The redevelopment is expected to be completed within 24 months from its commencement.
“We would like to congratulate Continuum Health Partners on a successful transaction and the selection of great long term partners in SL Green & Stonehenge Partners,” said Chief Executive Officer Paul J. Massey Jr.
“1080 Amsterdam offers a tremendous opportunity for SL Green and Stonehenge to tap into the strong fundamentals of one of the city’s most supply constrained neighborhood,” said Director of Sales Hall H. Oster who exclusively handled the transaction along with Paul J. Massey Jr. and First Vice President of Sales Robert Shapiro.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.