THE ASSET
- Taken out of the Mitchell Llama program in 2004, there are currently 78 Free Market units, 135 units which receive HPD “enhanced voucher” subsidies, 42 units under LAP (Landlord Assistance Program), and 1 employee’s unit.
- Of the property’s 256 residential units, there are 36 studio, 57 1-bedroom, 108 2-bedroom, and 55 3-bedroom apartments.
- Offering a rare combination of scale, upside and a prime riverfront location, 257-271 South Street stands out as a premier multifamily investment in one of Manhattan’s most dynamic neighborhoods.
CHALLENGE
- Three separate regulatory components on a majority of the units were in effect at the time of the listing which impacted the interest and willingness of potential buyers.
- A more selective buyer pool needed to be targeted due to scale and market value of the property.