127 Riverside Dr
New York, NY 10024
Multifamily Property For Sale · 23 Units

JLL has been retained on an exclusive basis to arrange for the
sale of 127 Riverside Drive, an 8-story elevatored apartment
building occupying an extraordinary location at the southeast
corner of Riverside Drive and West 85th Street with majestic
views of the Hudson River. With world-class curb appeal, the 77%
Free Market building is configured as 22 units and comprised of
approximately 17,325 SF above grade. The property has been
owned by the same family for multiple generations and is
available for the first time in over 52 years.
The apartments are arranged as thirteen 1-bedroom units
and nine 2-bedrooms of which 17 are Free Market, 3 are
Rent Stabilized and 2 are Rent Controlled. The Free-Market
apartments are currently leased for an average of $3,309 per
month while the Rent Stabilized and Rent Controlled units are
averaging $1,485/month and $311/month respectively. While
there are many apartments that feature stunning views of the
Hudson River, the sweeping river view from the expansive roof
is extraordinary, presenting an opportunity to add a valuable
amenity.
In addition to the 22 apartments, there is a management
office in the partially above-grade basement which could be
combined with the apartment above to create a 3 or 4-bedroom
duplex. Also in the basement there is a super’s apartment and
workshop adjacent to the management office.
Regarding infrastructure, the building is serviced by two
elevators, a passenger car and manually operated freight
elevator. The property is heated by a gas-fired boiler and the
apartments are metered for electric.
127 Riverside Drive shows magnificently, with bright public areas
and excellent interior light and air given the property’s river-front
corner location. With all of the Free-Market apartments in legacy
condition, there is a clear value-add opportunity to significantly
improve the rental profile through fresh renovations to a
standard commensurate with the property’s premier location.
127 Riverside Drive represents an outstanding value-add
investment opportunity which will continue to capitalize
on surging rental growth, high percentage of Free Market
apartments, proximity to Columbia University, access to the 1
train along Broadway and the property’s incredible riverfront
corner location and remarkable curb appeal. The property will
be sold on an as-is where-is basis.