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1465 Park Ave
New York, NY 10029
The Carolina · Multifamily Property For Sale
·
400 Units
Investment Highlights
- The property benefits from a long-term Article XI tax exemption.
- The asset spans an entire city block with prominent corner visibility.
- The location offers exceptional transit access with multiple nearby subway lines.
- The building features modern amenities including roof terraces and fitness facilities.
- Assumable long-term debt provides financial stability for investors.
- The community includes commercial, parking, and facility space for diversified income.
Executive Summary
1465 Park Avenue presents an exceptional opportunity to acquire a newly constructed institutional-quality affordable housing asset in Manhattan. Completed in 2020, the 17-story tower spans an entire city block and offers 400 residential units, including 239 designated affordable units, supported by modern amenities such as landscaped courtyards, roof terraces, a fitness center, and on-site laundry facilities. The property also includes commercial and community facility space along with 57 parking spaces, creating a diversified income profile. A rare long-term Article XI tax exemption in place through 2056 provides substantial ongoing tax benefits, while assumable long-term debt totaling $123 million offers investment stability. The building’s prominent corner frontage and access to several subway lines enhance its appeal for long-term performance. Positioned within a high-demand transit-rich neighborhood, 1465 Park Avenue stands as a strong, future-ready investment supported by scale, quality, and durable affordability protections. Asking Price: $11,000,000 Premium Above Existing Debt
Property Facts
| Price Per Unit | $37,741 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 1.17 AC |
| No. Units | 400 | Building Size | 411,725 SF |
| Property Type | Multifamily | No. Stories | 15 |
| Property Subtype | Apartment | Year Built | 2020 |
| Apartment Style | Hi-Rise | ||
| Zoning | C2-4 - Commercial district predominantly residential in character | ||
| Price Per Unit | $37,741 CAD |
| Sale Type | Investment |
| No. Units | 400 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Hi-Rise |
| Building Class | B |
| Lot Size | 1.17 AC |
| Building Size | 411,725 SF |
| No. Stories | 15 |
| Year Built | 2020 |
| Zoning | C2-4 - Commercial district predominantly residential in character |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 110 | - | - |
| 1+1 | 127 | - | - |
| 2+1 | 104 | - | - |
| 3+2 | 59 | - | - |
Property Taxes
| Parcel Number | 1635-1002 | Improvements Assessment | $2,921,647 CAD |
| Land Assessment | $430,776 CAD | Total Assessment | $3,352,422 CAD |
Property Taxes
Parcel Number
1635-1002
Land Assessment
$430,776 CAD
Improvements Assessment
$2,921,647 CAD
Total Assessment
$3,352,422 CAD
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