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Flexible Five-Unit MFR With Untapped Upside 62 E 131st St 5 Apartment Units Online Auction Sale New York, NY 10037
Matterport 3D Tour
INVESTMENT HIGHLIGHTS
- 62 E 131st Street presents a six-story, five-unit brownstone apartment building with interior adaptability and untapped value-add potential.
- Ideal for a user/investor who may occupy one/ two units and generate income, a single-family conversion, or be sold individually as a condo/ co-op.
- The property benefits from being in a protected tax class 2A, which results in lower taxes; a complete Certificate of Occupancy is expected by EOY.
- Within the East Harlem neighborhood of Manhattan, a cultural hub between Central Park and the Bronx.
- East Harlem residents who work in Midtown or Downtown are attracted to the area due to the access to so many train stations.
EXECUTIVE SUMMARY
Besen Partners, as exclusive agent for Ownership, is pleased to offer for sale 62 East 131st Street, New York, New York 10037, located on the south side of East 131st Street between Park and Madison Avenues in the East Harlem neighborhood of Manhattan.
Built circa 1926 and fully renovated in 2013, this six-story, elevator-served multifamily brownstone building features five spacious, free-market apartments totaling 6,013 square feet. These 900-square-foot spacious one-bedroom units (with individual elevator access) may be converted into two-bedroom units, creating additional value for future ownership. The property is newly gut-renovated and will be delivered vacant. A new elevator was installed, which provides keyed access to each individual unit on each floor.
East Harlem is a neighborhood of Upper Manhattan in New York City, north of the Upper East Side and bounded by 96th Street to the south, Fifth Avenue to the west, and the East and Harlem Rivers to the east and north. Despite its name, it is not considered part of Harlem proper, but it is one of the neighborhoods included in the broader area known as Greater Harlem. The community is notable for its contributions to the recognition of Latin culture.
According to CoStar analytics, the densely populated 2-mile radius is home to a growing population of approximately 613,674 residents, with an average household income exceeding $75,000. Approximately 65% of the realm’s households consist of one- or two-person units, and 87% of the overall housing units are renter-occupied – aligning with the subject’s build-out and capabilities.
62 E 131st Street is a premier investment opportunity with a versatile upside, supported by a protected tax classification in a market with significant barriers to entry.
Built circa 1926 and fully renovated in 2013, this six-story, elevator-served multifamily brownstone building features five spacious, free-market apartments totaling 6,013 square feet. These 900-square-foot spacious one-bedroom units (with individual elevator access) may be converted into two-bedroom units, creating additional value for future ownership. The property is newly gut-renovated and will be delivered vacant. A new elevator was installed, which provides keyed access to each individual unit on each floor.
East Harlem is a neighborhood of Upper Manhattan in New York City, north of the Upper East Side and bounded by 96th Street to the south, Fifth Avenue to the west, and the East and Harlem Rivers to the east and north. Despite its name, it is not considered part of Harlem proper, but it is one of the neighborhoods included in the broader area known as Greater Harlem. The community is notable for its contributions to the recognition of Latin culture.
According to CoStar analytics, the densely populated 2-mile radius is home to a growing population of approximately 613,674 residents, with an average household income exceeding $75,000. Approximately 65% of the realm’s households consist of one- or two-person units, and 87% of the overall housing units are renter-occupied – aligning with the subject’s build-out and capabilities.
62 E 131st Street is a premier investment opportunity with a versatile upside, supported by a protected tax classification in a market with significant barriers to entry.
MATTERPORT 3D TOUR
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Purchase Agreement
- Miscellaneous
MARKET ANALYTICS Click Here to Access
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 0.04 AC |
| Sale Condition | Auction Sale | Building Size | 6,013 SF |
| Type of Ownership | Fee Simple | Average Occupancy | 0% |
| No. Units | 5 | No. Stories | 6 |
| Property Type | Multifamily | Year Built/Renovated | 1926/2013 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | Parcel Number | 1755-0044 |
| Building Class | C | ||
| Zoning | R7-B - Residential/ Business | ||
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 6,013 SF |
| Average Occupancy | 0% |
| No. Stories | 6 |
| Year Built/Renovated | 1926/2013 |
| Opportunity Zone |
Yes |
| Zoning | R7-B - Residential/ Business |
| Parcel Number | 1755-0044 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | - | 900 |
1 1
Walk Score®
Very Walkable (88)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (80)
SALE ADVISORS
SALE ADVISORS
Ronald Cohen, Chief Sales Officer
Ron Cohen oversees the investment sales team, and is responsible for revenue, business development, and talent management. He joined Besen Partners in 2003 as an Investment Sales Associate and has brokered sale transactions in Manhattan, Brooklyn and The Bronx. In 2008, Ron added the role of Chief Marketing Officer and was also charged with working with the sales team to grow the number of exclusive assignments. In 2016 he was appointed Chief Sales Officer to fully focus on growing revenue and leading the sales team.
Under his leadership, Besen Partners was again named a Power Broker by CoStar in 2016 and 2017 based on transaction volume and landed in The Real Deal’s top ten ranking of all New York City investment sales brokerages in for 2017. In addition, the firm was a finalist for REBNY’s Ingenious Deal of The Year in 2016, for the $81 million sale of 220 West 57th Street.
As a broker, Ron has sold multifamily, mixed use and development properties throughout various neighborhoods of Manhattan, Brooklyn and The Bronx. In 2017, Ron was the recipient of Besen’s Deal of The Year award for the 99-year ground lease on the Lower East Side valued at $175 million. He was also named a Power Broker in 2017 by PropertyIDX. Prior to entering commercial real estate, Ron spent a decade as an account management professional in the advertising business. As Vice President/Group Account Director at D’Arcy Masius Benton & Bowles (DMB&B), he partnered closely with Fortune 100 clients such as Procter & Gamble, Kraft Foods, and Philips Electronics to develop marketing strategies and implement multimillion dollar ad campaigns for well-known consumer brands such as Crest and Norelco.
Ron is an active member of the New York real estate community in a number of leadership roles. He is a member of the Real Estate Executives division of UJA (REX), Israel Bonds Real Estate Builders & Allied Industries division, and a former Chairman of the Young Mortgage Bankers Association (YMBA). In addition to participation on the St. Jude Spirit of Hope Committee, Ron is a supporter of charitable causes including Food Bank of New York, Feed The Children, UNICEF and Covenant House. He graduated from the State University of New York at Oneonta, and also holds an MBA in Marketing/International Business from Fordham University Graduate School of Business.
Under his leadership, Besen Partners was again named a Power Broker by CoStar in 2016 and 2017 based on transaction volume and landed in The Real Deal’s top ten ranking of all New York City investment sales brokerages in for 2017. In addition, the firm was a finalist for REBNY’s Ingenious Deal of The Year in 2016, for the $81 million sale of 220 West 57th Street.
As a broker, Ron has sold multifamily, mixed use and development properties throughout various neighborhoods of Manhattan, Brooklyn and The Bronx. In 2017, Ron was the recipient of Besen’s Deal of The Year award for the 99-year ground lease on the Lower East Side valued at $175 million. He was also named a Power Broker in 2017 by PropertyIDX. Prior to entering commercial real estate, Ron spent a decade as an account management professional in the advertising business. As Vice President/Group Account Director at D’Arcy Masius Benton & Bowles (DMB&B), he partnered closely with Fortune 100 clients such as Procter & Gamble, Kraft Foods, and Philips Electronics to develop marketing strategies and implement multimillion dollar ad campaigns for well-known consumer brands such as Crest and Norelco.
Ron is an active member of the New York real estate community in a number of leadership roles. He is a member of the Real Estate Executives division of UJA (REX), Israel Bonds Real Estate Builders & Allied Industries division, and a former Chairman of the Young Mortgage Bankers Association (YMBA). In addition to participation on the St. Jude Spirit of Hope Committee, Ron is a supporter of charitable causes including Food Bank of New York, Feed The Children, UNICEF and Covenant House. He graduated from the State University of New York at Oneonta, and also holds an MBA in Marketing/International Business from Fordham University Graduate School of Business.
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AUCTION CONTACT
Pace Zambito
Contact
Auctioneer License:
Ten-X, Inc. Vibhav Kapila RE Brkr 10991231490
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000 USD
Maximum Transaction Fee
$300,000 USD
Example Calculation
Winning Bid Amount
$5,000,000 USD
Transaction Fee
$150,000 USD (3%)
Total Purchase Price
$5,150,000 USD
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Flexible Five-Unit MFR With Untapped Upside | 62 E 131st St
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