54 71ST (Building), NewYork, Lincoln Square, New York City, NY

The Corcoran Group is pleased to exclusively offer for sale 54 West 71st Street, a 10-unit multifamily building located on Manhattan's iconic Upper West Side neighborhood of New York City. Seven of the ten apartments are free market while the remaining three units are rent regulated.

The 20' foot wide building spans over 6,600 square feet with each of the five floors above the cellar containing two apartments. The seven free market apartments have had extensive renovations with two of these apartments having large south-facing sun-drenched terraces.

The apartments are generally filled with ample natural light and occupants enjoy high ceilings. Five of the free market apartments have highly coveted in-unit washers and dryers. The building's fa ade has been beautifully restored and repaired.

54 West 71st Street is on a park block between Central Park West and Columbus Avenue in Manhattan's Upper West Side neighborhood just north of Lincoln Square. The combined areas provide an abundance of neighborhood options to enjoy cultural institutions, recreational and fitness activities, dining, shopping, entertainment, medical care, educational institutions and endless modes of transportation.

The neighborhood is known for it's picturesque brownstone, tree-lined streets with West 71st Street being no exception. Only steps from the world-renowned Central Park, an 843-acre park that opened in 1859, and Riverside Park, a 266-acre park that opened in 1875, this location offers access to unprecedented green space in a high density urban setting.

The property is fully occupied with the exception of one unit which will be delivered vacant upon sale. The gross potential rent for the apartments is approximately $369,000.

PROPERTY IMPROVEMENTS

ELECTRICAL

The electrical system of the building underwent significant upgrades, including the enhancement of service to 400-amps. Each of the ten apartments received individual 100-amp service wires, a crucial improvement to meet modernelectric demands. As part of the renovation process, all fully renovated apartments had their new 100-amp servicesactivated, along with the installation of new panel boxes.

GAS

The gas infrastructure of the building underwent comprehensive updates, starting with the replacement of thegas line from the incoming service to the main meter. New gas meters were installed for all apartments and for,modernizing the monitoring and management of gas usage within the building. New gas risers were installedto provide improved distribution of gas to all apartments, enhancing the reliability and safety of the gas supplythroughout the building.

PLUMBING

As part of a plumbing overhaul, several critical upgrades were implemented. First the front area drain was replaced,addressing potential drainage issues and enhancing the efficiency of water disposal around the building's perimeter.Second, a portion of the domestic water line in the cellar was replaced, a crucial improvement to maintain theintegrity and efficiency of the building's water supply system.

FIRE SPRINKLER

The building's fire protection system underwent a significant enhancement with the replacement of the sprinklermain from the street into the building. This upgrade ensured that the primary conduit for distributing water to thesprinkler system was up to date and fully functional, enhancing the building's fire safety measures.

INTERCOM

Modernization of the intercom system throughout the building included the replacement of low voltage wires for theintercom in every apartment, addressing any potential wiring issues and ensuring reliable connectivity. Additionally,new intercom consoles were installed in each apartment, providing residents with updated, user-friendly interfacesfor seamless communication with visitors and building management.

BUILDING FACADE

The building facade underwent a thorough renovation, including repairs to brick and brownstone masonry,repointing, and spalling repair. Windows and cornices were stripped, painted, and caulked for restoration.Furthermore, the brownstone entry was refurbished, featuring a new wood door installation. These efforts revitalizedthe facade's appearance while reinforcing its structural integrity.

SIDEWALK

The sidewalk was replaced, and new garbage can enclosures were installed after recessing the garbage can area.These upgrades improved both the sidewalk's durability and the efficiency of waste disposal.

54 71ST (Building)

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