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  1423-25 Amsterdam Avenue (Logan Plaza)

  Multifamily property SOLD
1423-25 Amsterdam Avenue (Logan Plaza)
1425 Amsterdam Avenue
New York, NY 10027
Sale Price$17,000,000
Property TypeElevatored Building
NeighborhoodWest Harlem
No. of Properties1
Zoning CodeC1-4 (2.0) / R7-2 (4.0)* Wide Street Rule
Air Rights19,342 SF (Approx)
Buildable SF139,912 SF (Approx)
Bldg Size120,570 SF (Approx)
No. of Stories9
No. of Units130
Sale Date3/19/2013
Investment highlights: 
With approximately 120,570 gross sq. ft., this nine (9) story building contains one hundred and thirty (130) residential units and is located on the southeast corner of Amsterdam Avenue and West 131st Street. The residential units consist of seventy-four (74) one-bedroom, forty-eight (48) two-bedroom and eight (8) three-bedroom apartments. Building features include a 24-hour security desk, a laundry room for tenants, and 40 outdoor parking spaces. The building was developed in 1986 and is currently under a regulatory agreement, which expires in 2016. The property also benefits from its proximity to local Colleges and Universities, including Columbia University’s Manhattanville expansion & City College’s newly renovated campus. Maintained in excellent condition since its construction, the property offers a rare opportunity to capitalize on a favorable lending environment for a property with scale and future upside.
Location: 
Southeast corner of Amsterdam Avenue and West 131st Street.

The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.

 
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Phone: 212.544.9500
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