Fully Occupied, Free-Market-Weighted Mixed-Use Asset: The property is 100% leased across all 12 residential units and its ground-floor retail space, with 11 of 12 apartments (91.7%) free-market and only a single rent-stabilized unit. This delivers a clean, largely mark-to-market income stream, a distinct advantage in a pre-war Upper West Side building where heavy stabilization typically constrains cash flow and repositioning flexibility.

Stable, Long-Dated Retail Income: The ground-floor retail tenant contributes $469,680 in annual rent (roughly 46% of effective gross income) under a lease with a 4.46-year weighted average term extending through December 2030, providing a durable, credit-supported cash flow anchor beneath the residential component.

Significant Unused Development Rights: With an as-built FAR of just 3.11 against a maximum of 10.0 under R10A / C1-5 zoning, the site carries approximately 29,510 square feet of excess air rights. In one of Manhattan’s most built-out and supply-constrained submarkets, this embedded density represents rare long-term optionality for expansion, redevelopment, or air-rights sale.

Supply-Constrained, Recession-Resilient Submarket: The Upper West Side maintains a 2.3% vacancy rate (inside the 2.8% metro average) with effectively zero units under construction and 3.6% trailing 12-month rent growth outpacing the metro’s 2.8%. These structural supply limitations and steady renter demand underpin the asset’s income durability and downside protection.