Overview
Avison Young, as exclusive agent, is pleased to offer for sale The Morningside Park Portfolio (“the Portfolio”), a rare opportunity to acquire three exceptionally located and well-maintained multifamily assets – 312 West 114th Street, 320 Manhattan Avenue and 350 Manhattan Avenue - positioned just one block apart in the heart of Manhattan Valley. Located just steps from Morningside Park, Central Park and Columbia University, the assets contain a combined 130 residential units, approximately 55% of which are rent regulated, providing investors with a balanced mix of in-place stability and long- term upside. As an added benefit, the seller is offering highly attractive seller financing at 90% LTV and a 4% interest rate for five years, significantly enhancing buyer leverage and reducing cost of capital, and generating a year one cash-on-cash return of 24.17%
Investment Highlights
- Prime Morningside Heights Location: Directly across from Morningside Park, a short walk to Central Park, and steps from Columbia University, offering strong, stable tenant demand and long-term value preservation
- Management Efficiencies: Three buildings located within a one-block radius, enabling shared staffing, streamlined operations, and reduced management and maintenance costs
- Diverse Unit Mix with Stability & Upside: 130 total units across the portfolio with approximately 55% rent-regulation (58 Fair Market + 72 RS/RC), providing a strong foundation of in-place cash flow with embedded future rent growth
- Renovated, Well-Maintained Buildings: Majority of units feature modern finishes including in-unit washer/dryers, stainless steel appliances, dishwashers, and hardwood floors
- Elevator & Walk-up Mix: Two corner elevator buildings (320 & 350 Manhattan Avenue) and one classic walk-up (312 West 114th Street), appealing to a wide resident demographic and offering operational flexibility
- Near-Term Rent Upside at 320 Manhattan Avenue: 32 LIHTC units expire in January 2027, creating a clear pathway to convert units to market and meaningfully enhance revenue and NOI
- Excellent Transit Access: Within two blocks of the B/C subway lines, providing direct connectivity to Midtown, the Upper West Side, and the greater NYC transit network
- Attractive Seller Financing: Ownership offering highly favorable terms at 90% loan-to-value, a 4% interest rate, and a five-year term—significantly boosting buyer leverage and enhancing returns in today’s capital markets environment
Photo Gallery
Sales Team
