54 West 71st Street, New York (Upper West Side), NY, New York, property flyer

54 West 71st Street, New York (Upper West Side), NY, 10023 | $5,950,000

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.

Features

Town: New York
Levels: 5
Cooling: Unknown Type
Amenities: Sprinkler System;
Zoning: R8B

Laundry: None
Year Built: 1900
Pet Policy: No Pets
Balcony: Yes
Building Access : Walk-up

Service Level: Voice Intercom
OLR#: RPLU33422958979
Days on Market: 227 days
Website: https://www.raveis.com
/prop/RPLU33422958979/54west71ststreet_newyork_ny?source=qrflyer

All information is intended only for the Registrant’s personal, non-commercial use. This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. RLS Data display by William Raveis Real Estate, Inc.
Listing courtesy of Corcoran Group

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Sarah AlvarezVP, Mortgage Banker, William Raveis Mortgage, LLC

NMLS Mortgage Loan Originator ID 1880936

347.223.0992

Sarah.Alvarez@Raveis.com

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54 West 71st Street, New York (Upper West Side), NY, 10023

$5,950,000

Customer Service

William Raveis Real Estate

Phone: 888.699.8876

Contact@raveis.com

Sarah Alvarez

VP, Mortgage Banker

William Raveis Mortgage, LLC

Phone: 347.223.0992

Sarah.Alvarez@Raveis.com

NMLS Mortgage Loan Originator ID 1880936

	5/6 (30 Yr) Adjustable Rate Jumbo*	30 Year Fixed-Rate Jumbo	15 Year Fixed-Rate Jumbo
Loan Amount	$4,760,000	$4,760,000	$4,760,000
Term	360 months	360 months	180 months
Initial Interest Rate**	5.375%	6.125%	5.625%
Interest Rate based on Index + Margin	8.125%
Annual Percentage Rate	6.769%	6.270%	5.864%
Monthly Tax Payment	N/A	N/A	N/A
H/O Insurance Payment	$125	$125	$125
Initial Principal & Interest Pmt	$26,655	$28,922	$39,210
Total Monthly Payment	$26,780	$29,047	$39,335

* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.

** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.

The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.