Unit 100 Freedom Place South
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Available on
December 15, 2023
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Time on Market
5 months
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Last updated
Dec 14, 2023
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Space ID
2152602
Property Details
TROPHY AFFORDABLE HOUSING
Finest affordable housing development in New York City, with superior construction, design, and amenities. ASSUMABLE DEBT
Highly-accretive existing $9,485,000 non-recourse loan, with fixed 4.52% interest rate, interest-only payments though 2031, and term through 2036. VALUE ACQUISITION
The Property can be acquired for less than $200 per rentable square foot, a tremendous value at a fraction of construction cost. BOND-LIKE CASH FLOW
Consistent 100% occupancy, with virtually no roll over and an initial waiting list of more than 5,000 applicants. 421A TAX ABATEMENT
Real estate tax abatement through tax year 2038/39, with 100% tax abatement on improvements through tax year 2030/31. SUBSIDIZED OPERATING COSTS
The luxury condominium tower makes an annual contribution to the Property to offset a portion of the Property’s condominium charges. EASY TO MANAGE
The luxury condominium tower handles most of the building’s maintenance. 1031 OPPORTUNITY
Low-risk, easy-to-manage cash flow, with significant depreciation benefits from the assumable loan. DEREGULATION UPSIDE
In the event that New York City affordable housing regulations become less stringent in the future, tremendous upside would be unlocked due to the Property’s superior quality, location, and amenities
- Property TypeMulti-Family
- Total Building Size143,566RSF
- Total Available143,566RSF
- Last updatedDec 15, 2023
- Property ID2230867