10-Story Manhattan Building Will Be Offered in Estate Sale
JERICHO, N.Y. – Rosen Associates Management Corp., a full-service real estate company specializing in managing and developing commercial projects and investments throughout the country, has been retained to provide asset management and advisory services regarding a 38-unit luxury building located at 30 West 70th Street in Manhattan’s Upper West Side.
The Jericho, N.Y.-based company was engaged by the Estate of Claire Friedlander, the owner of the building, to provide comprehensive advisory services including analyzing the existing physical and financial conditions of the ten-story building and making recommendations for courses of action. The company is serving as the exclusive broker for the property which will be offered as part of a required estate liquidation, according to David Rosen, EVP of the firm that bears his name.
The property totals 58,361 square feet and consists of 32 residences — including an expansive Penthouse with dramatic wrap-around decks that is currently unoccupied — and six commercial suites. Nine of the residences are rent regulated.
“This exceptional building is a welcome addition to our blue-ribbon list of properties for which we provide superior professional management and advisory services,” notes Mr. Rosen.
“30 West 70th is situated on a tree-lined street in one of New York’s most desirable neighborhoods. It has incredible views including vistas of Central Park, Midtown, Uptown and the Hudson River. What’s more, the architecturally-distinct, pre-war building has been owned for more than 50 years by members of the Friedlander family who lived in the building and diligently maintained it to ensure its historic beauty and integrity remained intact.”
The building has enormous and immediate revenue growth potential with great flexibility to be re-designed or eventually converted to for-sale condominium or cooperative homes. The new owners can capitalize on original details and appointments in many of the homes, including fireplaces, ornate plaster trim and wooden floors.
“Obviously, the new owners can do what they want, but the possibilities for this building are endless,” notes Seth Kestenbaum, Director of Advisory Services for Rosen Associates Management Corp. “The property can continue to be operated ‘as is’, or repositioned as a full-service, doorman building to capture the higher rent paying tenants.
“While the current use is rental, the opportunity for conversion to a cooperative or condominium building in the future is appealing as the individual floorplans are incredibly adaptable and can be easily combined to create larger or full-floor apartments.”
The building’s most impressive home is a spacious penthouse which was occupied by the owner.
“The penthouse offers a unique opportunity for a savvy investor,” Mr. Rosen indicates. “Rather than spend tens of millions for a single condominium along Central Park West, a buyer can purchase this entire building and customize a spacious full floor penthouse and have the nine floors of income-producing quality real estate beneath them.”
A comprehensive due diligence and marketing package is currently being assembled for 30 West 70th Street and will be available shortly. For additional information on the asset and the estate sale, please call Seth Kestenbaum at Rosen Associates Management Corp. at 516-281-1526 or skestenbaum@RosenMgmt.com
About Rosen Associates
Rosen Associates Management Corp. is a privately-held, family owned real estate company involved in the managementand development of commercial properties and investments throughout the United States. Its principals have been in the industry for over 40 years. Headquartered in Jericho, NY and with offices in Boston, Rosen Associates Management Corp. boasts a highly-qualified staff of industry professionals to service its client’s wide-ranging needs. Routinely ranked within the Top 100 real estate firms by various prominent industry publications, the company provides its full range of management and advisory services to a large variety of high-net worth individuals, banks, and institutions, in the United States and abroad.