NYCM believes open communication, collaboration, intelligent strategies and creative problem solving have laid the groundwork for some of our greatest successes-to-date. We are inspired to deliver results with long-lasting power in a highly competitive marketplace.
Managed Since: January 2013
Purchase Price: $28,000,000
Ownership: Private Investor
East 86th Street is a 15-story classic pre-war elevator apartment building with a penthouse in the heart of the Upper West Side. The Property was built in 1925 and has a GLA of 66,614± square feet consisting of 44 apartments and three ground floor professional offices.
The Property’s 44 apartments include 34 rent-stabilized units (including 17 with rents above the legal rent deregulation level but subject to J-51 guidelines), six deregulated units, and one temporarily exempt (super’s unit). 28 units (63% of the apartments) are classic 6’s.
The Property is conveniently located on a cross-town street less than two blocks from Central Park and the MTA subway B, C, and 1 line. The Property has two elevators. Recent improvements include a new lobby, mailboxes, and cosmetic upgrades to the hallways and basement.
Since NYCM was retained as a third-party manager, the building has maintained nearly 100% occupancy, collections and has increased the gross rent roll approximately 25%.
NYCM is in the process of a converting the boiler to gas that will lower operating expenses.
Managed: January 2008 to June 2013
Purchase / Sale Price: $44,000,000 (2008)/$79,000,000 (2017)
Ownership: Private Investor
West 65th Street is a 6-story mixed-use building located half a block from Central Park with 87 large apartments with a unique hybrid dynamic of student dorm and rent regulated multi-family tenants.
NYCM has been retained as a third-party property manager since June 2008.
We began managing this asset with 50% of the building occupied by rent-stabilized tenants and the other 50% was vacant. We completed a major capital improvement project renovating multiple apartments to adapt 50% of the building for use as a dormitory. NYCM maintained the asset while balancing the requirements of the existing tenants and the student community moving into the building.
Managed Since: January 2006
Purchase Price: $47,100,000
Ownership: NYCM Joint venture and co-investment with Private Investor
The Lincoln Stratford Portfolio is an 11-Building Bronx/Brooklyn Portfolio with 655 apartments and 32 stores.
NYCM was retained as the property manager for the operating partner of the joint venture.
We renovated 125 low-rent apartments (19.1% of total portfolio) in 1st two years. NYCM increased gross revenue approximately 12.5% in the 1st two years. We removed over 1,250 housing (HPD) violations and completed $3.0 million in improvements that most will qualify for tax & MCI benefits.
Purchase Price: $32,900,000
Ownership: Private Investor
West 75th Street is a 16-story elevator mixed-use building consisting of 119 SRO’s and 95 Class A apartments and Cesca, a top-notch Italian restaurant located in this cozy-chic spot in the heart of the Upper West Side.
The property is located two blocks away from the Center Park.
Due to a direct relationship/involvement with the selling entity and understanding of the asset, NYCM Investments successfully accomplished many things. We offered assets and sent a contract to partners early in the marketing process. NYCM took over property management and were retained to manage assets by financial partners. We also outlined a new strategy and budget to increase future value of the assets.
Managed Since: February 2013
Purchase / Sale Price: $34,000,000/$60,000,000
Ownership: Private Investor
The Fine Arts Building is a 6-story commercial loft building consisting of 11 loft showrooms, and one retail store servicing Manhattan’s “to the trade” design and decoration industry. The Property was built in 1908 and has a passenger and service elevator.
The property is located walking distance to the 59th Street-Lexington Avenue [4,5,N,R,Q] subway station.
NYCM acting as a third-party property and asset manager assisted with the due diligence of the acquisition including financial underwriting, building inspections and aggregating proposals for major capital improvements. NYCM’s hands-on management approach facilitated an increase in the rent roll of nearly 20% since taking over management. We facilitated the building sale after value creation of passive foreign investors and agreed to stay on as property managers for the new buyer, Kabbalah Centre.
Managed Since: December 2012
Purchase Price: $4,497,550
Ownership: Private Investor
West 38th Street is a 5-story walk-up loft building with 7,517± square feet with 3 commercial units and 11,000± square feet of unused air rights.
The property is close to Bryant Park’s [B, D F, M] and Grand Central’s [4, 5, 6, 7] subway trains.
To maximize the value of the project, all options were explored simultaneously to limit the risk of three fast-moving activities that were taking place.
Preliminary plans for a hotel development were being prepared. Lord & Taylor negotiations were ongoing to renegotiate the easement and simultaneously commercial/retail leasing brokers were marketing the existing space.
In the end, a luxury retail marketplace net-leased the building as their Manhattan flagship retail store, fashion showroom and corporate event venue.
Managed Since: September 1999
Market Value: $10,000,000
Ownership: Private Investor
West 118th Street is two 6-story walk-up residential buildings with approximately 43,140± square feet with 44 apartments.
The Property is one block away from Morningside Park.
NYCM converted the boiler to dual fuel and installed two hot water heaters, resulting in lower operating costs. NYCM has completed 8 low-cost tenant buyouts and converted 21 units to Free Market status as well as repositioning both lobbies and increased the rent roll nearly 86% since taking over management of the Central Harlem property.
Managed Since: March 2003
Sale Price: $13,000,000 (2017)
Ownership: Private Investor
2220-2224 Amsterdam Avenue is two 6-story mixed-use walkup buildings approximately 46,224± total square feet with 57 apartments and 3 retail stores.
The Property is located across the street from the 119-acre Highbridge Park and four blocks away from the 168th [1] subway station.
NYCM has converted the boiler to dual fuel and installed a hot water heater resulting in lower operating costs. We fully renovated 18 apartments, increasing the rent roll on average 5.25% annually since we started managing the asset. The asset was recently sold for $13,000,000, 4.23% more than the acquisition price.
258 Elm Street is a 27,846± square foot office building located in New Canaan, Connecticut. The property is extremely well located in one Metro New York’s premier suburban residential communities. The property is prominently located in downtown New Canaan adjacent to the Metro North train station with direct access to Grand Central Terminal in New York City.
The acquisition of the property represents the opportunity to own a first class 3-story office building in a supply-constrained and strong submarket of the greater New York City area. The Property has approximately 27,900± gross square feet. It was developed and has always been 100% occupied by its corporate owner. This sale will mark the first time that space in this premier building will be available to the marketplace.
With an excellent downtown location, ample parking and direct access to New York City and New Haven, 258 Elm Street should easily become one of the more desirable multi-tenanted buildings in the New Canaan market.
Our plan is to subdivide the space and lease to smaller tenants whose owners desire proximity to downtown New Canaan, or housing that is a short distance to the property. In addition, the proximity to the train station and major roadways is a big advantage, as it allows employees who might live in other areas to easily access the property.
Managed Since: December 2012
Purchase Price: $4,497,550
Ownership: Private Investor
Built in 1896 at the corner of Water and Prospect Streets, the 9,876± square foot W.H. Morrison Building was home to its original tenant, W.H. Morrison Co. Hardware Store, for more than a century. The property is a stop on the walking tour of Downtown Torrington’s National Register Historic District with neighbors that include the Nutmeg Conservatory for the Arts, the Warner Theater, fine dining & retail, the historic Yankee Pedlar Inn hotel, and the 183,000± SF Litchfield Judicial Courthouse.
