A 7,380-square-foot residential building dating back to the 1880s has come on the market at 36 Riverside Drive. The property, listed by Eastern Consolidated’s Adelaide Polsinelli for $8.5 million, includes eight residential units.
Known as Wyman House, the property has operated as a bed and breakfast since 1986. It can be delivered vacant and converted to a single-family townhouse or for use by an institution, Polsinelli said.
Its owners, Ronald and Pamela Wyman, reportedly got into some trouble with the city in 2011 over violations stemming from the new short-stay hotel laws. In the fall of 2011 the owners were issued a slew of violations for allowing guests to stay for fewer than 30 days. They were forced to move out of their own apartment on the ground floor, the Huffington Post reported.
In a statement, Polsinelli said investors remain keenly interested in opportunities on the Upper West Side from a steady revenue perspective.
“Based on our company research, we are finding that buyers are more likely to park capital in neighborhoods that deliver consistent, steady demand, and that’s certainly the ‘West Side Story’ of commercial real estate right now,” she said. –Katherine Clarke