Another New York City landlord is looking to cash in on rising demand for multifamily assets.
The 14-story, apartment building at 740 West End Avenue on the Upper West Side has hit, according to JLL, which is handling the sale.
Records indicate the 135,000-square-foot, pre-war building is owned by Wolk Properties, a family business that has owned the building “for multiple generations,” according to JLL.
The property boasts 225 feet of wraparound corner frontage at West 96th Street, including six commercial units. The building’s 95 residential units, 57 of which are rent-stabilized, average approximately 1,000 square feet, according to JLL, which added that the owners have “invested heavily” in building upgrades over the last 20 years.
While JLL didn’t disclose an asking price, the Commercial Observer reported that it is expecting to fetch approximately $55 million, or $400 per square foot, for the property.
“740 West End Ave. represents an incredible opportunity to own an iconic Upper West Side elevator apartment building with substantial near- and long-term upside,” JLL’s Bob Knakal, who is leading the marketing team, said in a statement.
A short walk from Riverside Park, Central Park and the Seventh Avenue subway line, the building is a block north of 720 West End Avenue, a vacant and gutted 16-story building which Wafra Capital Partners is in contract to buy for a reported $165 million.