Proposal: 110 West 87th Street

110 West 87th Street, New York, NY 10024

Overview

A 17.5' wide, 5 story townhouse with a 4 story extension and a finished lower level located between

Amsterdam and Columbus Avenues. The property is currently configured as 9 apartments of which 2 are

rent stabilized, 1 rent controlled, and 6 are free market. The apartments consist of 2 ground floor lower

level duplexs, 3 studios, 3 one bedrooms and 1 floor through. Average rents in the townhouse are under

market at $1,529/month.

The house was built by John G. Prague circa 1887 and possesses elements of both Romanesque and

Queen Anne design. Much of the property's original detail has been maintained including fireplaces, the

wooden staircase, high ceilings, and traditional moldings.

All of the rent regulated tenants are tucked away on the top two floors providing a buyer the

opportunity to create a spacious 4 story owner’s apartment. The property is heated by a gas-fired boiler

and is individually metered for gas and electric. 110 West 87th Street lies within the Upper West Side -

Central Park Historic District and is ideal for a buyer seeking a live plus income arrangement.

Investment Plan

Purchase the property for asking price or less ($3.3 is ideal),  convert all floors to single floor 2 bed/2

bath condod including the rc/rs apartments on the top floors.

Plan A: offer a buyout package or relocation to the first floor/basement units.

Plan B: Require tenants to pay for upgrades in accordance to the RC/RS laws or

Plan C:  Leave as is taking less than ideal profits but perform no renovation, saving up to $350k in

renovation costs.

1

Each luxury renovated  condo can sell for  up to $1.8 million each (app $900k per bed/bath; $1900k

sqft).  Or rent for up to $8k per month (Based on many comps at market rate of $99sqft).  Construction,

acquisition and carrying costs capped at $5 million are projected to generate a net return on investment

of  at least $2.2 million (44%) in less than 30 months total turnaround time.

Execution Plan

Upon acquisition 360 Agencies LLC will act as owners rep driving the construction schedule, costs and

marketing with the goal of preselling the condos during the construction process based on renderings

and incentives for owner input on choosing fixtures and layout.  Marketing shall be conducted in various

International markets as well as New York Times and standard local real estate listings.

In the case that units don’t sell prior to receiving certificate of occupancy, A rental option shall be

executed.