949 Columbus Avenue
Go Back To Previous PageA 7,750 SF mixed-use walk-up with nine free-market three-bedroom apartments over two commercial spaces: an operating restaurant with basement dining and a retail storefront leased to a shoe store.
The headline: six of the nine apartments will be delivered vacant on September 1, and every unit in the building is free-market. An investor can start renovating the majority of the residential portion on day one, with no buyouts to negotiate and no regulated leases to work around.
The value-add math is straightforward. Each apartment is a three-bedroom, one-bath layout. Add a second bathroom, in-unit laundry, and updated finishes, and these units rent at a different number. The two commercial tenants keep paying while the work happens, so the building produces income through the entire reposition.
The location does the rest: two short blocks to Central Park, roughly ten blocks to Columbia University, with the 1, B, and C trains nearby and the restaurants of Columbus and Amsterdam at the doorstep.
Most value-add deals make you wait years for the vacancy. This one hands it to you at closing.
Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.
