640, 642, 644 10th Ave, New York, NY
Boasting a 10th Avenue address in the heart of Hell’s Kitchen, we identified a great repositioning opportunity with this portfolio. Marred by low occupancy, squatters, rent stabilized and rent controlled tenants, as well as three below market retail spaces, we completely transformed these properties.
The building was fully renovated, including façade, corridors and twenty-four apartments, generating an NOI increase of 5x. Additionally, a less desirable small retail tenant was replaced with a tenant paying a 50% higher rent. In less than two years, twenty three of the twenty four apartments were converted to free market rent.