100 Freedom Place South

Address: 100 Freedom Place South, New York, New York, US

New York & Tri-State + Apartments

Created date: September 5, 2023

Date last updated: September 5, 2023

TROPHY AFFORDABLE HOUSINGFinest affordable housing development in New York City, with superior construction, design, and amenities
ASSUMABLE DEBTHighly-accretive existing $9,485,000 non-recourse loan, with fixed 4.52% interest rate, interest-only payments though 2031, and term through 2036
VALUE ACQUISITIONThe Property can be acquired for less than $200 per rentable square foot, a tremendous value at a fraction of construction cost
BOND-LIKE CASH FLOWConsistent 100% occupancy, with virtually no roll over and an initial waiting list of more than 5,000 applicants
421A TAX ABATEMENTReal estate tax abatement through tax year 2038/39, with 100% tax abatement on improvements through tax year 2030/31
SUBSIDIZED OPERATING COSTSThe luxury condominium tower makes an annual contribution to the Property to offset a portion of the Property’s condominium charges
EASY TO MANAGEThe luxury condominium tower handles most of the building’s maintenance
1031 OPPORTUNITYLow-risk, easy-to-manage cash flow, with significant depreciation benefits from the assumable loan
DEREGULATION UPSIDEIn the event that New York City affordable housing regulations become less stringent in the future, tremendous upside would be unlocked due to the Property’s superior quality, location, and amenities

Property Description

Upland Property Advisors, as exclusive agent, is pleased to offer for sale 100 Freedom Place South (the “Property”), the 116-apartment Affordable Housing Condominium Unit at One West End Avenue. The Property comprises the base seven floors of the architecturally-striking 950,000 square foot mixed-use luxury condominium project, designed by Pelli Clarke Pelli Architects and completed in 2017. The development is located just one block from the Hudson River in Manhattan’s Lincoln Square neighborhood, occupying the full city block bounded by West 59th Street, West End Avenue, West 60th Street and Freedom Place South. 100 Freedom Place South is the finest affordable housing facility in New York City, providing a high-quality, low-risk, low-maintenance investment vehicle with superior risk-adjusted returns.

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