NEW YORK CITY—Simon Baron Development has put an Upper West Side luxury rental building on the market.
The firm has listed The AMSTRDM at 166 W. 75th St.—between Columbus and Amsterdam Avenues—for $115 million. Cushman & Wakefield's New York investment sales chairman Bob Knakal, Paul Smadbeck and Guthrie Garvin exclusively are handling the sales and marketing for the 81,339-square-foot, 16-story pre-war building.
“We acquired this property more than a year ago out of foreclosure, underwent a $15 million gut renovation, and were able to turn it into an attractive luxury rental building in a great location— a true testament to what Simon Baron is able to do,” says Jonathan Simon, founder, chairman and CEO of Simon Baron Development. “We are ready to shift our focus to our other new projects that we have in the pipeline, and are excited to continue our success with those.”
The AMSTRDM consists of 162-units divided into studios, one-bedrooms, and two-bedrooms. Simon Baron's renovations, which are slated for completion by early 2016, included work on the common spaces, interiors, and amenities.
Of the residential apartments, 85 are fair market and fully renovated with modern finishes. More than 44 of the units are leased and, of the remaining units, 77 are rent regulated, creating upside potential.
“Approximately 55% of this trophy offering consists of brand new renovated free market units and the remaining 45% are rent regulated units paying less than 20% of market value, making it a perfect combination of steady in-place cash-flow and future revenue growth potential,” says Garvin. “The AMSTRDM is in a renowned location and it offers potential buyers the ability to convert the property to residential condominiums or a hotel.”
Long-tenured restaurant Cesca, occupies the ground floor commercial space and has renewed its lease through 2030. The building is close to Central Park, Lincoln Center, Riverside Park, the Hudson River waterfront and Columbia University.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
