The 6attractive, 3-unit apartment building known as the Beaumont at 730 Riverside Drive at 150th Street in the Hamilton Heights section of Harlem is being offered for sale through Eastern Consolidated.
The 11-story building has 40 rent-stabilized apartments, 10 rent-controlled units and 12 free-market apartments.
According to Ronda Rogovin, senior director at Eastern Consolidated, the property was erected in 1912 and has been owned by the seller since 1982. The sale has a bid deadline of Wednesday November 29th.
The building is a natural candidate for a condo or coop conversion, but Ms. Rogovin said that "condo conversion is not the only play," adding that "Another investment strategy could be to retain the building as a rental, benefiting from tightening of the rental market as well as the future upside as rent-stabilized apartments turn over."
The overall average monthly rental for the apartments is $1,338, which equates to a price per square foot of $10.62, well below market rental rates for the area, she said.
The Beaumont's lobby has been renovated and restored featuring ornate ceiling moldings and limestone. Ceramic tile lines the floors and the plaster walls feature marble wainscoting and pilasters.
The 11-story building has 40 rent-stabilized apartments, 10 rent-controlled units and 12 free-market apartments.
According to Ronda Rogovin, senior director at Eastern Consolidated, the property was erected in 1912 and has been owned by the seller since 1982. The sale has a bid deadline of Wednesday November 29th.
The building is a natural candidate for a condo or coop conversion, but Ms. Rogovin said that "condo conversion is not the only play," adding that "Another investment strategy could be to retain the building as a rental, benefiting from tightening of the rental market as well as the future upside as rent-stabilized apartments turn over."
The overall average monthly rental for the apartments is $1,338, which equates to a price per square foot of $10.62, well below market rental rates for the area, she said.
The Beaumont's lobby has been renovated and restored featuring ornate ceiling moldings and limestone. Ceramic tile lines the floors and the plaster walls feature marble wainscoting and pilasters.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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