The investment comprise of three floors of the exclusive 123 Washington Street, which includes, twenty-four Luxury Condominiums ( eight condos er floor). Each floor has identical lay-out and unit mix, five 1 bed, one bath and 3 studios, one bathroom condo per floor. The one-bedroom units' range in size from 606-924 square feet and the studios range from 394-465 square feet. Every unit has incredible panoramic views of the city skyline and/or the Hudson River. The property is located in the heart of the Financial District, just steps from the World Trade Center Memorial, Oculus, and Fulton Street Station.
All twenty-four condos are currently master-leased through September of 2021 with a California-based corporate/furnished housing company, as the master-tenant. The master- tenant currently operates a portfolio of roughly 2,500 apartments across six cities: San Francisco, Los Angeles, Seattle, Washington D.C, Boston, and the NY Metro Area.
Per the lease, the master-tenant covers all standard tenant related expenses (cable, internet, electric, etc) in addition to fully furnishing, managing and subleasing the apartments to their corporate clients for a minimum of 30+ nights. The investment can be delivered Master-Leased or Vacant, presenting the opportunity to realize significant increased revenue. Ownership is amenable to discussing on a case by case basis.