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.
Courtesy of Corcoran Group
This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market.
©2023 The Real Estate Board of New York, Inc., All rights reserved
Data last updated 5:52 PM UTC, 3/30/23