Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the seller, is marketing for sale The Echelon, a 108-unit, luxury, multifamily community with ground-floor retail leased to Flywheel and DreamDry in one of Manhattan’s premier live-work-play neighborhoods. The Echelon offers an investor the rare opportunity to acquire a high-quality, institutional residential property with top-of-the-line finishes, best-in-class amenities and value-add potential.
Completed in 2008, the 15-story building’s units range from studio to three-bedroom apartments, all with a market-leading amenity package, including a doorman, fitness room with cardio machines, cold storage area for groceries, club room with billiards room and lounge, bike room and outdoor sundeck on the second floor. Apartment units feature granite counter tops, large windows, stainless steel appliances with gas-cooking ovens, ceramic tile in the kitchens and baths, classic wood plank oak floors and nine-foot ceilings. Some units have large terraces and wine chillers.
The Echelon has a strong historical average occupancy of 97 percent since 2010. Additionally, the building for sale has two ground-floor retail tenants that occupy 8,721 square feet with 45 percent below-market rents.
Located at 37 West 21st Street, the apartment building for sale is located in the Flatiron District, an iconic, affluent Manhattan neighborhood. The average annual household income within .25 miles of the property is $210,000. Recently, the area has experienced an increase in TAMI (Technology, Advertising, Media and Information) companies opening or relocating, including BuzzFeed, Dropbox, Facebook, FanDuel, OpenTable and Betterment.
The Manhattan apartment property for sale has access to a variety of New York City public transportation, including immediate access to the F and the M trains, which have stops 500 feet from the property. Access to the 1, 2, 3, L, F, M, N, R, Q, C, E, 4, 5, 6 and PATH are all less than a five-minute walk from The Echelon.
The Echelon represents one of Manhattan’s premier investment opportunities. The apartment building for sale has a market-leading amenity package in an affluent, live-work-play New York neighborhood with exceptional transportation connectivity. For more information on this property or other apartment properties for sale in New York, please contact HFF Senior Managing Directors Andrew Scandalios or Jose Cruz or Managing Directors Rob Hinckley or Jeffrey Julien.