215 West 109th Street,e

investment details

Property Type: Residential Rental Building/25 Units
Neighborhood: Upper West Side, Manhattan 
Updates: Renovation starting Q4 2022
Completion Date: 2027

investment overview

215 West 109th street is a rental building located at the heart of UWS bordering with Morningside Heights. The rental building has 25 units with laundry room and spacious apartments with high ceilings. This 6 story building from 1910 is located near Columbia University. The building has a great character and conveniently located near major subway line, Hudson river park and cafes.
 
EGC purchased the building in October 2022. EGC plans  to renovate all Free Market apartments as they become available and bring them to top market rents. We believe that we can turn all 17 Free Market apartments within 3-5 years at most. The average tenancy in New York City is 2.5 years for Free Market Apartments. We are planning to fund the renovations with rent income and the sponsor’s capital. Once the Free Market apartments will be renovated and leased, we project a new value to the building of $12,877,917.19 which is expected to yield an annual return of 18.68% over the course of the next 5 years.

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