1314 Seneca Avenue, NY

60 Unit | Article XI | Affordable Housing Opportunity with Value-Add Potential

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Overview

Key Highlights

Units 62
Gross SF 65,137
Tax Benefit Article XI Expires 2058

Overview

Investment Highlights

• Contains 60 residential units and 2 occupied commercial units within approximately 65,137 gross square feet

• Recent approval of 610 amendment to existing regulatory agreement allows for significant revenue growth

• Beneficiary of an Article XI tax abatement, which has a term of 40 years and commenced in 2018 with the taxes being capped at 1% of gross rent until 2028 and 6.5% until 2058

• Convenient location near multiple subway stops (2/5/6). Westchester and other boroughs accessible via the Bruckner Expressway and Westchester Avenue.

• Apartment unit mix consists of 16 one-bedrooms, 26 two-bedrooms, 15 three-bedrooms, and 3 four-bedrooms