Meridian Investment Sales Team to Sell Recently Renovated Lenox Hill Multifamily Property
By Meridian Capital Group September 7, 2016 9:15 am
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[Sponsored]
Meridian Capital Group announced today that its Institutional Investment Sales Group, led by Helen Hwang, has been tapped to sell the leasehold interest in Renoir House, a modern rental building renovated to high-end condo quality finishes located in the heart of one of Manhattan’s most desirable residential neighborhoods, Lenox Hill. The spacious apartments at Renoir House feature contemporary appliances and finishes and benefit from the building’s recently added common areas, including a new gym, roof deck and landscaped patio. Amenities also include an existing onsite parking garage. Ownership has recently completed $11 million of capital improvements, including unit renovations, the addition of amenities and renovation of the entrance, lobby and all common areas.
Located on the north side of East 63rd Street between Second and Third Avenues, the 14-story, multifamily building is located in one of the most highly-amenitized and conveniently located neighborhoods in the City. In addition to offering efficient apartments that fit the needs of the area’s affluent renter base, Renoir House is one of only seven luxury rental buildings located in Lenox Hill, a quintessential residential neighborhood often noted for offering residents a walk-to-work option to Hospital Row and the Midtown office corridor. In addition, the property benefits from excellent subway access, including a station for the new Second Avenue line only half a block from the building.
“In a neighborhood inundated with modern condos, Renoir House is one of a few newly renovated buildings that offer luxury rental apartments,” said Helen Hwang, Senior Executive Managing Director and Head of Meridian’s Institutional Investment Sales Team. “The fundamental strength of Lenox Hill, along with Renoir House’s spacious units and best-in-class amenities package, will provide an investor with a tremendous, long-term competitive advantage.”
Renoir House is ideally situated to benefit from the ongoing public and private improvements happening on Manhattan’s East Side including the Second Avenue Subway, numerous hospital expansions and the construction of Cornell Tech on Roosevelt Island. Additionally, the property offers investors the ability to capitalize on Manhattan’s consistently low multifamily vacancy rates and its long-term fundamental strength. Since 2012, rent growth for market rate units at Renoir House has outperformed Manhattan overall, a testament to the quality of completed renovations and the location strength of the property.
Helen Hwang, senior executive managing director and head of institutional investment sales at Meridian can be reached at (212) 468-5930 or hhwang@meridiancapital.com.
