Description

Turnkey Investment Opportunity. Three Full Floors in a Premier Luxury Condominium An exceptional opportunity to acquire three consecutive full floors, the 27th, 28th, and 29th floors, within a prestigious luxury doorman condominium at 123 Washington Street. This offering comprises 24 income-producing studio and one-bedroom residences, with eight units per floor. Each level is efficiently configured with five one-bedroom apartments and three studios, all featuring one bathroom. The one-bedroom homes range from approximately 600 to over 900 square feet, while studios measure between 400 and 465 square feet. All residences enjoy sweeping panoramic views of the city skyline and/or the Hudson River and are outfitted with modern kitchens with dishwashers, as well as in-unit washers and dryers. A defining feature of this offering is its designation as a master unit under the condominium declaration. This provides the rare and valuable ability to operate short-term rentals of 30 days or longer without condominium board approval, creating significant upside potential. Currently, all 24 units are leased under a master lease to a corporate furnished housing operator acting as the primary tenant. The master tenant assumes responsibility for utilities such as electricity and internet while also furnishing, managing, and subleasing the apartments for extended stays. This creates a truly hands-off investment structure. The asset may be acquired with the master lease in place for immediate stabilized income or delivered vacant, offering the flexibility to reconfigure or combine units without requiring additional building approvals. Residents enjoy access to a full suite of recently renovated 2023 luxury amenities, including a spectacular 58th-floor rooftop deck and lounge, screening room, resident lounge, game room with pool table, fitness center with outdoor space, and full-service concierge. This is a rare opportunity to secure scale, flexibility, and long-term value within one of Lower Manhattan’s most desirable luxury condominium buildings. ...
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