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REALOHomeCompsBuildingsReportsDeal RoomOutreachLead InboxReferralsrealocre1685 1 AVENUE, New York, NY, USA27 units · C7 · Manhattan · BBL1015500025← NewInputsMapReportsSave ▾6.5/10ConditionalDeal ScoreAsking Price$4.88MPrice / Unit$181K27 unitsCap Rate5.83%PF 6.43%DSCR1.22×PF 1.35×↗ Key Strengths79% free-market units (23 of 27 residential) with clear upside:FM 1BR averaging $3,269 vs. $3,750 market, 2BR $4,041 vs. $4,650market, creating $8,379/month ($100,548/year) upside gap on leaserollovers without capital investmentStrong commercial income stability:Two ground-floor retail tenants (Sebastian Cafe, ConMigo) withleases extending to May 2034 and March 2034, generating$207,528 annually with 3% annual escalationsCondominium-quality construction:Stainless appliances, marble countertops, and boutique finishesthroughout, reducing deferred maintenance riskPrime Upper East Side location:40' avenue frontage on First Avenue in Yorkville, strong transitaccess, and neighborhood fundamentals supporting rent growth↘ Key RisksHSTPA 2019 exposure:Pre-1974 building (1915) with 6+ units subjects all 4 rent-stabilized units to permanent regulation with limited rent increasepotential (RGB-controlled), capping upside on 15% of residentialLocal Law 97 carbon penalty risk:1915 pre-war building with gas heating ($36,000/year fuel/gasexpense) likely faces carbon emissions penalties starting 2024-2030 compliance periodNegative leverage risk:Proposed 5.75% loan rate vs. 6.01% in-place cap rate createsminimal spread; any NOI underperformance erodes returnsTax reset risk on sale:Current taxes $279,630 based on $2.44M assessment vs. $18.5Msale price; reassessment could increase taxes 30-50%✨ Executive Summary1685 First Avenue is a 29-unit (27 residential, 2 commercial) pre-war mixed-use building in Yorkville, Manhattan, offered at $18,500,000 ($638k/unit, $1,095/SF). Builtin 1915 on a 4,025 SF lot (40.25' x 100') with 16,889 SF of building area, the property features 23 free-market units (79%), 4 rent-stabilized units (15%), and twoground-floor retail tenants with long-term leases extending to 2034. The building is R10/C1-5 zoned with 6 stories and has been renovated to condominium-qualitystandards with stainless appliances and marble countertops. Current in-place NOI of $1,112,974 yields a 6.01% cap rate; broker pro forma NOI of $1,224,395 projects6.62%. With proposed financing of $12.5M at 5.75% over 30 years, the deal delivers a 1.26× DSCR and 5.67% cash-on-cash return. The property shows minimaldistress (1 eviction, zero open violations, 50 closed HPD violations, 2 resolved ECB violations totaling $6,250 in penalties). Strong free-market concentration, stablecommercial income, and modest upside from below-market FM units provide a solid foundation, though pre-war vintage (1915) triggers HSTPA rent regulation riskand Local Law 97 carbon compliance concerns.
5.83% in-place cap rate
vs 6.00% seller pro forma
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Strengths, risks, executive summary, in-place vs pro forma deltas, HSTPA exposure, LL97 carbon liability, debt structure. In under 60 seconds — and you can defend every number in a credit memo.

Seller-pro-forma deconstruction

We strip the broker's projections back to actuals: real rent roll, real opex, real vacancy. The 5.83% in-place becomes the 6.43% pro forma — you see exactly which line items are the bridge.

HSTPA & Local Law 97

Every pre-1974 building's RS exposure is flagged. Every gas-heated property gets a LL97 carbon penalty projection through 2030 in dollars per year.

Debt structure modeling

Senior, mezz, pref, ground lease — we model your full capital stack against in-place DSCR and stress-test for rate moves. Negative-leverage flags raise themselves.

Counterparty research built in

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6.5 / 10Conditional
Realo deal score
REALOHomeCompsBuildingsReportsDeal RoomOutreachLead InboxReferralsrealocre1685 1 AVENUE, New York, NY, USA27 units · C7 · Manhattan · BBL1015500025← NewInputsMapReportsSave ▾6.5/10ConditionalDeal ScoreAsking Price$4.88MPrice / Unit$181K27 unitsCap Rate5.83%PF 6.43%DSCR1.22×PF 1.35×↗ Key Strengths79% free-market units (23 of 27 residential) with clear upside:FM 1BR averaging $3,269 vs. $3,750 market, 2BR $4,041 vs. $4,650market, creating $8,379/month ($100,548/year) upside gap on leaserollovers without capital investmentStrong commercial income stability:Two ground-floor retail tenants (Sebastian Cafe, ConMigo) withleases extending to May 2034 and March 2034, generating$207,528 annually with 3% annual escalationsCondominium-quality construction:Stainless appliances, marble countertops, and boutique finishesthroughout, reducing deferred maintenance riskPrime Upper East Side location:40' avenue frontage on First Avenue in Yorkville, strong transitaccess, and neighborhood fundamentals supporting rent growth↘ Key RisksHSTPA 2019 exposure:Pre-1974 building (1915) with 6+ units subjects all 4 rent-stabilized units to permanent regulation with limited rent increasepotential (RGB-controlled), capping upside on 15% of residentialLocal Law 97 carbon penalty risk:1915 pre-war building with gas heating ($36,000/year fuel/gasexpense) likely faces carbon emissions penalties starting 2024-2030 compliance periodNegative leverage risk:Proposed 5.75% loan rate vs. 6.01% in-place cap rate createsminimal spread; any NOI underperformance erodes returnsTax reset risk on sale:Current taxes $279,630 based on $2.44M assessment vs. $18.5Msale price; reassessment could increase taxes 30-50%✨ Executive Summary1685 First Avenue is a 29-unit (27 residential, 2 commercial) pre-war mixed-use building in Yorkville, Manhattan, offered at $18,500,000 ($638k/unit, $1,095/SF). Builtin 1915 on a 4,025 SF lot (40.25' x 100') with 16,889 SF of building area, the property features 23 free-market units (79%), 4 rent-stabilized units (15%), and twoground-floor retail tenants with long-term leases extending to 2034. The building is R10/C1-5 zoned with 6 stories and has been renovated to condominium-qualitystandards with stainless appliances and marble countertops. Current in-place NOI of $1,112,974 yields a 6.01% cap rate; broker pro forma NOI of $1,224,395 projects6.62%. With proposed financing of $12.5M at 5.75% over 30 years, the deal delivers a 1.26× DSCR and 5.67% cash-on-cash return. The property shows minimaldistress (1 eviction, zero open violations, 50 closed HPD violations, 2 resolved ECB violations totaling $6,250 in penalties). Strong free-market concentration, stablecommercial income, and modest upside from below-market FM units provide a solid foundation, though pre-war vintage (1915) triggers HSTPA rent regulation riskand Local Law 97 carbon compliance concerns.
Source.
Off-market · Predictor score
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Realo's free Portfolio Watch is used by NYC owners. When one is ready to sell, the advisory team gets the call — and our vetted investor network sees the deal before the broker tour goes out.

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Define your box (size, location, vintage, cap rate, leverage). We score every NYC building against it and rank by Realo's Predictor Score — likelihood to trade in the next 90 days.

Distress & pressure tracking

Lis pendens, tax liens, expiring debt, ECB judgments — the distress signals that precede a sale by 6–18 months. Filterable, scorable, exportable.

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REALOHomeCompsBuildingsReportsDeal RoomOutreachLead InboxReferralsrealocreSearch address, owner...LocationBuilding type11SizeScore2MoreStabilized× Clear allList6081315 EASTERN PARKWAYCrown Heights (North) · BKPRE-1947 RC43 Units · 32,628 SFBuilt 192443211 MARION STREETBedford-Stuyvesant (East) · BKPRE-1947 RC6 Units · 5,400 SFBuilt 19064336 COOPER STREETBushwick (East) · BKPRE-1947 RC8 Units · 9,030 SFBuilt 1910421647 UNION STREETCrown Heights (South) · BKPRE-1947 RC27 Units · 32,300 SFBuilt 19234231 GARDEN STREETBushwick (West) · BKPRE-1947 RC9 Units · 2,475 SFBuilt 193143447 TOMPKINS AVENUEBedford-Stuyvesant (West) · BKPRE-1947 RC8 Units · 8,300 SFBuilt 190040Carver Playground211 MARION STREETBedford-Stuyvesant (East) · BKC2$ Sold $547.2K · Built 1906BBL 3015130057DetailsHistoricalOwnerViolationsScoreTIER A · DISTRESS10/35Lis pendensTax liensJudgments0/1510/100/10NoneOpen lien0 recordedTIER B · PRESSURE27/45Debt maturityViolationsPortfolio16/2012/150/10Loan 2022 · $552.3K1 DOB · 140 HPD1 properties ownedTIER C · PROPENSITY43/20Hold timeMarket vintageCrexi activity0/80/70/5Last sale 2015Built 19060 comparable listingsWHY THIS PROPERTYNo strong individual signals — score derives from cumulative low-magnitude factors.
47 active off-market deals
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● Active
1685 1st Ave
27 units · Yorkville, MN
Ask$18.5M
Cap (in-place)5.83%
IRR (10yr)14.2%
Realo Score6.5 / 10
● Under Contract
412 W 145 St
22 units · Hamilton Heights
Price$8.4M
Cap6.14%
IRR (10yr)16.8%
ClosingMar 12
● Closed
248 Bedford Ave
14 units · Williamsburg, BK
Price$11.2M
Cap5.45%
IRR (proj)17.3%
ClosedFeb 04
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