West 87 Co-op, Upper West Side, New York
westend87.com
In February 2015, Quadrum acquired of a leasehold interest in a 49,595 sf parking garage building on a 10,071 sf site under a new 99-year ground lease. The parking garage was subsequently vacated and demolished to make way for a 116,000 gross sf, 39-unit “for-sale” luxury residential property.
The site is well located on the Upper West Side of Manhattan on West 87th Street between Broadway and West End Avenue, within walking distance of many of the city’s most visited attractions and public transportation.
Quadrum, together with its development partner, has capitalized on a rare opportunity to develop ground-up, luxury residential units that are differentiated from the inferior competing conversion product more typical of the surrounding area in the highly sought-after Upper West Side.
Quadrum has since exited its majority stake in this investment.