BEACON HILL

Dobbs Ferry, New York

Description

•This property contained 262 rent stabilized residential apartment units. 

•The property had been in the control of the same family for more than 35 years and had become run down and dilapidated.   

•Notwithstanding the condition of the property, occupancy levels were high because of the structure of rent stabilized in this area which caused rents to remain below market. 

IMPROVEMENTS

•Rent stabilization permitted the implementation of capital improvements and individual apartment renovations for rent increases.    
•NAPG undertook the following projects which totaled $6,000,000: obtained all permits, site plan approvals, Board of Architectural approvals, variances and all other environmental and governmental approvals for the renovation.   
•Improvements included: renovation of the exterior, converted oil-fired to gas-fired boilers, removing contaminated soil, and interior apartment upgrades.  
•All renovations took place while the property remained occupied.      

RESULTS

•Upon acquisition, the annual rent roll was +$2.54MM.  Post Major Capital Improvement’s and unit renovations, the annual rent roll was +$4.1 million, a 67% increase in 3 years.

SUMMARY STATISTICS

YEAR PURCHASED: 2006

PURCHASE PRICE: $16,500,000

YEAR SOLD: 2010

SALE PRICE: $28,000,000