UWS Building With Vacant Storefronts Bought By Firm For $15M: Report

UPPER WEST SIDE, NY — An investment firm just bought a seven-story residential building on the Upper West Side for $15.5 million, Real Estate Weekly first reported.

Aulder Captial, a real estate-focused firm that aims to maximize the potential of "under-utilized or mismanaged" properties, recently bought the building at 2647-2649 Broadway (between West 100th and 101st streets).

The address consists of two ground-floor retail spaces and 27 apartments above it.

The commercial storefronts at the address have been vacant for years.

Interestingly, the property is also adjacent to the building that used to serve as the Broadway Hotel & Hostel site, which was owned by the controversial neighborhood hotelier Hank Freid.

Klosed Properties, based out of Long Island, bought the seven-story building at 2651-2657 Broadway (101st Street) from Freid for the same $15.5 million price tag in December 2021.

There are currently three retail tenants in that building:

• Flor de Mayo
• Verizon
• Hudson Dry Cleaning

In terms of 2647-2649 Broadway, it is not immediately clear what Aulder Captial plans to do with it.

"2647-2649 Broadway is a great building offering a number of value-add opportunities,” Hall Oster, the managing director of Aulder Capital, said to Real Estate Weekly. “Large unit configurations and a strong retail scene support a repositioning to capitalize on the post- COVID recovery. The location between two Broadway subway stations will appeal to both the Columbia University and traditional Upper West Side markets.”