Market Insights

Upper West Side’s Youngest Residents Have Somewhere to Crawl

It may be back-to-school season now for most children, but some NYC kids will have to wait until the first half of 2016 for the doors to open. That’s okay, though, because there may be members of the first class who have yet to be born.

The new facility is a 5,500-square-foot day care center slated to open on the Upper West Side, at 101 West 85th Street between Columbus and Amsterdam, which could help ease longstanding complaints from New York City parents that decent child care is hard to come by.

The center, located on the lower level of a 41-unit residential building, will be run by All My Children Daycare & Nursery School, according to Manhattan-based real estate investment firm Eastern Consolidated, which arranged the 15-year lease. The latest site forAll My Children, which describes itself as “NYC’s Finest Eco Conscious Daycare” and takes children aged 3 months through 4 years old, will reportedly enroll about 50 children.

“Preschools and daycare centers are in high demand on the Upper West Side because of the density of families living in the neighborhood,” Eastern Consolidated broker Ravi Idnani said in a statement. “As soon as an appropriate space becomes available in this area, these entities want to lease it.”

Indeed, 42 percent of the Upper West Side’s approximately 227,000 residents are either married with kids or single parents, according to Realtor.com. Citywide, the number of children aged 0-4 is projected by the NYC Department of City Planning to rise from 540,878 in 2000 to 544,773 in 2020 across all boroughs.

The market value of the 73,764-square-foot 19th-century brownstone as a whole was estimated by the city’s finance department at $8.4 million through June 30 of this year, with a net operating income of $1.1 million. It was built in 1900 and renovated in 1987.

The asking rent at the Upper West Side location, which includes 4,200 square feet in the basement and a 1,200-square-foot outdoor garden, was $85 a square foot, local media reported.

This will be All My Children’s second Manhattan location. It already has a day care center at 110-112 Ridge Street, between Stanton and Rivington streets on the Lower East Side, which is one of several Ridge Street properties for which General Electric issued a $17 million loan in April.
NBA Hall of Famer and real estate investment firm founder David Robinson bought the Ridge Street portfolio for a total of about $50 million, The Real Deal reported in April. All My Children also has 12 locations in Queens and Brooklyn.

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