The subject property is a 65 foot-wide, nine-story luxury building containing two elevators, 38 residential units, and is comprised of approximately 43,597 square feet. The unit mix includes: 37 two-bedroom units and one 3-bedroom penthouse unit with exclusive elevator and roof access. This asset presents the investor with a unique opportunity to acquire a prestigious and seldom traded building – a true trophy asset.
There are a variety of ways to unlock the potential of this trophy building. An investor can either operate the building as an upscale, luxury rental property – a rarity for elevator buildings situated between Park and Lexington Avenues.
Or, due to the larger than average unit layouts and historic pre-war charm, the asset is an excellent candidate for conversion into a distinguished Upper East Side condo building.
The property will be delivered with 13 vacant units, of which nine will be fully gut renovated with condo quality finishes. The remaining three units will be partially renovated, providing an investor with a blueprint for further renovations without sacrificing the ability to apply an added personal touch. The penthouse unit, which occupies the entire ninth floor and has exclusive elevator and roof access, will also be delivered vacant.
Due to a surplus of unutilized basement space, ground floor units, such as 1D, have the opportunity to be duplexed down with a private outdoor courtyard. Furthermore, a luxury outdoor private courtyard for all tenants, along with various additional outdoor and basement amenities will give tenants a secluded oasis with which to escape the concrete jungle.
Traditionally one of the most mature and stable rental markets in Manhattan, this Upper East Side rental building is in close proximity to the 4,5, and 6 subway trains at East 86th and Lexington Avenue. Moreover, the property sits in the midst of some of Manhattan’s prestigious schools including the Dalton School, The Trevor Day School, and the Ramaz School, furthering the demand and potential for future appreciation.
