1695 Lexington Avenue 1695 Lexington Ave

New York Multifamily is pleased to offer the sale of 1695 Lexington Avenue. Located in prime East Harlem, between East 106th & 107th Street, this 13-unit mixed-use building is equipped with two ground-floor commercial spaces and 11 residential apartments. Professionally owned and operated by the same partnership for over 20 years, the building was fully gut renovated in 2005 allowing investors to take advantage of limited local law 1 lead compliance and a meticulously maintained “15-year-old” building. Spanning 10,410 square feet and standing five stories tall, this asset provides tenants with a common area building terrace and extremely high ceilings on the top floor units. 1695 Lexington is conveniently located a short walk between both the 103rd and 110th street subway stations, three blocks off of 5th Avenue Central Park and nearby the Madison Avenue Mount Sinai Medical Center.
• The Building: 13-unit mixed-use asset with 11 residential tenants with 2 ground floor commercial tenants. There are 3 studio, 7 one-bed and 1 two-bedroom apartments throughout.
• Retail Repositioning: There is currently a real estate office located on the first floor paying just $26/PSF. The space is 1,000 square feet and is a floor through space that runs the depth of the building, providing investors rental upside upon lease expiration in 2025. Proforma rent is being conservatively projected at $50/PSF.
• Low Taxes (Article XI): This building benefits from an HPD city regulatory agreement and in return has a tax bill of $0 for what is projected to be another 11 years, ending in 2045. The unabated taxes today would be $51,707.
• Special Initiates Program (SIP): The Special Initiatives Program (SIP) was a program to develop vacant city-owned property where either HPD or NYCHA supervised private contractors during construction, and then conveyed ownership of all newly constructed or rehabilitated buildings to qualified non-profit sponsors. This building benefited from this program and was fully gut renovated in 2005.
• Prime Location: 1695 Lexington is conveniently located a short walk between both the 103rd and 110th street subway stations, 3 blocks off of 5th Avenue Central Park, and nearby the Madison Avenue Mount Sinai Medical Center.