129 E 17th St 4 Unit Apartment Building $15,000,000 ($3,750,000/Unit) New York, NY 10003

Prime Gramercy Park Location.
129 East 17th Street is a rare gem nestled between Irving Place and
Third Avenue. This prime location is just a short walk from Gramercy
Park and is surrounded by an array of eateries, charming cafes, luxury
townhomes and condos.
Condo or Single-Family Home Conversion Play.
Value-add potential for a condo can include upgrading interiors
(kitchens/baths/finishes), adding in-unit amenities (smart systems,
laundry), or rebranding with premium services to push prices toward
the high end of the neighborhood’s strong $/PSF range. For a single
family home conversion, combining units into a full-floor or
townhouse-style residence can unlock a substantial premium by
creating a rare product type in a dense Manhattan market.
Protected Tax Class 2A.
With 5 apartments, 129 East 17th Street remains tax class protected,
providing a hedge against expense increases to any potential buyer. Tax
increases are limited to 8% per year, no more than 30% over 5 years.
60% Delivered Vacant.
2 out of the 4 apartments can be delivered vacant along with the
owner-occupied ground level office space.
100% Free Market.
The asset is 100% free market with no rent regulation history. This is
ideal for a condo or single-family home conversion where average
condos and single-family homes are selling over $2,000 PSF.