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224 E 59th St
New York, NY 10022
Multifamily Property For Sale
·
16 Units
PROPERTY FACTS
| No. Units | 16 | Lot Size | 0.07 AC |
| Property Type | Multifamily | Building Size | 11,827 SF |
| Property Subtype | Apartment | Average Occupancy | 100% |
| Apartment Style | Mid-Rise | No. Stories | 5 |
| Building Class | B | Year Built/Renovated | 1904/1987 |
| Zoning | R8B / C1-5 - R8B Zoning is considered “high density” residential zoning. It typically has multifamily buildings that are often 6 or 7 stories. | ||
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.07 AC |
| Building Size | 11,827 SF |
| Average Occupancy | 100% |
| No. Stories | 5 |
| Year Built/Renovated | 1904/1987 |
| Zoning | R8B / C1-5 - R8B Zoning is considered “high density” residential zoning. It typically has multifamily buildings that are often 6 or 7 stories. |
ABOUT 224 E 59TH ST , NEW YORK, NY 10022
Cushman & Wakefield has been retained exclusively to arrange for the sale of 224 East 59th Street, a fully leased five-story mixed-use building in Midtown East. The property presents an incredible opportunity for an investor to acquire a cashflowing asset with a long-term established retail tenant and potential upside in residential rents upon turnover. The building is configured with a ground floor commercial space and 16 residential units above. The commercial space is leased by KATAGIRI, the oldest Japanese grocery store in the United States. The internationally recognized grocer has been operating for over 100 years and recently renewed their lease for a blended $187/SF (approx.). The longevity and status of the tenant in this location elevates the profile beyond others on the block. The residential units above are configured mostly as one-bedroom/jr. two-bedrooms, with two studios on the second floor. Of the 16 units, six are rent stabilized, the rest are free market. There is ability to expand the stabilized units into common area/amenity space upon vacancy. On the South side of East 59th Street between Second and Third Avenues, the property benefits from superior access to public transportation, neighborhood amenities and nearby retail. Just one block away is Bloomingdale’s flagship and entrance to the Lexington Avenue/59th Street subway servicing the 4, 5, 6, N, R & W trains, and numerous high-end condo projects. Adjacent the Decoration & Design Building, the immediate area is known for its numerous designer, boutique and gallery tenants.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 14 | - | - |
| Studios | 2 | - | - |
PROPERTY TAXES
| Parcel Number | 1332-0036 | Improvements Assessment | $1,894,050 |
| Land Assessment | $155,250 | Total Assessment | $2,049,300 |
PROPERTY TAXES
