Cushman & Wakefield has been retained on an exclusive basis to sell 316 East 55th Street, a seven-story elevator-serviced apartment building between First Avenue and Second Avenue. The post-war residential building contains 41 rent regulated units, configured as a mix of one bedroom (1), alcove (27), and studio (13) units.
The property is positioned for significant value creation and revenue growth where rents are currently just 42% of market. Of the 41 stabilized units, 7 are either owner-occupied or can be delivered vacant. These units represent opportunity for lease-up and could result in an immediate 27% increase in average rent per square foot in the building. Additionally, 27 units are configured as alcoves and can easily be converted to true one bedroom apartments or combined to create two- or three- bedroom apartments. 3 ground floor units boast large private outdoor spaces and the open roof presents tremendous opportunity to construct a finished deck with panoramic views. The building benefits from an elevator, laundry in the basement and approx. 1,000 of unused basement space that could be converted into additional amenities.
316 East 55th Street is located on a quiet, tree-lined block and benefits from Sutton Place livability yet is a short walk from the midtown core and multiple subway stops. A few blocks away, the Lexington Avenue/53rd Street Station and 51st Street Station services the 6, E & M lines and the incoming 55th Street station on Second Avenue will be less than half a block away. Additionally, 316 East 55th Street sits in the heart of a recently transforming Second Avenue corridor, characterized by several luxury condominium developments and a burgeoning retail stretch. 316 East 55th Street presents the rare opportunity to acquire a cash-flowing, stable asset with significant upside potential in a highly-desired core neighborhood of Manhattan.
