331 E 65th St
New York, NY 10065
Multifamily Property For Sale · 4 Units

DELIVERED VACANT. 100% free-market. Calling all buyers and investors with discerning taste and an eye for value! This 4-story, 4-family, income-producing property is a truly exceptional, incredibly versatile home! Located on a quiet tree-lined brownstone block, the 4,076 square foot property is 20-feet wide x 69-feet deep, sits on a 20-foot x 100-foot lot, and has 3,956 square feet of unused FAR (floor area ratio), allowing for expansion of the property. The townhouse is currently laid out as a doctor's office on the ground floor topped by three gracious floor-through apartments. It could easily be reconfigured into an owner's duplex with two income-producing apartments above or as a single-family residence. Every floor boasts both south and north exposures for ample sunlight, and with its mid-block location, the townhouse is insulated from traffic noise and wonderfully serene. The property is enhanced by three private outdoor spaces: a gracious and sizable entrance courtyard, a lovely and verdant rear garden, and up on the third floor, a massive outdoor deck, perfect for summertime barbecues and lounging under the sun or stars year round. While the townhouse has been updated and upgraded over the years, it retains the grace and charm of its era of construction, the 1920s. The property's prime Lenox Hill location puts you just steps from marvelous shopping, dining, parks, schools, entertainment, and every other residential convenience! Transportation couldn't be more convenient with options including the new Second Avenue Subway (63rd Street stop), the 6 train (68th Street stop), and the M66 crosstown bus. For those seeking a high-yield investment property, you have an endless stream of well-qualified tenants at the ready due to the property's excellent Upper East Side location as well as its proximity to NewYork-Presbyterian / Weill Cornell Medical Center; the Hospital for Special Surgery; Memorial Sloan Kettering; and The Rockefeller University, the world's leading biomedical research university. Contact us to arrange a tour of this beautiful residence. About the Property Stories: 4 Units: 4 Building class: Four Families (C3) Building Dimensions: 20 ft x 69 ft Building Square Footage: 4,076 sq ft Lot Dimensions: 20 ft x 100.42 ft Lot Square Footage: 2,008 isq ft Tax class: 2A Annual RE Taxes: $78,266 Allowed usable floor area: 8,032 sq ft Usable floor area as built: 4,076 sq ft Unused FAR: 3,956 sq ft Zoning district: R8B Please note that 331 East 65th Street is currently designated as Tax Class 2A - 4-6 Unit Residential Rental Bldg. The adjacent townhouse (329 East 65th Street, also a 4-story townhome) is currently designated as Tax Class 1 - Small Home, Less Than 4 Families (it’s a 2-family residence). 329 East 65th Street pays annual property taxes of $37,624, despite having a higher estimated market value than 331 East 65th Street. If you were to turn 331 East 65th Street into a single-family residence (or any configuration of 3-units or fewer, such as a garden duplex and two floor-through apartments), its tax designation would change, thereby lowering the property’s annual taxes. A tax certiorari attorney can also assist in getting real estate taxes re-evaluated and lowered, sans a change of tax class.