New York, NY – Two five-story, 20-unit residential gems situated in Midtown East and the exclusive Sutton place neighborhood are on the market for sale through Eastern Consolidated at a combined price of $12,650,000.
Eastern Consolidated Senior Director Adelaide Polsinelli with Director, Financial Services Gary Meese and Associate Director Michele Nicoletta have been tapped to represent the family partnership which owns the package. The properties benefit from in-place income and substantial upside as 90% of the units are at free market rents.
“Many of the units can be vacated shortly,” noted Ms. Polsinelli, “There’s an immediate opportunity to upgrade the apartments and increase rental rates. Given the buildings’ stellar locations—steps from the Midtown Plaza District, Grand Central Terminal, the United Nations, shopping on Lexington Avenue and the number 6, E and F trains at 51st Street—the package lends itself to corporations and other users seeking convenient residential units for their executives.”
220 East 49th Street was built in 1910 and situated on the south side of East 49th Street between Second and Third Avenues. The 6,915-square-foot building is comprised of all one-bedroom units, two of which are owner occupied. Second Avenue is and always has been a mecca for retail, restaurants and bars, even more so now that multiple large scale luxury residential development projects are underway in the immediate vicinity.
Situated on the north side of East 53rd Street between First and Second Avenues, 313 East 53rd Street has six units that can be delivered vacant, allowing for immediate upside in these apartments. There is a duplex on floors one and two with a rear outdoor garden, a three-bedroom apartment on the second floor and seven junior four units on the upper floors.
For further information about the buildings, please contact Ms. Polsinelli, Ms. Nicoletta or Mr. Meese at Eastern Consolidated’s Midtown offices: 212 499-7700.
Founded in 1981, Manhattan-based Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, offering unrivaled expertise in the greater New York marketplace to an impressive worldwide roster of institutional and private investor clients. The 40-person team of brokers, who, combined, offer fluency in 11 languages, come from a wide diversity of entrepreneurial and professional backgrounds. With annual sales up to $4 billion, Eastern Consolidated focuses on the acquisition, disposition and finance of all types of properties.