Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Retained Exclusively To Sell Multifamily Building On Upper East Side

05/19/2014

Massey Knakal Realty Services has been retained on an exclusive basis to sell a multifamily building at 206 East 75th Street. The property is located between Second and Third Avenues on Manhattan’s Upper East Side. The asking price is $4,500,000.

The five-story walk-up building sits on an approximately 20’ x 102.17’ lot and currently consists of five apartments, four of which have been completely gutted in advance of a substantial renovation.  The ground floor apartment is rent controlled and can be accessed by a separate entrance to the street. Approved plans call for the addition of a sixth floor, a full renovation of floors two-five and the common areas, as well as façade pointing.  Upon completion, the building will be transformed into a fully-modern apartment building consisting of approximately 6,600 square feet and six floor-through apartments.

This property presents an excellent opportunity for an investor to add value to an existing multifamily property or for an end-user to take the top five floors and create an approximately 5,500 square foot home in a prime Upper East Side location.

“There’s already been strong interest in this property due to its prime location, potential as a rental, single-family home, or boutique condo, and pricing at less than $825 per existing square foot," said Massey Knakal’s Guthrie Garvin, who is exclusively marketing this property with Hall Oster.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

05/19/2014 - 12:06

Source

Cushman & Wakefield Capital Markets Group New York

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