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325-325 East 53rd Street - Midtown, New York
Spectacular 6-story elevator building on nice street near UN containing 3 luxury apartments (one triplex and two duplexes), each with 4 bedrooms, 4.5 baths and large private outdoor space. It has approx. 10,770 square feet and approx. 1,840 square feet of private outdoor space. This outstanding property, built in the last 10 years by European craftsmen, has the charm of a prewar building, but incorporates all the latest technology including central air and security systems. Each apartment has a spacious marble-floored entrance hall with elegant staircase and a wood-burning fireplace, parquet floors and a balcony overlooking the garden in both the living room and the master bedroom. The apartments are currently rented for 1-2 year terms and generate a high income, but can be delivered vacant in 90 days due to vacancy clauses in the leases. In addition, the building could easily be converted to condo and the apartments sold off individually. This is a low maintenance, low tax, turn key property with excellent management in place and it is ideal for a 1031 exchange. Current NOI is $501,527 p.a., but only the top duplex is rented at full market of $79/SF. Projected full market NOI at $79/SF for all units is $689,000 (4.9% cap).
This listing courtesy of Douglas Elliman
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The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.
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