- New Developments
316-318 East 77th St - Upper East Side, New York
These beautiful, impeccably maintained side-by-side brownstones are located on one of the most sought after blocks on the Upper East Side! Situated on the south side of 77th Street just east of Second Avenue, these lovely buildings were once the home of the renowned Lions Rock Restaurant, famous for the large historic boulder in the backyard garden area. These properties were built around the rock wall in 1920, which previously had been a gathering spot for mass meetings in Jones Wood, a 150-acre area spanning 65th to 75th Streets, Third Avenue and the East River, that was the precursor to Central Park and had been considered as a site for Manhattans great public park. Now the remains of this rock are the backdrop to these amazing two townhouses!
316 is 25 feet wide and 7,095 SF and 318 is 21 feet wide and 5,912 SF, totaling 13,007 square feet before expansion. Due to additional FAR that is intact, the potential to develop and add another two stories exists while remaining under the 75-foot limit in this area (ZONE R8B). This would add an additional approximate 6,000 SF for a potential total of 18,969 SF! The opportunity for expansion increases the value in all facets of future use, including conversion to a condominium or to a gorgeous single family home 46 feet wide, as well as simply increasing the rental income with additional units (some upside currently exists in a few apartments detailed rent roll and information can be provided upon request).
At present the buildings are income-earning properties that yield a combined NOI of approximately $359,497 per year with 15 FREE MARKET UNITS, all of whose leases expire soon or which are currently going month-to-month. The interior of these very special houses impress with a combination of charming original Prewar details and modern upgrades. The south-facing units overlook the gorgeous rock wall and the north-facing units face the lovely tree-lined street that is East 77th. There is exposed brick featured in every apartment, most of which have a fireplace (some working and some decorative currently), high ceilings, refinished hardwood floors, and good light. Many of the units boast upgraded stainless steel appliances (including dishwashers), granite countertops and updated cabinets and hardware. Some apartments still have room for improvement, which would only translate to an increase in the already desirable rental income presently earned. The current unit mix includes several studios, one bedrooms and two bedrooms, and eight apartments are duplexes, including one of the ground floor garden flats.
Noted historical value aside, there is significant worth in these rarely available properties due to their location in one of the most prime and convenient parts of the Upper East Side - near the best restaurants, bars and shopping on offer, in addition to the close proximity of the 6 train and the 2nd Avenue Q.
This listing courtesy of Douglas Elliman
575 MADISON AVENUE, NEW YORK, NY 10022. 212. 891.7000 © 2017 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY. CalBRE# 01947727