342 E 55th Street, New York, NY 10022

Midtown East, New York, New York 10022

$13,650,000  

Listing ID Number

24828

Property Description

6-story elevator building between First & Second Avenues

25’ wide and approximately 13,000 gross square feet

25 units configured as a mix of 11 studios and 14 one bedroom apartments

21 free market and 4 rent stabilized units

Free market units are achieving an average rent per square foot of $75

Rent stabilized units are renting at a 41% discount to prevailing market rents within the building

Laundry in the basement

Private outdoor space for one of the units and potential for finished roof deck

Quiet, tree lined street in Sutton Place, a highly coveted residential enclave in Midtown East

Just a couple blocks from the midtown office district hub

Easily accessible from all areas of the city due to proximity to the 6, E & M subway lines.

Incoming 55th Street station on the Second Avenue T line will be on the sale block, undoubtedly enhancing retail and residential values

Located just off burgeoning strip of retail on Second Avenue
 
342 East 55th Street presents a tremendous opportunity to acquire a high-quality, stable residential property with minimal maintenance requirements in one of Manhattan’s most coveted and convenient residential neighborhoods.

Overview

Building Type:Apartment Buildings
Location:Midtown East

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Hall Oster
Senior Managing Director
(212) 660 7723
hall.oster@cushwake.com

Clint B. Olsen
Executive Managing Director
(212) 660 7747
clint.olsen@cushwake.com

Teddy Galligan
Associate Director
(212) 589 5137
teddy.galligan@cushwake.com

William Conrad
Associate
(212) 660 7740
William.Conrad@cushwake.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.