222 E 56th Street, New York, NY 10022

Upper East Side, Midtown East, New York, New York 10022

Listing ID Number

25061

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange
for the sale of 222 East 56th Street, a five story, elevator serviced
apartment building located in the Midtown East neighborhood of
Manhattan. The property encompasses approximately 30,635 square
feet and contains 60 residential units, inclusive of a super’s unit. The
building currently benefits from a J-51 Tax abatement, which expires
in 2028/2029. As a result, all of the apartments are rent regulated and
contain substantial upside potential upon deregulation as the building
currently performs significantly below market levels.

In addition to the residential revenue, Verizon has a long term lease for
antennas on the building’s roof and currently pay $43,260 annually.
Situated in a C6-6 zoning district, the property is substantially underbuilt
and possesses approximately 82,345 square feet of air rights which hold
monetary value in the short term and development value in the future
upon Verizon’s lease expiration. While current ownership has replaced
the roof within the past three years, prospective investors have the ability
to renovate the common areas and create amenities for the building to
achieve higher rental rates.

222 East 56th Street is located in the heart of Midtown East, a prime
Manhattan neighborhood known for ease of transportation, livability and
convenience. Midblock on East 56th Street between Second and Third Avenues, the property benefits from countless nearby public transit
options, amenities, shops and restaurants. Just three blocks South is
the entrance to the subway servicing the E, M and 6 trains and future
Second Avenue Subway stop at 55th Street will be just around the
corner. North to 59th Street is access to the N, R, W, 4 and 5 trains and
Roosevelt Island Tram. Within the burgeoning Second Avenue corridor
the immediate neighborhood is transforming to a live/work haven with
new luxury condominium developments and improving retail including a
Whole Foods at East 57th Street and Equinox at East 54th Street. 222
East 56th Street presents the incredibly rare opportunity to acquire a
multi-generational asset in the core Midtown East neighborhood with
significant upside and future potential.

Overview

Building Type:Apartment Buildings
Block/Lot:1329/35
Lot Dimensions:75 x 100.42
Lot Sq Ft:2,008
Buildable Sq. Ft:112980
Available Air Rights:82345

Expenses

Real Estate Taxes:$259,602

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Robert A. Knakal
Chairman, New York Investment Sales
(212) 660 7777
robert.knakal@cushwake.com

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

Jonathan Hageman
Executive Managing Director
(212) 660 7773
jonathan.hageman@cushwake.com

Patrick Yannotta
Director
(212) 660 7791
patrick.yannotta@cushwake.com

Alex Woodlief
Associate
(212) 660 7713
alex.woodlief@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.