344 East 63rd Street, New York, NY 10065

Upper East Side, New York, New York 10065

Ownership Requests Proposals

Listing ID Number

25104

Property Description

Cushman & Wakefield has been retained on an exclusive basis
to arrange for the sale of 344 East 63rd Street, an 81,975
square foot mixed-use high-rise apartment building
positioned on the south side of 63rd Street between First
and Second Avenues. The 17-story, elevator serviced
property with a penthouse features 77 residential
apartments and 2 commercial units on the ground floor.

The residential unit mix consists of 19 studios, 52 onebedrooms,
3 two-bedrooms and 3 three-bedroom
apartments, several of which include outdoor spaces
and Juliet balconies. The generously sized units also
feature layouts that are conducive to adding bedrooms.
In addition, the building is nearly entirely free market
with only 2 rent stabilized units. On average the free
market apartments are achieving just $51 per square foot,
offering the ability to increase rents through minor esthetic
upgrades as apartments turnover. Furthermore, there are
value-add opportunities through the conversion of over
1,500 square feet of unused space in the basement into a
unique amenity space or gym. A doorman could also be
added to the large lobby space, which would justify an
additional rent premium.

Overview

Building Type:Apartment Buildings
Location:The Corner of East 63rd Street and First Avenue
Lot Sq Ft:6,522
Stories:17
Units:77
Building Sq Ft:81,975

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

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.