224 E 59th Street, New York, NY 10022

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

$15,500,000   $14,800,000  

Listing ID Number

25233

Property Description

Cushman & Wakefield has been retained exclusively to arrange for the sale 224 East 59th Street, a fully leased five-story mixed-use building in Midtown East's Decoration & Design District. The property presents an incredible opportunity for an investor to acquire a cash-flowing asset with a strong long-term established retail tenant and potential upside in residential rents upon turnover.

The building is configured with ground floor commercial space and 16 residential units above. The commercial space is leased by KATAGIRI, the oldest Japanese grocery store in the United States. The internationally recognized grocer has been operating for over 100 years and recently renewed their lease at this location. The longevity and status of this tenant elevates the profile beyond others on the block.

PROPERTY HIGHLIGHTS:
- Five-story walk-up mixed-use building in premium location.
- Located one-block from Bloomingdale's flagship, subway entrances and several new high-profile developments.
- Established retail tenant paying a blended $187/SF on a long-term lease.
- 16 Residential units configured of mostly one/jr. two bedrooms.
- Fully leased, cash flowing asset with potential upside in residential rents.

Overview

Building Type:Apartment Buildings, Commercial Buildings, Live Plus Income Buildings, Mixed-Use Investment Buildings, Mixed-Use User Buildings
Location:South side of East 59th Street between Second and Third Avenues.
Block/Lot:1332/36
Stories:5
Units:17
Building Sq Ft:11,827

Investment Information

Net Operating Income:$594,000

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

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

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

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