Updated 9 years ago
Off Market
171 East 74th Street
Upper East Side, Manhattan | Lexington Ave & Third Ave
11,084 Square FeetRental Property
$10,950,000
floors / apts5 / 9
Lot Size25'x102'
Built Size25'x76'
ZoneR8B
Building TypeTownhouse
Price Per SF
$988
Building Amenities
- Voice Intercom
- Elevator
- Laundry Room
Property Description for 171 East 74th Street
INVESTMENT DESCRIPTION
Marcus & Millichap is pleased to offer the following opportunity on the Upper East Side. Located on East 74th Street between Lexington and 3rd Avenues, the offering consists of a five-story mixed-use building with second floor mezzanine space and a usable cellar. The property has an approximate gross square footage of 11,084 and is situated on a 25 foot by 102 foot lot (Block: 1409 Lot: 31). The subject property is built 25 feet by 76 feet
and is zoned R8B.
THE OPPORTUNITY
The subject property is a five-story mixed use elevator building containing a total of nine residential apartment units and eleven commercial units. All nine residential units are free market; three are one-bedroom units and the remaining six are studios. The cellar, first, and mezzanine floors contain a mix of commercial and office space. The sixth floor contains an occupied unit as well.
This is a rare opportunity to acquire a 25-foot wide elevator mixed-use property on East 74th Street between Lexington and Third Avenues. The property is unique in that it can be viewed as both a cash flow investment or user opportunity. From a cash flow perspective, the property features tremendous upside in both the residential and commercial portions. Both the studios and one bedroom units are approximately 25% below market and can be upgraded through a simple renovation. The commercial spaces are occupied by a mix of commercial and office tenants at below market rates. Investors could look to potentially convert the commercial space to residential. The property also falls into the attractive tax class 2B, which caps annual tax increases at 8%.
From a user perspective,the building contains mostly short term leases, providing a user the ability to get the majority of the building vacant. The property also features a tremendous 25 feet of frontage, as well as an elevator. Located on a high end block with mostly single family properties, the property has the potential to be used as a single family conversion, live plus income investment, nonprofit facility or foreign government consulate. The building is located three blocks from Central Park and is steps away from the 6 train.
Listing History for 171 East 74th Street
Now
09/08/2014
POM by David Lloyd
Marcus & Millichap
05/13/2014
$10,950,000
Initial Price by David Lloyd
Marcus & Millichap
Building Details for 171 East 74th Street
OwnershipRental Property
Building TypeTownhouse
Service LevelVoice Intercom
AgePre-War
AccessElevator
Year Built1910
Floors/Apts5/9
Transit and Citi Bike
Subway
77 St
0.15 miles
72 St
0.22 miles
68 St-Hunter College
0.3 miles
Citi Bike
3 Ave & E 72 St
0.11 miles
E 75 St & 3 Ave
0.14 miles
Upper East Side | Manhattan
Quick Profile
Exuding a cosmopolitan, refined air that is reminiscent of Paris or other European cities, the Upper East Side (the UES, to local cognoscenti) has a reputation as being a bastion of wealth and privilege. Even though it was built by American “royalty” families like the Vanderbilts, Roosevelts, Kennedys, Carnegies and Rockefellers, whose elaborate mansions once anchored Fifth Avenue, there are affordable housing options throughout the neighborhood. The further east you move, away from Central Park and the more commercial avenues, the more likely you are to find quiet, tree-lined streets with historic townhouses and brownstones. Keep your eye out for reasonably priced apartments in pre-war low-rise and even a few high-rise buildings.
With abundant, beautifully landscaped green spaces, including the oasis of Central Park acting like a backyard, the area is quiet and lushly green. You can relax and unwind in John Jay Park, Carl Schurz Park or take a stroll along the East River Promenade. The whole neighborhood seems isolated from the workaday chaos of the city at large. Add to that the history of the neighborhood and the abundance of cultural institutions, and you have a uniquely welcoming neighborhood.
Known for its abundance of high-end retail shopping, especially on Madison Avenue, the Upper East Side is host to the Barneys New York flagship department store. Here you can find upscale goods, fashion and home decor items. You will also find the edgy runway-inspired Alexander McQueen collections. If you are dying to treat your feet to red-soled opulence, be sure to visit the Christian Louboutin boutique. These are only a small sampling of this high-end shopper’s paradise that features everything from designer boutiques that offer the ultimate in haute couture to resale shops where you can find last season’s best on sale at hefty discounts .
There are many unique dining experiences, from fine dining to the casual bite-on-the-go, awaiting you in the UES. Sushi is going through a renaissance in the city, and the best omakase-style sushi can be found at Sasabune on E 73rd Street. Omakase sushi means that you leave the choice of ingredients, preparation method and presentation to the chef. Elegant French cuisine can be experienced at JoJo, E 64th Street, housed in gorgeous townhouse. Just for fun, visit the Lexington Candy Shop on Lexington Avenue, to get a taste of an old-fashioned soda fountain.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 54270TH
Find home. Discover happiness.