Updated 8 years ago
Off Market
104 East 85th Street
Upper East Side, Manhattan | Park Ave & Lexington Ave
20 Beds9,745 Square FeetIncome Property
$14,500,000
floors / apts5 / 20
Lot Size25'5"x102'
ZoneR8B
Building TypeLow-Rise
RE Taxes$93,349
Price Per SF
$1,488
Outdoor space and views
- Backyard
Building Amenities
- Voice Intercom
- Elevator
Property Description for 104 East 85th Street
Investment Overview:
Marcus & Millichap is pleased to offer the following opportunity on the Upper East Side. Located on East 85th Street between Park and Lexington Avenue, the offering consists of a vacant five-story, elevatored multifamily building with 20 residential units. The property has a gross square footage of 9,745 and is situated on a lot built 26 feet by 102.17 feet (Block: 1513 Lot: 68). The property is zoned R10/PI and includes approximately 16,307 of unused air rights. The asset is not located in an historic district nor is it landmarked.
The subject property is fully vacant, five-story elevator building currently configured as a 20-unit multifamily apartment building. The building is comprised ten 1-bedroom apartments and ten studio apartments. This is the first time the asset has been offered to the market in over 40 years.
This offering represents an extremely rare opportunity to acquire a 26-foot wide property on East 85rd Street between Park and Lexington Avenue. The building’s irreplaceable location on the Upper East Side’s “Gold Coast” coupled with its landmark free status grants both users and investors an array of potential uses with the asset that include: cash-flowing investment, live plus income opportunity, single family conversion, professional user, nonprofit facility, or government consulate.
From a conversion perspective, this property has both an ideal address and rare landmark-free status that will allow both developers and users to demolish the current structure and develop a fully custom high end family residence or other facility. Located one lot off of Park Avenue, the property also features 26,050 total buildable square feet.
Situated on a beautiful residential block, the building is located two blocks away from Central Park and the Metropolitan Museum of Art. Additionally, it is nestled amongst some of Manhattans most prestigious educational facilities including the Dalton School, Regis High School, Loyola School and it shares the block with Ramaz School. Transportation is accessible via the 4, 5, and 6 subway trains, which are just a block away on Lexington Avenue and East 86th Street.
Investment Highlights:
• 26-Foot Wide Elevator Building on East 85th Street Between Park and Lexington Avenue
• First Sale in Over 40 Years of Ownership
• Approximately 16,307 of Additional Air Rights and 26,050 Total Buildable Square Feet
• Asset Will Be Delivered Vacant
• Various Investment Scenarios: Lease-Up Cash-flowing Asset, Live Plus Income Investment, Single Family Conversion, Nonprofit Facility or Foreign Government Consulate
• Nestled Amongst Some of Manhattan’s Most Prestigious Schools: The Dalton School, Loyola School, and Shares the Block with Ramaz School
• Located Two Blocks from Central Park and Metropolitan Museum of Art and One Block from the 4, 5, and 6 Subway Trains at East 86th Street and Lexington Avenue
• Building is Neither Landmarked Nor in a Historic District
Marcus & Millichap is pleased to offer the following opportunity on the Upper East Side. Located on East 85th Street between Park and Lexington Avenue, the offering consists of a vacant five-story, elevatored multifamily building with 20 residential units. The property has a gross square footage of 9,745 and is situated on a lot built 26 feet by 102.17 feet (Block: 1513 Lot: 68). The property is zoned R10/PI and includes approximately 16,307 of unused air rights. The asset is not located in an historic district nor is it landmarked.
The subject property is fully vacant, five-story elevator building currently configured as a 20-unit multifamily apartment building. The building is comprised ten 1-bedroom apartments and ten studio apartments. This is the first time the asset has been offered to the market in over 40 years.
This offering represents an extremely rare opportunity to acquire a 26-foot wide property on East 85rd Street between Park and Lexington Avenue. The building’s irreplaceable location on the Upper East Side’s “Gold Coast” coupled with its landmark free status grants both users and investors an array of potential uses with the asset that include: cash-flowing investment, live plus income opportunity, single family conversion, professional user, nonprofit facility, or government consulate.
From a conversion perspective, this property has both an ideal address and rare landmark-free status that will allow both developers and users to demolish the current structure and develop a fully custom high end family residence or other facility. Located one lot off of Park Avenue, the property also features 26,050 total buildable square feet.
Situated on a beautiful residential block, the building is located two blocks away from Central Park and the Metropolitan Museum of Art. Additionally, it is nestled amongst some of Manhattans most prestigious educational facilities including the Dalton School, Regis High School, Loyola School and it shares the block with Ramaz School. Transportation is accessible via the 4, 5, and 6 subway trains, which are just a block away on Lexington Avenue and East 86th Street.
Investment Highlights:
• 26-Foot Wide Elevator Building on East 85th Street Between Park and Lexington Avenue
• First Sale in Over 40 Years of Ownership
• Approximately 16,307 of Additional Air Rights and 26,050 Total Buildable Square Feet
• Asset Will Be Delivered Vacant
• Various Investment Scenarios: Lease-Up Cash-flowing Asset, Live Plus Income Investment, Single Family Conversion, Nonprofit Facility or Foreign Government Consulate
• Nestled Amongst Some of Manhattan’s Most Prestigious Schools: The Dalton School, Loyola School, and Shares the Block with Ramaz School
• Located Two Blocks from Central Park and Metropolitan Museum of Art and One Block from the 4, 5, and 6 Subway Trains at East 86th Street and Lexington Avenue
• Building is Neither Landmarked Nor in a Historic District
Listing History for 104 East 85th Street
Now
01/12/2017
POM by Danny Handweiler
Marcus & Millichap
2017
Building Details for 104 East 85th Street
OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessElevator
Year Built1916
Floors/Apts5/20
Transit and Citi Bike
Subway
86 St
0.1 miles
86 St
0.31 miles
77 St
0.41 miles
Citi Bike
E 84 St & Park Ave
0.04 miles
E 88 St & Park Ave
0.17 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: 64744TH
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