Updated 9 years ago
Off Market
523B East 85th Street
Upper East Side, Manhattan | York Ave & East End Ave
12 Beds8,375 Square FeetRental Property
$7,995,000
floors / apts5 / 9
Lot Size25'x102'
ZoneR8B
Building TypeTownhouse
RE Taxes$58,618
Price Per SF
$955
Outdoor space and views
- Backyard
- Balcony
- Deck
- Patio
Building Amenities
- Voice Intercom
Property Description for 523B 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 York Avenue and East End Avenue, the offering consists of a five-story multifamily building with seven residential units. The property has a gross square footage of 9,000 and is situated on a lot built 25 feet by 102 feet (Block: 1582 Lot: 13). The property is zoned R8B and includes an additional 1,839 square feet of unused air rights.
The subject property is an immaculately renovated, five-story walkup building containing a total of seven apartments. The building is comprised of one owner’s triplex apartment and six, two-bedroom apartments. Of the seven units, three are free market, two are rent-stabilized, and two are rent-controlled. This is a rare opportunity to acquire a beautiful, newly renovated 25-foot wide residential property that can be operated exclusively as a multifamily property or can be partially owner occupied as a live-plus income opportunity.
The building features high end exterior renovations including a limestone clad facade and custom oak-paneled garage door. The owner’s triplex unit contains the bulk of the lower level, the entire ground floor, and the entire second floor. This unit boasts four large bedrooms, four and one half luxury bathrooms, a great room that opens onto a private lawn, a family room/den that opens onto a private patio, a private laundry room, a heated two car garage, and additional storage space.
In addition, the triplex showcases the building’s luxury interior renovations including: state of the art kitchen complete with Viking and Subzero appliances, all tastefully adorned with Statuary marble and an abundance of cabinetry and storage. Classic custom wrought iron bannisters and a Juliet balcony wrap around to overlook the private backyard, meeting the demands of the Upper East Side’s most discriminating residents.
The free market apartment units and building common areas have all been renovated to the same standards, maintaining a consistent theme of high end urban modernization throughout the property. The four rent-regulated apartments, all of which are rented significantly below market levels, allow the savvy investor to capture future upside in cash flow. Located just a half block from Carl Schurz Park, this property benefits from the intrinsic value and long term appreciation potential of owning an irreplaceable asset in one of New York City’s most prestigious neighborhoods.
Investment Highlights:
25-Foot Wide Building Located on East 85th Street Between York Avenue and East End Avenue
Steps from Carl Schurz Park
Newly Renovated Property with Limestone Facade and State of the Art Interior Finishes
Rare Building Layout with Owner’s Triplex Unit Featuring: Private Yard, 2-Car Garage, 4 Bedrooms and 4.5 Luxury Bathrooms
Six Residential Two-Bedroom Apartments; Two Free Market; Two Rent-Stabilized and Two-Rent Controlled
Significant Upside in Regulated Apartments; Average Rent of $818
Unique Property: Lease-Up and Hold as Cash-flowing Asset or Utilize as Live Plus Income Investment
Convenient Access to 4, 5, and 6 Subway Trains on East 86th Street and Lexington
Tax Class 2B: Taxes Cannot Increase by More than 8% Per Year and no more than 30% Over 5 Years
Marcus & Millichap is pleased to offer the following opportunity on the Upper East Side. Located on East 85th Street between York Avenue and East End Avenue, the offering consists of a five-story multifamily building with seven residential units. The property has a gross square footage of 9,000 and is situated on a lot built 25 feet by 102 feet (Block: 1582 Lot: 13). The property is zoned R8B and includes an additional 1,839 square feet of unused air rights.
The subject property is an immaculately renovated, five-story walkup building containing a total of seven apartments. The building is comprised of one owner’s triplex apartment and six, two-bedroom apartments. Of the seven units, three are free market, two are rent-stabilized, and two are rent-controlled. This is a rare opportunity to acquire a beautiful, newly renovated 25-foot wide residential property that can be operated exclusively as a multifamily property or can be partially owner occupied as a live-plus income opportunity.
The building features high end exterior renovations including a limestone clad facade and custom oak-paneled garage door. The owner’s triplex unit contains the bulk of the lower level, the entire ground floor, and the entire second floor. This unit boasts four large bedrooms, four and one half luxury bathrooms, a great room that opens onto a private lawn, a family room/den that opens onto a private patio, a private laundry room, a heated two car garage, and additional storage space.
In addition, the triplex showcases the building’s luxury interior renovations including: state of the art kitchen complete with Viking and Subzero appliances, all tastefully adorned with Statuary marble and an abundance of cabinetry and storage. Classic custom wrought iron bannisters and a Juliet balcony wrap around to overlook the private backyard, meeting the demands of the Upper East Side’s most discriminating residents.
The free market apartment units and building common areas have all been renovated to the same standards, maintaining a consistent theme of high end urban modernization throughout the property. The four rent-regulated apartments, all of which are rented significantly below market levels, allow the savvy investor to capture future upside in cash flow. Located just a half block from Carl Schurz Park, this property benefits from the intrinsic value and long term appreciation potential of owning an irreplaceable asset in one of New York City’s most prestigious neighborhoods.
Investment Highlights:
25-Foot Wide Building Located on East 85th Street Between York Avenue and East End Avenue
Steps from Carl Schurz Park
Newly Renovated Property with Limestone Facade and State of the Art Interior Finishes
Rare Building Layout with Owner’s Triplex Unit Featuring: Private Yard, 2-Car Garage, 4 Bedrooms and 4.5 Luxury Bathrooms
Six Residential Two-Bedroom Apartments; Two Free Market; Two Rent-Stabilized and Two-Rent Controlled
Significant Upside in Regulated Apartments; Average Rent of $818
Unique Property: Lease-Up and Hold as Cash-flowing Asset or Utilize as Live Plus Income Investment
Convenient Access to 4, 5, and 6 Subway Trains on East 86th Street and Lexington
Tax Class 2B: Taxes Cannot Increase by More than 8% Per Year and no more than 30% Over 5 Years
Listing History for 523B East 85th Street
Now
01/12/2017
POM by Danny Handweiler
Marcus & Millichap
2017
Building Details for 523B East 85th Street
OwnershipRental Property
Building TypeTownhouse
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1910
Floors/Apts5/9
Transit and Citi Bike
Subway
86 St
0.35 miles
Citi Bike
E 85 St & York Ave
0.09 miles
East End Ave & E 86 St
0.1 miles
Ferry
East 90th St
0.28 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: 64205TH
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