18 East 23rd Street

A 25' wide, 5½-story plus cellar, mixed-use apartment building that contains 16 residential units plus a restaurant. The walk-up building has 16 free market studios. The four studios on the top floor have double height ceilings with loft space on the upper partial floor overlooking the living space. Overall, the studios rent for an average of $2,300 per month in a neighborhood where non-doorman studios typically command in excess of $2,600 per month and the larger duplex/loft studios are renting for $2,700-$3,000 per month. The retail is leased to the creative salad eatery CHOP'T for 4½ more years at $170 per square foot on a block where rents have escalated to over $225 per foot. The property is located on prime 23rd Street between Broadway and Park Avenue South in the heart of the Flatiron neighborhood overlooking Madison Square Park. Built circa 1900, the building last underwent a major renovation in 1988 and in 2011 the vestibule and apartments were partially renovated. The property is ideal for a value-add investor, an investor looking to preserve capital in a stable cash flowing asset or a future potential end-user that could place their retail business in the ground floor in the short-term. The property has no air rights available after being sold to the adjacent One Madison Park, a new condominium project next door. The property's excellent location across from Madison Square Park, the MetLife Clocktower and less than a block away from the Flatiron Building make it an attractive opportunity for an investor looking to purchase a mixed-use asset in this super-prime neighborhood.