Property Description for 317 Second Ave
A 35’ wide, 6-story plus basement, approximately 16,488 gross square foot walk-up apartment building located in the highly coveted Gramercy Park / Stuyvesant neighborhood. The property,
situated on the west side of Second Avenue between East 18th and 19th Street, contains 18 residential apartments of which 13 are Free Market, 3 are Rent Stabilized, and 2 are Rent Controlled. There is also a live-in Super’s unit in the basement with an outdoor garden which will be delivered vacant at closing. The rent regulated rents average approximately $24.28/SF while the free-market unit average is $86.90/SF providing significant upside potential. There are also approximately 9,065 SF of unused air rights which could be beneficial in the future. The property is ideal for an investor seeking a mostly renovated and stabilized asset in a superb location with air rights.
