42-46 East 21st Street

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 42, 44 and 46 East 21st Street, 75 feet of frontage comprised of 3 contiguous 25 foot wide walkup mixed-use buildings which have been under the same family ownership for over 47 years. The properties total approximately 25,145 gross square feet and have approximately 9,355 square feet of unused air rights. Built in 1847, the three Greek Revival/Italianate style properties are located on the south side of East 21st Street between Broadway and Park Avenue South and consist of 16 units (8 residential, 3 retail, 5 retail/showroom/office). There are 8 residential units of which 7 are free market and 1 is rent stabilized. There is significant upside potential of more than 35% in the fair market rents which average approximately $47 per square foot. The rent regulated unit is paying approximately $14 per square foot. The buildings offer a variety of apartment layouts consisting of 1 studio, 2 two-bedrooms, 4 three-bedrooms and a full floor loft with a private roof deck set up as a one-bedroom, but which affords a future owner the ability to reconfigure the apartment to a larger bedroom count. There is an extremely large rear yard for all the buildings that none of the tenants have exclusive rights to and could be a desirable amenity for the next owner to monetize on in the future. The site offers every unit exceptional light and air with a beautifully setback stoop leading up to two of the three buildings, expansive storefront windows and tremendous light in the front and rear. The property benefits from being extremely well located in the heart of Manhattan’s Flatiron/Gramercy neighborhood and easily accessible to both the Park Avenue South/Lexington Avenue and Broadway subway stops on 23rd Street. This portfolio offering, the first in over 47 years, represents a truly unique opportunity for an investor or end-user to acquire three contiguous buildings (75 feet of frontage) in one of New York City’s most desirable and flourishing neighborhoods that have immediate upside in rents and the potential to be repositioned in the future.