$6,995,000
Updated 4 years ago
Off Market

520 East 88th Street

Upper East Side, Manhattan | York Ave & East End Ave

33 Rooms17 Beds17 Baths10,785 Square FeetIncome Property

$6,995,000
floors / apts6 / 17
Lot Size25'x101'
Built Size25' wide
ZoneR8B
Building TypeLow-Rise
RE Taxes$130,882
Price Per SF
$649

Building Amenities

  • Voice Intercom

Property Description for 520 East 88th Street

Compass has been retained on an exclusive basis to facilitate the sale of 520 E. 88th Street in the Upper East Side, a beautiful building only steps from Gracie Mansion, Carl Shulz Park, and the East River. 520 E. 88th features over 10,000 usable square feet and is composed of 17 units, 16 of which are free-market. This well-maintained building has undergone regular renovations whenever there was a vacant unit and has over $400k of existing income with one vacant unit. The rents are under-market since Covid and will go up 5-10% without any work. With minimal work such as duplexing the first floor or permitting the roof, a more substantial increase would be possible. Additionally, an investor could undergo more major renovation and convert these units into condos for a quick return in one of NYC’s most esteemed areas. Feel free to reach out for additional information including a pro forma, DHCRs, or to arrange access.

Listing History for 520 East 88th Street

Now
09/21/2022
TOM by Nathan Horne
Compass
06/28/2022
$6,995,000 [-$205,000] [2.8%]
Price Drop by Nathan Horne
Compass

Building Details for 520 East 88th Street

OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1910
Floors/Apts6/17
Learn More About the Building

Transit and Citi Bike

Subway

86 St
0.33 miles

Citi Bike

E 89 St & York Ave
0.08 miles
East End Ave & E 86 St
0.13 miles

Ferry

East 90th St
0.19 miles

Contact Agents

Contact Agents

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: 85832TH