Updated 8 days ago
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Upper East Side, Manhattan | Second Ave & First Ave
11,730 Square FeetMixed Use

$12,500,000
floors / apts5 / 8
Lot Size25'6"x100'
Built Size25'6"x100'
ZoneC1-9
Building TypeLow-Rise
RE Taxes$214,605
Price Per SF
$1,066

Building Amenities

  • Voice Intercom

Property Description

The Heller Organization is engaged as the owners’ exclusive agent to offer for sale 1495 First Avenue (AKA 355-357 East 78th Street) in the Upper East Side neighborhood of Manhattan (“Property”). This well-maintained five-story building encompasses 8 residential apartments, with flex 3-bedrooms and 2-bathrooms, a rooftop cellular tower leased to Sprint, 2 commercial retail tenants across 11,730± gross square feet. All of the apartments are free market units. Given the configuration of the Property, 1495 First Avenue is exposed on three sides, providing the apartments with favorable light and air. The building is 25.5' X 100' feet and is built full on the lot (Block: 1453 Lot: 23). The property is zoned C1-9. The Air Rights have been sold.

LOW EXPENSES: Residential tenants pay all expenses besides water/sewer. All units have recently been upgraded with new hot water heaters.

IMMEDIATE RENTAL UPSIDE: 100% of the apartments are free market currently with below market rents in 6 of the 8 apartments. In addition, all the free market units have short-term leases in place, allowing an investor to almost immediately execute their business plan upon purchase, while still capitalizing on a strong existing stream of income. Renovated units in this building have rented for upwards of $4,700, and with the appropriate upgrades, could command upwards of $4,875 to $6,200 per month, which represents a 40% immediate upside in the residential rents. Additionally, all of the utility expenses (heat, hot water, electric, and gas) are separately metered, and the cost is passed on to the residential tenants.

Situated on the northwest corner of First Avenue and East 78th Street, 1495 First Avenue sits in the heart of the Upper East Side. Strategically located steps from some of the neighborhood’s best shopping, dining, markets, museums, parks and schools, and in close proximity to 4, 5, 6, and Q subway lines, this location offers terrific access to the great amenities of the Upper East Side. Due to these appealing factors, this location attracts high-profile renters eager to pay a premium for buildings located in this immediate area.

Listing History

Now
06/20/2022
Back on the Market by Adam R. Heller
Heller Organization, The
06/01/2022
Expired by Adam R. Heller
Heller Organization, The

Building Details

OwnershipMixed Use
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1910
Floors/Apts5/8
Learn More About the Building

Transit and Citi Bike

Subway

77 St
0.31 miles
72 St
0.33 miles
86 St
0.41 miles

Citi Bike

1 Ave & E 78 St
0.07 miles
E 78 St & 2 Ave
0.09 miles

Contact Agents

Contact Agents

Adam R. Heller
Heller Organization, The
Stephen Weber
Heller Organization, The
Clinton Botway
Heller Organization, The
View this property on the company's website

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: 82474TH