This is a unique opportunity for both end users and investors alike. With low carrying costs for a 2-bedroom, the apartment presents an especially compelling value proposition, while its current rental performance demonstrates the potential for a 5% cap rate, making it an attractive income-producing asset as well.
333 East 46th Street is a full-service condop offering the flexibility of unlimited subletting from day one of ownership. Amenities include a landscaped roof garden, patio-level sitting area, garage, central laundry, full-time concierge, and live-in superintendent. Ideally positioned near the United Nations, Dag Hammarskjöld Plaza, the East River Esplanade, and Midtown East's renowned dining, shopping, and transportation, Apartment 16F is a distinctive Turtle Bay offering with strong appeal for both investors and those seeking a smartly designed Manhattan home.
Quick Profile
Turtle Bay is best known for hosting the world’s dignitaries at United Nations once a year as the world institution sits on the eastern edge of the neighborhood along the East River.
But this midtown location offers a lot more, a bustling neighborhood teeming with high-rise apartment buildings and an easy walk to the Midtown business district.
Over the past two decades, developers have assembled almost every corner development site along Second Avenue and have built straight up. Not much left to assemble.
Some of the more glamorous, and of course most expensive, addresses are in close proximity to the United Nations. Trump World Tower, which caused a big stir with area residents, in particular, Walter Cronkite, when it was built sits just north of the United Nations Grounds.
In contrast to the proliferation of the residential highrise, Turtle Bay does have some lovely tree-lined streets between the avenues. In particular, Turtle Bay Gardens, which fronts both 48th Street and 49th Street between Third and Second Avenue has always been a haven for the rich and famous.