Investment Overview

Marcus & Millichap is the exclusive sales broker for 345 East 62nd Street (“Property”), a recently constructed mixed-use elevator building on Sixty-Second Street between First and Second Avenues on the Upper East Side. The Property has seventeen feet of frontage on Sixty-Second Street and is built 17 feet by 9 feet on a 17-foot by 100-foot R8B/C2-5-zoned lot. The Property has approximately no unused development rights and is not part of a historic district. Completed in 2008, the Property’s unit mix is comprised of a ground floor commercial space and finished cellar occupied until March 2027 by Little Gem, a catering company. The upper floors house five apartments that are comprised of one studio, three two-bedroom/two-bathroom units and one penthouse. The apartments have luxury finishes, gas fireplaces, outdoor spaces and are not subject to rent regulation. The Property offers an investor the opportunity to own a newly built elevator building not subject to rent regulation in a bustling section of the Upper East Side. In addition, the building requires minimal management, is in excellent condition with current ownership regularly upgrading many building systems, and each unit has luxury condominium features that allows new ownership to maximize rent per square foot. Located in one of Manhattan’s most popular residential neighborhoods, the Property is surrounded by bars, restaurants and nightlife. It is also a short distance away from Rockefeller University, Memorial Sloan Kettering Cancer Center, Hospital for Special Surgery and New York Presbyterian Hospital. The Property is three blocks from the Lexington Avenue/63rd Street subway station (F and Q lines).