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Multifamily

221 E 48th St

221 E 48th St, New York, NY 10017

Listing Price: $4,500,000

Cap Rate
7.40%
Number of Units
5
Price/Unit
$900,000
Price/Gross SF
$1,212.28
Gross SF
3,712

Investment Overview

Marcus & Millichap is pleased to exclusively offer 221 East 48th Street for sale, positioned on a pristine block in Midtown East. Located on North side of 48th Street between Second and Third Avenues, this 5-unit condo redevelopment opportunity is approximately 5,380 square feet. 221 East 48th Street is build 20' x 49' situated on a 20' x 100.42 lot (Block: 1322 and Lot: 11). The property is zoned R8B and is Tax Class 2A.

Investment Highlights

  • Redevelopment opportunity: pre-war, boutique, luxury condo redevelopment opportunity with approved plans for 8,700 SF
  • Blank canvas: currently configured as five, vacant, floor-through units to be repositioned
  • Tax Class Protected 2A: tax increases capped at 8% year over year or 30% over any given 5 year period
  • Unique layout: all units possess outdoor space/terraces overlooking turtle bay garden
  • Ideal location: located on Diplomats Row within 5 blocks of the E, M, and 6 subway lines

Exclusively Listed By

Multifamily

221 E 48th St

Listing Price: $4,500,000

Cap Rate
7.40%
Number of Units
5
Price/Unit
$900,000
Price/Gross SF
$1,212.28
Gross SF
3,712

Investment Highlights

  • Redevelopment opportunity: pre-war, boutique, luxury condo redevelopment opportunity with approved plans for 8,700 SF
  • Blank canvas: currently configured as five, vacant, floor-through units to be repositioned
  • Tax Class Protected 2A: tax increases capped at 8% year over year or 30% over any given 5 year period
  • Unique layout: all units possess outdoor space/terraces overlooking turtle bay garden
  • Ideal location: located on Diplomats Row within 5 blocks of the E, M, and 6 subway lines

Investment Overview

Marcus & Millichap is pleased to exclusively offer 221 East 48th Street for sale, positioned on a pristine block in Midtown East. Located on North side of 48th Street between Second and Third Avenues, this 5-unit condo redevelopment opportunity is approximately 5,380 square feet. 221 East 48th Street is build 20' x 49' situated on a 20' x 100.42 lot (Block: 1322 and Lot: 11). The property is zoned R8B and is Tax Class 2A.

Exclusively Listed By

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