Investment Overview

THE OFFERING New York Multifamily is pleased to offer the following opportunity in the booming Turtle Bay neighborhood. 216 East 49th Street is located on East 49th Street between 2nd & 3rd Avenues and contains a gross square footage of 17,645. The property is zoned R8B allowing for office to residential conversion as-of-right. THE OPPORTUNITY Current Configuration: The first floor includes a fully built out basement and is vented for a restaurant. The space features roughly 3,800 of above-grade square feet. The remaining 4 floors are currently configured as office space, and each feature roughly 3,200 square feet. Blank Canvas Flexibility: The 42’ wide, 5-story elevator building will be delivered entirely vacant at time of sale providing any purchaser, user, investor, or developer with a multitude of exit strategies and business plans: - Maintain current office configuration and reposition the space - Residential conversion as of right due to R8B zoning - Condominium conversion potential - Restaurant user potential Long Term Ownership: The property has been owned & operated by the same family for over 25 years. Prime Location: Located just steps from the United Nations Headquarters, Grand Central Station, and blocks from Central Park, 216 East 49th Street is situated on a quiet treelined block amidst Manhattan’s most desirable locations, and benefits from easy access to transportation. Resultantly, high profile renters are eager to pay a premium for all this area has to offer.