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With a floor to area ratio of 4, air rights and approximately 6,915 square feet, this 21' x 75' 10-unit investor income property is delivered 60% vacant (with buyout options for the four remaining rent stabilized tenants). Current owners just completely renovated all hallways and mechanicals. The operating costs are quite low because the building uses steam heat and is very efficient in all other utilities.
220 East 49th Street is perfect for owner occupation, corporate housing or a 1031 exchange. Detailed financial information and floor plans available upon request for serious prospective investors.
LAYOUT:
Basement: Mechanicals and storage
Ground floor: Vacant front-facing 49th Street junior one-bedroom set up as an office. Rear owner's one-bedroom facing south, one full bathroom and garden (21' x 25.42').
First floor: Vacant one-bedroom facing 49th Street. Convertible two-bedroom facing south over the garden, occupied by rent-stabilized tenant with lease expiring 8/21/2009.
Second floor: One-bedroom facing 49th Street, occupied by rent-stabilized tenant with lease expiring 8/29/2009. Convertible two-bedroom facing south over the garden, occupied by free market tenants with lease expiring 8/30/2008.
Third floor: One-bedroom facing 49th Street, occupied by rent-stabilized tenant with lease expiring 8/31/2009. Convertible two-bedroom facing south over the garden, occupied by free market tenant with no lease; can be delivered vacant.
Fourth floor: One-bedroom facing 49th Street, occupied by rent-stabilized tenant with lease expiring 3/31/2009. Convertible south-facing two-bedroom, occupied by a family with no lease; can be delivered vacant.
ZONING: R8-B
BUILDING CLASS: C5 (Converted dwellings or rooming house)
PRICE: $6,850,000
CONTACT:
Lyon Porter
Cell: 917.881.6762
Dir: 646.300.7222
Fax: 646.896.3722
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