29 E 73rd St29 East 73rd St, New York, NY, 10021-3587, US

29 East 73rd Street

Asset Description

29 East 73rd Street is a mixed-use commercial townhouse featuring retail, office, and residential space on a treelined Central Park block in one of Manhattan’s most sought after residential neighborhoods. The five-story building is currently split across three units, consisting of two commercial tenants on the bottom three floors and an owner-occupied duplex on the 4th and 5th floors. The ground floor, basement level, and backyard are occupied by Ivar jewelry, while the second and third floors are leased to a boutique gym. The top two floors are occupied by the current owner and will be delivered vacant upon closing. The Property presents the possibility to convert the entire building into a 4-5 unit multifamily building or a single family home, making it an attractive opportunity given its location between 5th and Madison Avenues.

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Attributes

Number of units

Occupancy

100%

Year built

1910

Building area gross

383 m²

Media

Investment Highlights

Premier Location

The Property sits on a tree-lined Central Park block in one of Manhattan's preeminent neighborhoods boasting histrionically low vacancy and constant market demand.

Repositioning Opportunity

The Property presents a prime opportunity to renovate and reposition the upper floors of the building, while also enjoying revenue from an in-place commercial tenant occupying the ground floor.

Connectivity

The Property sits on a preeminent block of the highly exclusive Upper East Side neighborhood in School District 2, surrounded by decadent foreign consulates, high-profile museums and art galleries, as well as providing easy access to Central Park.

Protected Tax Class

29 East 73rd Street is designated under the protected tax class "2A" and are protected from tax increases above 8% for one year or 30% in any 5-year period.