19 E 66th St, New York, NY, 10065-5820, US

19 East 66th Street

Asset description

JLL has been retained on an exclusive basis to arrange for the sale of 19 East 66th Street (the “Property”), a 20’ wide, 5-story elevatored commercial townhouse on the north side of East 66th Street between Fifth and Madison Avenues. The Property represents an attractive opportunity for an investor to either reposition the property into a single family residence, a pied-a-terre, or continue to operate the property as a commercial townhouse. The building is currently configured as a two-tenant commercial property, consisting of two separate art galleries known as Blum & Poe and Rosenberg and Co. Across both leases, the Property generates over $1,000,000 in gross annual revenue, in addition to benefitting from real estate tax reimbursements from both tenants.

The Property features 6 floors of usable space, generous ceilings heights, and high-end showroom finishes throughout. The prestigious location of this property has made this townhouse attractive to art dealers and is currently home to two well known galleries. Features of this property include a center entrance, a spacious lobby, an elevator, a terrace off the third floor and central air conditioning. In addition to receiving a new roof in 2014, a new water main was installed from the street to the building in 2016 and 12 new windows on the front of the building were installed in 2018.

Founded in Santa Monica in 1994, Blum & Poe is a contemporary art gallery that showcases the connection sculpture, paintings & photography that also features locations in Los Angeles and Tokyo. Rosenberg & Co. Gallery continues Marianne Rosenberg's family’s distinguished tradition of exhibiting both modern and contemporary art. The gallery presents an international roster of works by prominent impressionist, modern and contemporary artists. Together with the Blum & Poe gallery, Rosenberg & Co. have made 19 East 66th Street synonymous with fine contemporary art.

19 East 66th Street will appeal to an array of purchasers interested in acquiring a commercial townhouse in a marquee Upper East Side location on a Central Park block.

The Property will be sold on an as-is, where-is, basis

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Attributes

Asking Price

$16,500,000

Building area Gross

7,306 sf

Year built

2000

Land area Gross

0.05 acres (2,008 sf)

Cap Rate

4.49%

NOI

$741,000

Media

Investment highlights

Premier Location

The Property sits in the heart of Lenox Hill in the Upper East Side Historic District, a neighborhood adorned with picturesque, tree-lined streets of charming Manhattan townhomes, historic Brownstones, and imposing apartment buildings. The Upper East Side Historic District is one of New York City’s largest landmark districts. Designated in 1981, this district stretches along Fifth Avenue from 59th Street to 78th Street, and at certain points, as far east as Third Avenue. The Property is also only a short walk from Central Park and ‘The Gold Coast’ retail corridor on Madison Avenue, offering an abundance of recreational, high-end retail and premium cuisine options close by.

Stable Product

As one of the most coveted live-work-play neighborhoods in Manhattan, the Upper East Side and more specifically Lenox Hill, garners high demand from renters and retailers alike. The Property has performed well through the pandemic and has retained both of its tenants, despite the struggles retailers have experienced throughout New York City

Cash Flowing Property

The Property currently has two well-known art galleries as in-place tenants, which provide a combined $1,006,000 of gross annual rental revenue, while also offering reimbursements on the Property’s real estate taxes.