19 E 71st St, New York, NY 10021

Located on East 71st Street between 5th Avenue and Madison Avenue, the offering consists of a five-story multifamily building with two floors of retail and eight residential apartments. The property has a gross square footage of 10,145 and is situated on a lot built 25 feet by 102 feet (Block: 1386 Lot: 16). The property is zoned C5-1/MP and includes an additional 16,402 square feet of unused air rights. The subject property is a five-story mixed-use elevator building containing a two floors of retail space and eight residential apartments. Located in the Upper East Side historic district, the first two floors of this asset are home to Monique Lhuillier, a sophisticated luxury bridal dress designer and retailer, who has a lease through July of 2019 with no options. Floors 3-5 are comprised of eight free market residential apartments of which there are two 2-bedroom apartments, three 1-bedroom apartments, and three studio apartments. This is an extremely rare opportunity to acquire a beautiful 25-foot wide elevator building on one of Manhattan's most prestigious blocks. Situated between 5th and Madison Avenues, this the first time in over 60 years that this asset has been offered to the market for sale. Due to the building's irreplaceable location and current layout, there are an array of value-add investment scenarios for the savvy investor to pursue. For example, the building's retail space is currently leased at approximately $86 per square foot - significantly below market. Upon lease expiration in 2019, the investor will have the opportunity to capitalize on a substantial increase in retail income. In addition, the residential apartments could use renovations and light modernizing, further enhancing the ability of the investor to capture rental upside. However, due to the unique combination of the property's size and location, it is also primed to be either partially occupied by the user as a live plus income investment scenario or upon lease expiration of the retail tenant, full conversion to a single family mansion. Located on the Upper East Side and strategically nestled in between the serenity of Central Park and the highly coveted Madison Avenue retail corridor, this one of a kind property benefits from the intrinsic value and long term appreciation potential of owning an irreplaceable asset in the cultural hub of New York City's most historic and prestigious neighborhood.