This is a meticulously renovated 5 story, 21' wide, brick townhouse on a tree-lined double-width street in Kips Bay built circa 1920 which was gut renovated in 2009 with no detail overlooked. The house has 8.5 new bathrooms and 4 new kitchens, new plumbing, new wiring and electrical service, and it also has 4 state-of-the-art fuel efficient gas heat and hot water systems individually controlled and paid for by each of the tenants. The building stands 21' wide and 59' deep on a 99' lot. It is configured into a large 2400SF, 3-bedroom owner's duplex plus full finished basement and 3 free market floor-through 1200SF units each with two bedroom and two baths which were also gut renovated and are in mint condition. Each has north and south exposures, their own private south facing terrace, thru-wall A/C and a W/D. The parlor floor duplex has central A/C, also enjoys north and south exposure with a south facing terrace and has sole use of a southern garden which is landscaped and has built in irrigation and lighting systems. This unit features a huge Edwardian living room on the parlor floor with an original marble fireplace, floor to ceiling north facing windows with 14 foot ceilings and overlooks a wide tree-lined street. In total the building measures 6,200 square feet and presents the option of a turnkey investment in one of Manhattan's fastest growing neighborhoods or it can also be reconfigured back to a single-family residence. Currently as owner occupied, this property offers a Net Operating Income of over $160,000 per annum. As a straight-out investment opportunity renting all 4 units the NOI is more than $250,000 annually ? a 3.1% cap rate which is poised to increase. This property is situated on the south side of one of the most charming blocks in Kips Bay between 1st and 2nd Avenues. It is in close proximity to shopping at Fairway, entertainment, restaurants and excellent transportation and within a few blocks of major hospitals and medical professional institutions including: NYU Medical Center, the RUSK Institute, Bellevue Hospital, Alexandria Center for Life Science, Hunter College health Sciences Campus, VA NY Harbor Healthcare System and the NYU College of Dentistry. It is also in close proximity to transportation hubs and ideally located near the Queens Midtown Tunnel and a few blocks East of the 33rd St Subway station served by the 6 line and just 4 short blocks South from the crosstown bus on 34th Street. The 34th St East River Ferry Terminal is also a short distance away. The building's original details include a curving staircase, five fireplaces and completely restored original brick façade. This house is currently occupied by the owner and 3 tenants. All four units of this superb building are free market, making this a great opportunity for a single family conversion, an income producing investment or a combination live and income. The real estate taxes are currently $31,051/yr.
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