49 78Th St, New York, NY 10075
8 Unit Apartment Building | $9,700,000 ($1,212,500/Unit) | New York, NY 10075
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $9,700,000
- Property Type
-
Multifamily
- Square Feet
- 12,100 SF
Listing Contacts
John Stewart
Verified Profile
Dylan Torey
Verified Profile
- Property Info
Property Overview
Marcus & Millichap is the exclusive sales broker for 49 East 78th Street (the “Property”), an elevator apartment building on East 78th Street between Park and Madison Avenues on the Upper East Side. The Property has twenty-five feet of frontage on 78th Street and is built 25 feet by 84 feet on a 25 foot by 102 foot R8B/LH-1A-zoned lot. The Property has no remaining development rights and is part of the Upper East Side Historic District. The Property’s unit mix is comprised of two office spaces on the cellar, mezzanine and ground floor occupied by doctors. The upper floors house seven one-bedroom free market apartments and one duplexed owner's apartment which will be delivered vacant. The Property offers an investor an exceptional opportunity to own a building on the Upper East Side directly off Madison Avenue and one block from Central Park. In general, this section of the Upper East Side is in constantly high demand by apartment tenants for its historic appeal, cultural and architectural charm, and extensive high-end retail offerings; this has resulted in a low supply of available rental apartments and reliable value preservation. Located on 78th Street between Madison and Park Avenues, the Property is proximity to high-end boutiques, critically acclaimed restaurants and cultural institutions that attract a high volume of locals and tourists to the immediate area. The Property is three blocks from the 77th Street subway station (6 train) and many bus lines.
Property Details
- Class
- B
- Year Built
- 1910
- Stories
- 5
- Lot Size (sq. ft)
- 2,614 SF
- Units
- 8
Highlights
- Luxury Redevelopment Opportunity off Madison Avenue
- Ideal for Single-Family Townhouse or Boutique Hotel Conversion
- Tax Class 2B
- Close to Museum Mile & Central Park
- Exclusive Neighborhood in High Demand
Nearby Properties
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