MIXED USE TOWNHOUSE - END USER OF INVESTOR

 SETUP

 Floor plan

Description:

Price Reduction...Five-story mixed-use elevator building located at 36 East 73rd Street between Madison and Park Avenue in the heart of the Upper East Side, on a charming tree-lined street within steps of Central Park and Manhattan’s most exclusive boutiques. This is a unique opportunity for an end-user, investor, or retailer.

The Connoisseur Building is currently configured as a two-story retail store with three floors of residential space above, which are accessible by a keyed elevator. The future owner could reside above, rent out the retail component and enjoy the high rent district of Madison Avenue. The estimated rent from the retail portion will offset the carrying costs of this exceptional property. Renting out the entire building produces an even higher yield.

Currently the location of one of Manhattan’s longest-running antique stores, the property will be delivered vacant providing new owners the opportunity to make the building truly their own. The possibilities range from immediate move-in to value-adding upgrades including the construction of an additional floor or a roof deck.

The residential apartments are spacious with high ceilings and private keyed elevator landings. There is great natural light on each floor from the front and rear windows of the property. Each floor is overlooking the charming garden. The building mechanicals have been properly maintained.

While the Madison Business District calls for a high-end shop on the ground floor, the floors above can be configured flexibly (residential or commercial), depending on the best use scenario for the future owner.

The property is located within the Upper East Side Historic District. The LPC designation report describes the property as “non-contributing”; such buildings can usually be replaced by entirely new structures without objection from the Landmarks Preservation Commission.