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  • Auther Image by CRUM
  • March 21, 2020
  • 0

Listing IDOLRS-0081925
Listing Price$7,250,000
Total Baths10
CountyNew York
Year Built1920
Property TypeBuilding Sale
Property Sub TypeTownhouse
Compass has been retained on an exclusive basis to facilitate the sale of 324-328 and 327 East 89th Street on the Upper East Side. These four magnificent, 25' wide brownstones total 40 units spread over ~35k SF above-grade with six rent-stabilized and two rent-controlled units. Two of the buildings have only one regulated unit between them with 327 E. 89th having one RS unit and seven vacancies, and 328 E. 89th being fully free-market. They have been well-maintained and owned by the same family for three generations. The high percentage of free-market units offers investors numerous opportunities: A. Keep the in-place income and lease up the remaining units (current ownership has intentionally left vacancies in preparation for a sale) for a solid rate of return in already renovated buildings; B. Combine each floor into floor-through luxury units that would rent or sell at a premium upon converting to condominiums or single-families; C. Install an elevator in between the contiguous buildings and create a 50' or 75' masterpiece in a highly-desired part of Manhattan where condominium and single-family sales range upwards of $2,500 / SF for 25' wide brownstones. This is a truly remarkable opportunity to own a part of old NYC that is only a few blocks from the new second avenue subway line. Please reach out to request the DHCRs, a Pro Forma, or for any other questions. NOTE: This is for only 327 E. 89th while ownership would prefer to sell as a portfolio but will consider all offers.
© 2021 Real Estate Board of New York. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of REBNY. Real estate listings held by IDX Brokerage firms other than CRUM are marked with the Internet Data Exchange logo or the Internet Data Exchange thumbnail logo and detailed information about them includes the name of the listing Brokers. Information provided is deemed reliable but not guaranteed. Data last updated: Wednesday, October 20th, 2021 at 12:31:31 PM. Listing courtesy of Compass RE NY, LLC.

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