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
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.