Completely renovated six story townhouse building with an elevator and modern upscale finishes on a prime block in the Upper East Side, landmarked by Bloomingdale’s between Park and Lexington Avenues. The building is 100% leased to a unique mental health facility and one of very few private upscale addiction treatment centers in New York City.
The tenant has 16 years remaining on 20-year lease currently paying $49,000 a month with 3% increases per year over the life of the lease. The operator improved the property with an infusion of $2 million in renovations upon signing the lease. Tenant pays all utilities, insurance, and property taxes over the base year amount. The treatment center has a successful four- year operating history with the location.
The immediate neighborhood from East 58 to East 61 has become a very sought-after medical community with several all-medical buildings as well as leased space by local area hospitals. This neighborhood is wedged between Midtown East with many high-rise expensive rental buildings and the Upper East Side. 57th St. is the crosstown artery from east and west and the subway on the corner brings patients in from the outer boroughs.
We strongly encourage you to consider this asset very seriously in your review of investment properties in Manhattan. Please visit Zetabid.com and our due diligence vault to review financials, leases, and other important documents.