Property Info

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.​

  • City : New York
  • State : NY
  • Zip Code : 10022
  • Property Type : Multi-family
  • Square Feet : 9694
  • Lot Size : .05 AC
  • Year Built : 1910
  • Lease Terms : NN (Base Year Taxes) | 16 Years Remain | 3% Annual Bumps
  • Occupancy : 100% | Single Tenant | 20 Year Lease
  • Renovated : $2M | 2017-2018
  • Cap Rate 2021 : 4.48%
  • Total Building SF (Includes Cellar) : 9,694
  • Total Cellar SF : 1,890
  • Units : 7 | Individually Metered
  • Elevators : 1
  • Zoning : R8B
Status:Off-market
Starting Bid: $13,000,000
    • Time Zone :EST

    Documents

    Important Information

    • Buyers Premium :2%
    • Broker Coop :1%
    • Financing :No
    • Inspection Contingency :Yes
    • Showings :Call Eric Koesterer @ 818.426.2660

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