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240 E 90th Street, New York, NY 10128 - Availability Details

240 E 90TH Street, NEW YORK, NY 10128

  • For Sale $14,250,000
  • City NEW YORK
  • Neighborhood Yorkville
  • Zip Code 10128
  • Market Manhattan
  • Property Type Unassigned
  • Property Size 25,876 Sqft
  • Lot Size 0.11 Acre
  • Building Class D9
  • Year Built 1960
  • Date Updated 16 Jun, 2021
Cushman & Wakefield has been exclusively retained to arrange for the sale of 240 East 90th Street – a seven-story elevator multifamily building located in the Upper East Side neighborhood of Manhattan. The subject property is located on the south side of East 90th Street, midblock between 2nd and 3rd Avenues. The property consists of 25 free-market apartments spread across 25,876 gross square feet. There is a varied unit mix with a combination of studios, 1-bed, 2-bed and 3-bedroom apartments.
240 East 90th Street is an excellent opportunity for an investor to acquire a fully free market, elevator building at an attractive basis in the coveted Upper East Side neighborhood. A new investor can realize immediate upside through the
implementation of a capital program that includes increased amenities such as a
virtual doorman and a roof deck as well as through interior renovations of each
of the units to bring finishes up to 2021 standards for this product type. The large layouts lend themselves nicely to a varied tenant pool. In-place rents average around $50psf at the building while average rents for elevator rentals in the Upper East Side are closer to $70psf. Alternatively, an investor could choose to convert the apartments to condominiums and sell them off individually, capitalizing on the mature Upper East Side residential market.
240 East 90th Street is also encumbered by a mortgage that must be assumed
as part of the transaction. The loan is
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Contacts

broker

Andrew Berry

Cushman & Wakefield

(212) 589-5124

broker

Brett Weisblum

Cushman & Wakefield

(212) 660-7784

broker

Charlie Gravina

Cushman & Wakefield

(212) 841-7580

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