· 24 Free Loft Apartments
· Over 14,000 sq. ft. of air rights available
· Flexible, residential or commercial zoning
Luxury residential development surrounds the property
· Building is well-maintained with updated mechanical
· Apartments have excellent light, high ceilings, exposed brick, windowed baths and kitchens (Pictures attached)
The property consists of a six story, cooperative walk-up building with 25 free-market cooperative apartments. The total floor area for the building (including the garden level with two legal apartments) is approx. 15,000 gross SF.
The building footprint is 25' x 85.42' and the lot dimensions are 25' x 100.42'. There is no certificate of occupancy since the property predates New York City Certificate of Occupancy requirements.
The cooperative offering plan was accepted and "filed? by the New York State Attorney General's Office. The property is currently used as a rental building, however each of the 25 cooperative units in the building can be sold individually.
The building has charming pre-war details punctuated by bold exposed brick walls throughout and an attractive and distinct facade.
The property is an excellent candidate for conversion into a boutique hotel since the property is in close proximity to several major learning, research, and health industry institutions, Midtown tourist and business destinations, and the 57th Street corridor, all with significant, under-served lodging needs.
The need for lodging facilities in the local area will only intensify over time with a planned subway station with entrances at the four corners of 63rd Street and 2nd Avenue and a sprawling Science park being developed on Randal's Island.
PS: All units are occupied with free market unregulated co-op subleases expiring August 31st, 2012.
The owner is currently in the process of signing new leases with $5000/60-day buyout riders.
All air rights are intact. New construction of 14 stories could be built with a small contribution to neighborhood improvement.
Please contact us for a private exclusive showing.