520 East 88th Street, New York, New York, 10128

520 East 88th Street
New York NY 10128

Cross street:York Avenue

Building

Type:Low-rise
Era:Post-war
Floors:6

Property

Ownership: Income Property
Rooms: 33
Bedrooms: 17 BR
Bathrooms: 17

Financials

Price: $6,995,000
594 Broadway, New York, NY 10012, USA
Courtesy of Compass

Description

Compass has been retained on an exclusive basis to facilitate the sale of 520 E. 88th Street in the Upper East Side, a beautiful building only steps from Gracie Mansion, Carl Shulz Park, and the East River. 520 E. 88th features over 10,000 usable square feet and is composed of 17 units, 16 of which are free-market. This well-maintained building has undergone regular renovations whenever there was a vacant unit and has over $400k of existing income with one vacant unit. The rents are under-market since Covid and will go up 5-10% without any work. With minimal work such as duplexing the first floor or permitting the roof, a more substantial increase would be possible. Additionally, an investor could undergo more major renovation and convert these units into condos for a quick return in one of NYC’s most esteemed areas. Feel free to reach out for additional information including a pro forma, DHCRs, or to arrange access.

Amenities

  • Voice Intercom
  • Walk-up

Neighborhood

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Compass has been retained on an exclusive basis to facilitate the sale of 520 E.

Description

Compass has been retained on an exclusive basis to facilitate the sale of 520 E. 88th Street in the Upper East Side, a beautiful building only steps from Gracie Mansion, Carl Shulz Park, and the East River. 520 E. 88th features over 10,000 usable square feet and is composed of 17 units, 16 of which are free-market. This well-maintained building has undergone regular renovations whenever there was a vacant unit and has over $400k of existing income with one vacant unit. The rents are under-market since Covid and will go up 5-10% without any work. With minimal work such as duplexing the first floor or permitting the roof, a more substantial increase would be possible. Additionally, an investor could undergo more major renovation and convert these units into condos for a quick return in one of NYC’s most esteemed areas. Feel free to reach out for additional information including a pro forma, DHCRs, or to arrange access.

Amenities

  • Voice Intercom
  • Walk-up

Neighborhood

More listings:

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.

All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.