Date: Tue, Sep 25, 2012 at 3:07 PM
Subject: 228 E 7th Street, Manhattan
To: *********
**********,
I've sent a seperate link with exterior photos. 228 E 75th is also in my neighborhood. It is 20' wide with 10 apartments, 1 rent stabilized. for an asking price of $3.3M. Expiration dates are favorable. If this is being considered for a single family conversion then advice from an experienced RE attorney is recommended.
The acquisition costs is $3.3 million and conversion cost is less than $1.4 million w/o an elevator and 1.65 with an elevator. The total investment of $4.5 million with a potential profit of $2.5 million.
This is a gold mine!
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This is a twenty (20) foot wide, four (4) story walk-up building containing ten (10) residential units, of which eight (8) units are one-bedrooms and two (2) are studios. One ground floor one-bedroom has full garden access. There are nine (9) Free Market units and one (1) Rent Stabilized unit. All units are currently occupied. The building measures approximately 5,800 square feet and has about 3,374 square feet of air rights remaining.
The average rent per square foot is $42, which is under market, giving an investor long-term upside along with immediate cash flow. A new boiler (oil) was installed in 2001 and a new roof in 2011. Property is located near all Upper East Side transportation as well as the future 2nd Avenue Subway.
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