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Type:
Multifamily
Sq Ft:
4,815
Units:
Property Description
Investment Property Realty Group (IPRG) has been exclusively retained to sell 222 East 18th Street, a prime Gramercy Park fully free market multifamily asset on a quiet, tree-lined residential block in Manhattan. Fully renovated in 2009, this 4 story, eight-unit property offers modern convenience in every residence. Each apartment is equipped with a dishwasher and an in-unit washer/dryer.
The brick building is built 18 ft x 52 ft and sits on an 18 ft x 80 ft lot. It features a strategic unit mix of eight apartments: two spacious 2-bedroom/2-bathroom units on the lower levels and six 1-bedroom units across the upper floors (two per floor).
The well-maintained property features in-place, below-market rents, which allows a new owner to capitalize on rent growth with limited capital outlay.
It benefits from the highly sought after 2B protected tax class. It is ideally located near Gramercy Park and Union Square, and topnotch restaurants on Park Avenue. It provides convenient access to the 4, 5, 6, L, N, Q, and R subway lines.
222 East 18th Street represents a rare opportunity to acquire a fully free-market Gramercy Park asset with strong in-place cash flow and immediate upside through rent growth.
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Block & Lot:
898-44
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Neighborhood:
Gramercy Park
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Cross Streets:
2nd Avenue & 3rd Avenue
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Building Dimensions:
18 ft x 52 ft
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Lot Dimensions:
18 ft x 80 ft
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Units:
8
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Total Approx. SF:
4,815
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Total Approx. BSF:
7,500
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Zoning:
R7B
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FAR:
3
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Tax Class:
2B
