JLL has been retained on an exclusive basis to arrange for
the sale of 206 East 75th Street, a turn-key 6 story walk-up
apartment building located on East 75th Street between
Second and Third Avenues containing six floor through
206 East 75th Street recently underwent a complete gut
renovation including the construction of an additional
floor (6th story), a common roof deck, on-site laundry and
basement storage. Of the 6 units, 5 are free market and
1 is rent controlled. The renovated apartments consist
of 3 two-bedrooms and 2 three-bedrooms complete
with luxury finishes renting for an average of $5,112 per
month or approximately $70 per net square foot. The rent
controlled unit is located on the garden level (accessed via
a separate step-down entrance) and is rented for $818 per
month or approximately $14 per net square foot.
Nearly all of the building’s infrastructure was replaced
during the renovation including upgraded electric service,
new plumbing & gas risers, and all new windows. The boiler
was converted to gas service and each of the market rate
apartments contains individual wall-mounted HVAC units
and separate water heaters that are billed to the tenants.
In addition, the façade, roof, and entry door were replaced
and the common areas have been modernized.
206 East 75th Street presents an excellent opportunity
to acquire a low maintenance, turn-key, building with
remaining long term upside potential. The property is ideal
for a wide array of potential purchasers including investors
seeking yield or live plus income, and users interested in
recapturing a large owner’s unit while maintaining the
potential for a long term single family conversion.
The property is being offered on an as-is where-is basis.