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 apartments.
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.