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JLL has been retained on an exclusive basis to arrange for the sale of 349 East 82nd Street, a 25’ wide, 5 story, 15 unit walk-up building located on the north side of East 82nd Street between First and Second Avenues. The Property presents a unique investment opportunity whereby a buyer has the option to either acquire the property as a turn-key investment with strong in place revenue or renovate the apartments and common areas to take advantage of the vastly improved Upper East Side post COVID rental market.
The building is configured as 13 residential apartments consisting of 1 Rent Stabilized unit, 1 Rent Controlled unit, and 11 Free Market units, as well as 2 ground floor commercial units. The 13 residential units are all configured as 2-bedrooms, with the exception of the first floor 3-bedroom duplex which also has access to a garden-level outdoor patio space.
The property features 6 floors of living space (inclusive of a PH), generous ceiling heights, on-site laundry facilities, live-in super in basement 2-bedroom (not on Certificate of Occupancy), gracious layouts with ample storage and closets, hardwood floors, and a private rear patio, and rooftop terrace. The ground floor commercial units are currently occupied by One Manhattan Real Estate and Groomingdales, which have lease expiration dates of December 31st, 2022 and November 30th, 2023 respectively. 349 East 82nd Street will appeal to an array of purchasers interested in acquiring a predominantly free market, valueadd multifamily building in an ideal Upper East Side location, with easy access to both Central Park and Carl Schurz Park.
The property will be sold on an as-is, where-is, basis.
Predominantly Free Market (85%)
Private Roof Deck Access
On-Site Laundry Facility
Short Walk to Central Park and Carl Schurz Park