Cushman & Wakefield has been exclusively retained to arrange for the sale of 212-222 East 85th Street, six contiguous walkup properties located in the Upper East Side neighborhood of Manhattan. The subject properties are located on the south side of East 85th Street, midblock between 2nd and 3rd Avenues. The properties currently consist of 88 free-market units, 13 Rent Stabilized units, one Rent Controlled Unit, and 6 commercial/office units for a total of 108 units spread across approximately 62,551 gross square feet. There is a varied unit mix with a combination of studios, 1-bedroom, 2-bedroom and 3-bedroom apartments. This is an excellent opportunity for an investor to acquire a nearly 90% fully free market contiguous portfolio, in an excellent Upper East Side location, with scalability at an attractive basis and an abundance of public transportation options, amenities, and attractions in the surrounding area.
The buildings appeal to a wide variety of different investment opportunities. For the passive, long term investors, it is a rare opportunity to add six very well-maintained properties, with mostly free market apartments to your portfolio. For value-add investors, there is tremendous upside in the in-place rents. It is very important to note, that buildings 212-216 have gone through the substantial rehabilitation program, so those buildings are and will always be Free Market as the last Rent Stabilized tenants vacate. A new investor can realize immediate u
