308 East 49th Street, THE PROPERTY, is a 7,000 square foot mixed-use building between 2nd Avenue and 1st Avenue. The commercial space is 2,125 square feet and the residential portion is 3,828 square feet. The building has been owned and managed by the same family since 1957. THE PROPERTY has 18,110 square feet of air rights as the building is within the C1-9 zoning district.
The ground floor of the building is currently leased to a restaurant with an expiration in 2031. The residential portion of the building has 12 studio apartments. The unit sizes are approximately 350-400 square feet. There are nine free market apartments and 3 rent stabilized apartments. All free-market units were destabilized beginning in 2005 through vacancy bonuses.
The rent for the stabilized apartments are $1,520, $1,225 and $1,628 respectively. The rest of the units are free market, with projected rents at $2,500 per month.
