1750 - 1752 Second Avenue 2 Multifamily Properties Offered at $21,985,741 CAD in New York, NY

The New York Multifamily team is pleased to exclusively offer for sale 1750 Second Avenue and 1752 Second Avenue, located in the Yorkville neighborhood. Located on the East side of Second Avenue between East 91st Street and East 92nd Street, these two adjacent mixed-use buildings include 20-units comprised of approximately 15,070 square feet with 50’ of frontage. These properties sit on a 50’x80’ lot (Block: 1554 and Lot: 2 & 3) and are built 65’ deep. The properties are zoned C2-8 and do not come with available air rights.
THE OPPORTUNITY
• Building Overviews: These 5-story adjacent mixed-use buildings feature 50 feet of frontage on Second Avenue and contain 16 residential apartments and 4 commercial units. The residential unit mix consists of 1 one-bedroom apartment, 4 two-bedroom apartments, and 11 three-bedroom apartments. The commercial unit mix consists of 2 North and 2 South facing stores.
• Newly Renovated Apartments with High End Finishes: The apartments feature plank hardwood flooring, exposed brick, renovated kitchens with all custom cabinetry, condo-like finishes, dishwasher, renovated bathrooms, and in-unit washer and dryer.
• 1750 Second Avenue | 100% Free Market Status: All the residential apartments in 1750 2nd Avenue are 100% Free Market, giving potential buyers future rental upside and flexibility. A buyer can feel comfortable knowing that they do not need take on burdensome management of rent regulated apartments.
• 1752 Second Avenue | 50% Free Market Status: 4 of the 8 residential apartments are Free Market. Of the 4 remaining apartments, 3 are Rent Controlled and only 1 is Rent Stabilized.
• Desirable Location: Yorkville is a highly desirable residential and retail neighborhood. This building is across the street from Ruppert Park, steps away from a variety highly trafficked retail / restaurants, schools, nearby train and bus transportation, and Central Park.
• Retail Repositioning Opportunity: With a variety of retail lease expirations ranging from 2025 – 2034, a buyer can reposition certain spaces with stable / guaranteed income from the in place residential and commercial tenants.
• Tax Class Protected: 1750 and 1752 Second Avenue fall under the highly coveted protected tax class: 2B. By law, taxes cannot increase more than 8% year-over-year or 30% over any given 5-year period. This acts as a great hedge against future rising taxes.