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Executive Summary
• Rare Opportunity & Long Term Ownership. The property has been owned and operated by the same family for over70 years, presenting a rare opportunity to acquire a 4-unit mixed-use building in the heart of Midtown East.
• Restaurant/Retail End User Potential. The current restaurant lease expires in November 2027 with no option to extend, providing unrivaled end-user potential to own and operate a restaurant, or repurpose the retail into other use. The space features 2,000 square feet on the ground floor, a full vented kitchen, a liquor license, and a full basement formeal prep and additional storage.
• 100% Free Market – Value Add & Retail Repositioning. 232 East 58th Street represents a true value-add & retailrepositioning opportunity. The asset consists of four units: a ±2,000 SF ground-floor retail space currently leasedsignificantly below market, a full-floor boutique office, and two free-market residential units – both of which can be converted to 2BR layouts to increase cash flow. Statutorily exempt from rent stabilization, the building is 100% free-market, providing for immediate upside. Additionally, floors 2 & 3 will be delivered vacant upon sale, providing for immediate business plan execution upon acquisition.
• Multiple Investment Strategies. 232 East 58th Street features multiple investment strategies, including, but notlimited to: converting the office floor to residential to capture historically strong rental demand, transitioning the assetinto protected Tax Class 2A status, repositioning the under-market retail as the current term nears expiration, potentialend-user occupancy of the restaurant, and executing a value-add business plan through cosmetic renovations toincrease cash flow significantly.
• Unrivaled Location. Positioned just off the corner of East 58th Street and 2nd Avenue, 232 East 58th Street sits on a quiet, tree-lined block at the nexus of Midtown East and the Upper East Side—two of Manhattan’s most affluent and high-demand neighborhoods. The property is surrounded by high-end national retailers, luxury condo towers, andongoing residential development, forming a dense live-work-play ecosystem. With direct access to the 4/5/6, N/R/W, F, and Q subway lines, the Queensboro Bridge, and major bus routes, the location offers unrivaled connectivity to the entire city. Resultantly, high-profile renters and retailers are eager to pay a premium for all this area has to offer.
• Restaurant/Retail End User Potential. The current restaurant lease expires in November 2027 with no option to extend, providing unrivaled end-user potential to own and operate a restaurant, or repurpose the retail into other use. The space features 2,000 square feet on the ground floor, a full vented kitchen, a liquor license, and a full basement formeal prep and additional storage.
• 100% Free Market – Value Add & Retail Repositioning. 232 East 58th Street represents a true value-add & retailrepositioning opportunity. The asset consists of four units: a ±2,000 SF ground-floor retail space currently leasedsignificantly below market, a full-floor boutique office, and two free-market residential units – both of which can be converted to 2BR layouts to increase cash flow. Statutorily exempt from rent stabilization, the building is 100% free-market, providing for immediate upside. Additionally, floors 2 & 3 will be delivered vacant upon sale, providing for immediate business plan execution upon acquisition.
• Multiple Investment Strategies. 232 East 58th Street features multiple investment strategies, including, but notlimited to: converting the office floor to residential to capture historically strong rental demand, transitioning the assetinto protected Tax Class 2A status, repositioning the under-market retail as the current term nears expiration, potentialend-user occupancy of the restaurant, and executing a value-add business plan through cosmetic renovations toincrease cash flow significantly.
• Unrivaled Location. Positioned just off the corner of East 58th Street and 2nd Avenue, 232 East 58th Street sits on a quiet, tree-lined block at the nexus of Midtown East and the Upper East Side—two of Manhattan’s most affluent and high-demand neighborhoods. The property is surrounded by high-end national retailers, luxury condo towers, andongoing residential development, forming a dense live-work-play ecosystem. With direct access to the 4/5/6, N/R/W, F, and Q subway lines, the Queensboro Bridge, and major bus routes, the location offers unrivaled connectivity to the entire city. Resultantly, high-profile renters and retailers are eager to pay a premium for all this area has to offer.
Property Facts
| Price | $5,444,945 CAD | Building Class | C |
| Price Per Unit | $1,361,236 CAD | Lot Size | 0.05 AC |
| Sale Type | Investment | Building Size | 4,760 SF |
| No. Units | 4 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1901 |
| Property Subtype | Apartment | ||
| Zoning | R8 - R8 Zoning is considered “high density” residential zoning. | ||
| Price | $5,444,945 CAD |
| Price Per Unit | $1,361,236 CAD |
| Sale Type | Investment |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 4,760 SF |
| No. Stories | 4 |
| Year Built | 1901 |
| Zoning | R8 - R8 Zoning is considered “high density” residential zoning. |
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Walk Score®
Walker's Paradise (100)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (80)
Property Taxes
| Parcel Number | 1331-0033 | Improvements Assessment | $534,024 CAD |
| Land Assessment | $368,776 CAD | Total Assessment | $902,801 CAD |
Property Taxes
Parcel Number
1331-0033
Land Assessment
$368,776 CAD
Improvements Assessment
$534,024 CAD
Total Assessment
$902,801 CAD
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232 E 58th St
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