Description
Current Configuration: 4 Residential Units + 1 Retail Storefront Annual Gross Income: $465,000 2024 Property Taxes: Only $96,000 Lot Size: 20100.42ft Building Footprint: 2050ft (approx. 3,540SF, 3 stories) Development & Upside Potential Zoning: R8 (High-Density Residential) with C1-5 Commercial Overlay Residential FAR up to 6.02 under R8 zoning allows building ~6 the lot area (~12,000SF) C1-5 overlay Commercial FAR of 2.0 within R8, equating to combined FAR equal to the higher of the two (6.02) Buildable Area: Over 12,000SF of potential space ideal for expansion, redevelopment, or mixed-use conversion. Key Highlights Turn-key income: Immediate cash flow with long-term tenants (+ retail), plus two vacant units for flexible use Tax-efficient ownership: Annual tax burden only ~$96K, low compared to income Transferrable development rights: Rare Manhattan plot with substantial upside under current zoning Midtown core location: Minutes from Broadway, Times Square, transit, dining, and entertainment
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0BEDS
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0.05ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
Current Configuration: 4 Residential Units + 1 Retail Storefront Annual Gross Income: $465,000 2024 Property Taxes: Only $96,000 Lot Size: 20100.42ft Building Footprint: 2050ft (approx. 3,540SF, 3 stories) Development & Upside Potential Zoning: R8 (High-Density Residential) with C1-5 Commercial Overlay Residential FAR up to 6.02 under R8 zoning allows building ~6 the lot area (~12,000SF) C1-5 overlay Commercial FAR of 2.0 within R8, equating to combined FAR equal to the higher of the two (6.02) Buildable Area: Over 12,000SF of potential space ideal for expansion, redevelopment, or mixed-use conversion. Key Highlights Turn-key income: Immediate cash flow with long-term tenants (+ retail), plus two vacant units for flexible use Tax-efficient ownership: Annual tax burden only ~$96K, low compared to income Transferrable development rights: Rare Manhattan plot with substantial upside under current zoning Midtown core location: Minutes from Broadway, Times Square, transit, dining, and entertainment
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