For Sale
$4,500,000

245 60Th StNew York, NY 10022

Prime location, high NOI, strong tenants

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional mixed-use building at 245 East 60th Street in New York City's Upper East Side presents a compelling investment opportunity. The 4,760 square foot property boasts a desirable location, offering immediate proximity to major hospitals, Rockefeller University, and excellent public transportation (F and Q lines at Lexington Avenue/63rd Street). Built in 1910, this four-story building features a ground floor commercial space and a finished basement, both currently occupied by Naturepedic, a mattress company. The second floor houses a commercial space occupied by an interior designer. The upper floors comprise two full-floor, three-bedroom, one-bathroom apartments, recently updated and free from rent regulation. The building is in excellent condition, with current ownership proactively upgrading building systems. The property benefits from significant unused air rights (3,272 sq ft) and is situated on a 20' x 100.42' lot zoned R8B/C2-8/TA. The current NOI is $197,414, with a pro-forma NOI of $236,803, yielding a 4.39% cap rate and a pro-forma cap rate of 5.26%. The asking price is $4,500,000. This property offers a rare combination of strong cash flow, significant upside potential, and a prime location in a vibrant and sought-after neighborhood. The building requires minimal management, making it an attractive investment for discerning buyers.

Highlights

  • Upper East Side mixed-use building, 4,760 sq ft, on a 20' x 100.42' lot.
  • Two high-quality, rent-regulated free, three-bedroom apartments.
  • Ground floor and basement commercial space occupied by Naturepedic; second floor commercial space occupied by an interior designer.
  • Excellent location near major hospitals, Rockefeller University, and the F & Q subway lines.
  • Significant unused air rights (3,272 sq ft); $4,500,000 asking price, $197,414 current NOI, $236,803 pro-forma NOI.

Property Details for 245 60Th St

Property type
Retail properties, Mixed-use properties
Square Feet
4,760 SF
Year Built
1910
Buildings
1
Stories
4
Units
4

Location Insight

City
New York
County
New York
State
New York
Latitude
40.7616306
Longitude
-73.9642415
245 60Th St, New York, New York

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245 60Th St
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