For Sale
$9,700,000

49 78Th StNew York, NY 10075

Luxury Redevelopment Opportunity, 10 Units

Overview

Added:
Dec 11, 2024
Days on market:
116
This 12,100 square foot, 10-unit apartment building at 49 E 78th St, New York, NY 10075, is a prime investment opportunity. Built in 1910, this Class D elevator building boasts a large penthouse and private backyard. The property sits on a 2,554 square foot lot (25' x 102') with R8B/LH-1A zoning. Currently configured with two office spaces and seven one-bedroom apartments, plus a duplex owner's apartment (to be delivered vacant), it presents a unique chance for luxury redevelopment. The building's location on the Upper East Side, between Park and Madison Avenues, offers exceptional proximity to Central Park, Museum Mile, high-end retail, and public transportation (three blocks from the 77th Street 6 train station and numerous bus lines). The current NOI is $109,518, with a pro-forma NOI of $560,815 and a pro-forma cap rate of 5.78%. The asking price is $9,700,000 ($801.65/sq ft). This property is ideal for conversion into condominiums, single-family townhouses, or a boutique hotel. The building has no remaining development rights and is part of the Upper East Side Historic District. This is a rare chance to acquire a significant asset in a highly desirable location.

Highlights

  • $9,700,000 asking price for a luxury redevelopment opportunity on Madison Avenue.
  • Convertible to condos, single-family townhouses, or a boutique hotel.
  • Elevator building with a large penthouse and backyard.
  • Prime Upper East Side location near Central Park and Museum Mile.

Property Details for 49 78Th St

Property type
Mixed-use properties, Apartment buildings
Square Feet
12,100 SF
Class
D
Year Built
1910
Buildings
1
Units
10

Location Insight

City
New York
County
New York
State
New York
Latitude
40.7755533
Longitude
-73.9619669
49 78Th St, New York, New York

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49 78Th St
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