The subject
property is a garage condominium located just off of the northwest
corner of 1st Avenue and East 74th Street in New York’s exclusive Upper
East Side. The garage features 75 potential and 61 legal spaces in the
lower level of The Amherst, a 250 unit residential building that was
converted into cooperatives in 1989. Not only does the garage benefit
from its location in a large apartment building and adjacent to a high
traffic corner, it is also just blocks away from both Memorial Sloan
Kettering and the Hospital for Special Surgery. The condominium is
currently leased by Alliance Parking on a triple net basis through June
2028. The projected net operating income for 2011 is approximately
$275,000.
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Neighborhoods: Upper East Side