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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