The Reel

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Massey Knakal Realty Services has been retained on an exclusive basis to sell a multifamily building at 206 East 75th Street. The property is located between Second and Third Avenues on Manhattan’s Upper East Side. The asking price is $4,500,000.

The five-story walk-up building sits on an approximately 20’ x 102.17’ lot and currently consists of five apartments, four of which have been completely gutted in advance of a substantial renovation.  The ground floor apartment is rent controlled and can be accessed by a separate entrance to the street. Approved plans call for the addition of a sixth floor, a full renovation of floors two-five and the common areas, as well as façade pointing.  Upon completion, the building will be transformed into a fully-modern apartment building consisting of approximately 6,600 square feet and six floor-through apartments.

This property presents an excellent opportunity for an investor to add value to an existing multifamily property or for an end-user to take the top five floors and create an approximately 5,500 square foot home in a prime Upper East Side location.

“There’s already been strong interest in this property due to its prime location, potential as a rental, single-family home, or boutique condo, and pricing at less than $825 per existing square foot," said Massey Knakal’s Guthrie Garvin, who is exclusively marketing this property with Hall Oster.

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Neighborhoods: Upper East Side