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JLL has been retained on an exclusive basis to arrange for the sale of 17 East 70th Street. The 13-unit multifamily townhouse is just steps from Central Park and is on the north side of East 70th Street between Fifth and Madison Avenue. The property contains 13 total units, of which, 11 of are residential apartments with the remaining 2 being used as office space. Currently, out of the 11 residential units, 5 are free market, 3 are rent stabilized, and 3 are rent controlled.
The property is ideally located just steps from Central Park, one of the most desired locations in all of New York City. Given the location and free market status of the majority of the units, the potential for a single-family residence is clear. A potential purchaser could utilize and/or live in a portion of the free market space until at such time when this type of conversion is the most economically viable. As such, the path to this execution where assets trade for upwards of $3,000/psf, and the surrounding area’s incredible restaurants, high end shopping and iconic NY Landmarks, presents an incredibly rare investment opportunity steps from Central Park.
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