224 East 48th Street

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Address: 224 E 48th St, New York, NY 10017, USA
Created date: March 26, 2024
Date last updated: March 26, 2024

Property Description

Kassin Sabbagh Realty (KSR) has been retained to arrange for the sale of 224 East 48th Street. Situated on picturesque tree-lined street in the delightful Turtle Bay neighborhood, this private, pet-friendly boutique elevator building offers charm and tranquility.

224 East 48th Street is a fully-occupied six-story multi-family building with +80% free-market units with approximately 37-feet of frontage on the south side of East 48th Street between 2nd and 3rd Avenues. The unit mix consists of 23 one-bedrooms and 1 two-bedroom duplex, with 21 of the 24 units (~80%) being free-market.

The building layout and location provide the ideal opportunity for conversion into corporate or furnished housing, and condominiums. Additionally, there is significant upside in the income as several units, include the free-market units, are substantially below market.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Multifamily type: Apartments
Price: $11,500,000
No. of Units: 24
Building Size: 15,042 Sq ft
Lot Size: 3,749.00 Sq ft
No. of Stories: 6
Opportunity Zone: No
Price per unit: $479,167
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Address: 224 E 48th St, New York, NY 10017, USA

FINANCIAL DETAILS

Income/expense info: Pro Forma
Gross income: 1045391.88
Effective Gross income: 993122.29
Operating expenses: 344671.47
Net operating income: 648450.82

Additional contacts

Full name Phone number Email address
RICKY ARYEH 917.797.9911 [email protected]
DAN SHAPIRO 917.519.8981 [email protected]

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