509 East 87th Street
Multifamily | 10 Units | $920,000/unit
Marketing description
Horvath & Tremblay is pleased to present the exclusive sale of 509 East 87th Street, a ten (10) unit multi-family investment property located in the Upper East Side neighborhood of New York, New York (the “Property”). 509 East 87th Street is a five-story building that contains ten residential units comprised of two (2), 3-Bedroom/2-Bathroom units and eight (8), 4-Bedroom/2-Bathroom units in a 9,396 square foot building on a 0.06- acre parcel. The well-maintained building also features an on-site laundry facility for residents.
The Property is situated in an incredible urban infill location in the Upper East Side neighborhood of Manhattan. 509 East 87th Street is between East End Avenue and York Avenue and is seconds from Carl Schurz Park and less than 1-mile from Central Park, the Metropolitan Museum of Art and the Guggenheim Museum. The Property enjoys convenient access to the MTA bus line, several subway stations, the East 90th Street Ferry, and the FDR Drive. The Property enjoys convenient access to area amenities including countless restaurants, retailers, museums, schools, businesses, and service tenants. 509 East 87th Street offers the rare opportunity to acquire a ten (10) unit multi-family asset that is 100% Free Market in one of the country’s best performing real estate markets.
Investment highlights
TRANSIT ORIENTED LOCATION
Manhattan's Upper East Side boasts a robust and intricate transportation infrastructure that seamlessly connects it to the broader fabric of New York City. The area is well-served by an extensive network of subway lines, making it easily accessible to residents, commuters, and tourists alike while bus routes crisscross the neighborhood, enhancing local mobility. FDR Drive and the Queensborough Bridge provides essential vehicular connections to Queens, Brooklyn and beyond, facilitating the flow of traffic in and out of the area.
Public transportation options are easily accessible from the Property:
The 86th Street & 2nd Avenue Station with service on the N, Q, R Trains is 0.3-miles away, and the 86th Street and Lexington Avenue Station with service on the 4, 5, 6 Trains is 0.6-miles away. The Property is also just 0.3-miles from the East 90th Street Ferry Terminal with service to Astoria (Queens) and Wall Street/Pier 11.
The Property is also within walking distance of several MTA bus lines (M31, M86-SBS, M15, M15-SBS, M86-SBS and M79-SBS).
UPSIDE POTENTIAL
All of the units at 509 East 87th Street are “free market” residential units. The in-place rents are below market and offer the opportunity to increase the revenue of the Property by raising rents to market rates.
SUPERIOR MARKET
The Upper East Side consistently rates as one of the best real estate markets in the region due to its high-density neighborhoods, quality-of-life amenities, public transportation access, proximity to educational institutions, and proximity to the employment centers of Manhattan, Downtown Brooklyn, and Queens. The Upper East Side also offers a rich tapestry of cultural and entertainment options, making it a vibrant and desirable neighborhood in New York City.
The Upper East Side is renowned for its concentration of world-class museums along Fifth Avenue's "Museum Mile." The Metropolitan Museum of Art (The Met) offers an extensive collection spanning over 5,000 years of art. The Solomon R. Guggenheim Museum, designed by Frank Lloyd Wright, showcases modern and contemporary art. The Frick Collection, housed in a Gilded Age mansion, presents European masterpieces in an intimate setting. Other notable institutions include the Jewish Museum, the Neue Galerie featuring German and Austrian art, and the Cooper Hewitt Smithsonian Design Museum.
The neighborhood boasts several venues for live performances. The 92nd Street Y offers a diverse array of cultural programs, including lectures, concerts, and dance performances. The Park Avenue Armory provides a unique space for large-scale art installations and performances. For more intimate experiences, Brandy's Piano Bar features nightly live music in a cozy setting.
Central Park borders the Upper East Side, providing residents and visitors with expansive green spaces for relaxation and recreation. The park features attractions like Bethesda Terrace, Bow Bridge, and the Central Park Zoo. The Roosevelt Island Tramway offers scenic views of the city and the East River. The Upper East Side offers a rich tapestry of cultural and entertainment options, making it a vibrant and desirable neighborhood in New York City.
The Upper East Side is experiencing a wave of significant developments enhancing its commercial and cultural landscape. Notably, a hospital-building boom is underway, with five major medical projects under construction and three more proposed, including a 26-story addition to Lenox Hill Hospital and an expansion of the Memorial Sloan Kettering Cancer Center.
Simultaneously, the neighborhood is attracting a younger demographic through the introduction of trendy restaurants, chic art galleries, and luxury residential developments. Establishments like American Bar at 1022 Lexington Ave and new condominiums such as The Matteo at 323 E 79th Street and the 74 at 201 E 74th Street are redefining the area's appeal.
EXCEPTIONAL DEMOGRAPHICS
Over 221,100 people live within 1 mile of the Property with an impressive average income of $250,658. An exceptional 1,228,400+ people live within 3 miles of the Property with an average income of over $203,857.
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