348 East 55th Street
Rare Conversion/Owner-User Opportunity
Marketing description
Ariel Property Advisors presents 348 East 55th Street, a versatile conversion opportunity in the heart of Midtown East.
348 East 55th Street is a rare opportunity for owner-users, residential converters, and institutional or nonprofit occupants seeking vacant space in a premier Manhattan location.
Investment highlights
Situated between First and Second Avenues, the 22’-wide, 5-story walk-up totals approx. 7,000 gross sq. ft. Currently used as a rectory, the building features a full-built ground floor with a large community space, small kitchen, and half bath. Floors 2–5 contain a large kitchen, 6.5 bathrooms, and multiple bedrooms and living areas.
Adaptive Use Potential
Delivered vacant and zoned R8B, the property supports a wide range of end uses:
- Owner-User - Ideal for a private residence, government agency, or nonprofit facility
- Condominium Conversion - Limited new condo supply and strong demand create a compelling boutique condominium play
- Rental Conversion - Tight rental inventory and record-high Manhattan rents support a multifamily repositioning
An additional approx. 1,970 sq. ft. of air rights (standard FAR) allows for potential expansion.
Prime Midtown Location
Positioned on a quiet, tree-lined block, the property is steps from the United Nations, major office buildings, and abundant retail, dining, and cultural destinations. Transit access is excellent, with the E/M/6 trains at 53rd Street/Lexington just 3–5 minutes away. The FDR Drive and Queensboro Bridge offer convenient regional connectivity.
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