244 East 53rd Street
Mixed Use | 5.40% CAP | 6,358 SqFt
Marketing description
Meridian Investment Sales is pleased to present for sale 244 East 53rd Street (the "Property"), a five-story, free-market, mixed-use asset located in the heart of Midtown East between Second and Third Avenues.
The Property underwent a complete gut renovation in 2019, including the addition of a fifth floor, all new interiors, and the replacement of all major building systems, including electrical, plumbing, and HVAC. The retail component occupies the ground floor and second level and features two separate entrances, providing flexibility for either a single tenant or two retail tenants. The luxury residential units occupy the third through fifth floors, and were finished with condominium-quality materials, offering abundant natural light, high ceilings, and private outdoor space.
Both the retail and residential spaces are separately metered and feature independently controlled HVAC systems, with tenants responsible for their own heating, cooling, and electric costs, resulting in a highly efficient, low-expense ownership structure. All restaurant furniture, fixtures, and equipment (FF&E) are included in the sale, providing additional value for an owner-user or investor.
Situated a few blocks east of the Plaza District, Rockefeller Center, and the southern entrance to Central Park, the Property benefits from strong residential demand driven by its proximity to premier office towers, luxury retail corridors, world-class hospitality destinations, and the United Nations. This high-traffic area is known as Midtown East's "restaurant row" and is an ideal location for a user/restaurateur. Notable nearby eateries include OBAO Midtown, Kati Roll Company, La Gioconda, Tomi Jazz, Cafe Luce, and Wildcard Bar.
244 East 53rd Street is conveniently served by multiple subway lines, including the E and M trains at Lexington Avenue-53rd Street, the 4, 5, and 6 trains at 51st Street, and the N, R, and W trains at 59th Street/Lexington Avenue, offering seamless connectivity throughout Manhattan and the outer boroughs.
Investment highlights
- 2019 GUT-RENOVATION - The Property is a five-story mixed-use building featuring two residential units above a ground-floor bi-level commercial space. In 2019, the building underwent a complete gut renovation and was rebuilt with high-end finishes and materials throughout. All major building systems, including mechanical, electrical, and plumbing, were replaced and are in "like-new" condition. Separately metered utilities and tenant-paid heating, cooling, and electric contribute to a low operating expense structure for ownership.
- TURN-KEY RESTAURANT OPPORTUNITY - Rare turn-key opportunity with a fully built kitchen ideal for restaurant operations and/or other tenant use. The bi-level restaurant space can be used as two separate units as the space features two separate entrances at both the ground level and second level. In addition, the second floor has outdoor seating in the rear. All FF&E are included in the sale
- MIXED-USE - State-of-the-art mixed-use asset with a bi-level restaurant space and two luxury free-market residential apartments that include spacious layouts, ample light and outdoor space. This property provides investors with a free-market asset and diversified income.
- LOCATION - 244 East 53rd Street occupies a premier Midtown East location, ideally positioned between Central Park, Rockefeller Center, and the United Nations. The property benefits from strong, consistent foot traffic driven by nearby office towers, luxury hotels such as The Plaza, and the upscale retail corridor along Fifth Avenue. The immediate area offers a dynamic mix of fine dining, cafes, and international retailers, creating a vibrant, amenity-rich environment that appeals to both residents and visitors.
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