Other, 421 E 82ND Street #, Yorkville - Real Estate New York

Description

Exclusive Offering: 421 East 82nd Street - Prime Yorkville Mixed-Use Investment with Significant Upside Potential
Presented by The Gelbard-Kolbusz Team at Corcoran

The Gelbard-Kolbusz Team at Corcoran is pleased to exclusively present 421 East 82nd Street, a rare and exceptional 20-unit mixed-use property located in the heart of Yorkville on Manhattan's Upper East Side. Offered for the first time in over 30 years and held by the same family for generations, this five-story asset represents a unique opportunity for investors seeking both stable in-place income and substantial value-add potential in one of New York City's most established residential enclaves.

The building is 25ft x 62ft on a 25ft x 102.17ft lot comprising of approximately 9,450 square feet in a R8B zoned district with 2,196 additional FAR (as per PropertyShark ) and features a versatile and investor-friendly unit mix:

Three (3) commercial units at the cellar level, two of which benefit from shared backyard space

Five (5) studio apartments located on the first and second floors

Twelve (12) one-bedroom apartments distributed from the first through fifth floors

Of the 17 residential units, 16 are free market (94%), offering exceptional flexibility and income potential. With just one rent-stabilized unit and one currently vacant free market unit, the Property allows for immediate leasing upside while preserving long-term repositioning strategies. The building will be delivered occupied, subject to existing leases and current rent roll.

Situated on the north side of East 82nd Street, between 1st Avenue and York Avenue, the Property is steps from neighborhood landmarks including Carl Schurz Park and John Jay Park . Transit access is superb, with close proximity to the 4, 5, 6, and Q subway lines, as well as multiple MTA bus routes, ensuring seamless connectivity throughout Manhattan.

421 East 82nd Street offers investors a diverse range of upside strategies including renovating and repositioning select residential units to achieve higher rents, enhancing common areas and building systems to increase long-term value, reconfiguring or upgrading commercial spaces to attract higher-yield tenants, or capitalizing on the property's high percentage of free market units for rent growth.

Whether you're seeking a turnkey cash-flowing asset or a long-term redevelopment play, this well-located and historically stable property delivers a compelling investment profile in one of New York's most resilient and desirable neighborhoods. Listing courtesy of Corcoran Group ...
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