The Corbin Group at Rosewood Realty is pleased to present the opportunity to purchase 51-53 East 73rd Street in a Chapter 11 bankruptcy sale. Comprised of 13 free market apartments plus 5 offices, the 5 story 12,321 SF building is vacant and will be delivered as such. The building can be rehabbed and used as an income producing property, however, the best and highest use is likely a single family conversion. A purchase of 51-53 East 73rd Street presents the rare opportunity to build out an enormous custom townhouse from a blank canvas. With an additional 2,000 SF of usable air rights, a 14,321 square foot mega-mansion with 35 feet of frontage can be created. The air rights offer a developer the ability to add a penthouse with a set-back or a ground floor horizontal enlargement (living room or other) with sunlight from 3 exposures. Situated on East 73rd Street between Park and Madison, the property is located in a coveted pocket of the Lenox Hill neighborhood on the Upper East Side. This block, which has been noted by the New York Times as “one of the most distinctive in New York” and the surrounding area is home to some of the most affluent New Yorkers.The building is situated on a quiet tree lined street just 1.5 blocks to Central Park. It is one block north of Madison Avenue’s Gold Coast, with high end Madison retail extending into the 80’s.
51-53 East 73rd Street has a rich history, and was the former mansion of Harry Belafonte, Grace Kelly and Prince Rainier of Monaco. Originally built between 1885-1886 by John G. Prague, a renowned architect/de-veloper of the Upper East Side, this tax class 2 building was constructed in the Queen Anne style as four-story and basement residences. In 1945, the two residences were combined, and the basement and first-floor facades were converted to a rich orange brick. New ownership can remove the green awning and change the orange brick back to a white facade should LPC approve.
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