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Marketplace Listing - Multifamily

Bankruptcy Sale - Vacant Building, Prime Upper East

51-53 East 73rd Street, New York, NY 10021

Unlisted

Asking Price:
  • Asset Type
  • Real Estate
  • Property Type
  • Multifamily
  • Year Built
  • 1910
  • Number of Floors
  • 5
  • Number of Buildings
  • 1
  • Multifamily Type
  • Garden
  • Number of Units
  • 18 Units
  • Property Size
  • 12,321 Sq Ft

Bankruptcy Sale- Prime Upper East Side Property

 

Auction July 29th 2021 at 11am EST. Contact Rosewood for details.


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.

Download Offering Memorandum

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Unlisted

Asking Price:

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