339 East 82nd Street, New York (Upper East Side), NY, 10028 | $4,495,000

339 East 82nd is the investment opportunity of the year. Located between multiple new construction condos, it is currently a huge 21-ft wide multifamily with 8 units. What makes it even more special is that it is vacant, easily lending itself to endless possibilities. It can be converted into an oversized single family mansion, turned into an owners duplex with rental options or of course, kept in its current state as a multifamily. No need to deal with old leases or longtime tenants – make it your own or start anew with your own tenants! In its current state, the building is ready for renters—six units of the eight units are in great condition, leaving only two that need renovations. Five of the units (all renovated) are free market, leaving the remaining three as rent stabilized. The 2nd, 3rd and 4th floors have soaring ceilings and the front units are bathed in light. The backyard is huge –21×34 feet—with trees and plants and open sky views. It’s a great investment opportunity on a beautiful tree-lined block with a just-finished, new construction building right next door where units sold at upwards of $2300psf. Interior square footage is currently at 4, 630 with a FAR of 4, giving 8, 568 allowable sq. ft. So you can either add floors or create square footage in the backyard. Zoning is R8B. As a conversion, this house is primed and ready to be turned into an epic single-family mansion. You have the size and light and the absolute perfect block for a house of this caliber. A 21-foot wide single family in this neighborhood almost doesn’t exist, so it would be the rarest of homes in between the mecca of private and public schools. This huge home is the answer if you need the space but don’t want to leave the city. There is ample room for an elevator and the 12-ft ceilings on the 2nd floor would make a stunning and grand sitting room. The possibility of SEVEN+ bedrooms with plenty of room in the backyard for a swing set and hot tub. It’s your house and your rules- make it what you want! The house is located off of 2nd Avenue, a few blocks from 5th Avenue and a few blocks from East End and Carl Schurz Park. There are multiple new construction condos within 2 blocks of the house, making this the next UES hotspot. Take a look at the newest neighborhood offerings: La Pecora Bianca, Anita Gelato, Casa Tua (at the Surrey Hotel), the always-fun Penrose and most importantly, the Metropolitan Museum of Art just 5 blocks away. The possibilities are endless in one of the best investment opportunities in the city right now.

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