218 Madison Avenue: THE LITTLE BUILDING THAT COULD...It is a great investment for your portfolio. It is an opportunity to own a prestigious Madison Avenue address, directly across the street from the The Morgan Library & Museum. But, it could be the eventual site of a gleaming new building. It will have nothing but huge upside potential for you in rent roll, appreciation, and redevelopment. This is a south & east facing, key corner site, which has not been offered for sale in almost a century; and is a once in a lifetime opportunity.
We are very pleased to represent 218 Madison Avenue for sale. The property is a commercial building at the corner of Madison Avenue and E 36th Street, in Murray Hill/Midtown East. This is a terrific opportunity for an investor to gain financial exposure to a sizable parcel in the Manhattan real estate marketplace, with 130 feet of retail frontage. It is an asset with stable returns; and great short term upside because of strong demand for it's retail & office space. As a future development site, it\?s particular corner location will allow for excellent residential layouts because of south and east lot exposures. It\?s C5\?2 zoning appears to permit a residential or mixed use tower to be eventually built on the site. It has solid financials and is currently generating $606,048 in income; with Net Operating Income (NOI) in 2013 of $302,319. The subject property benefits from 23,837 square feet of unused FAR, permitting a building of 35,210 sq. ft. to eventually be built on the site; mixed-use 'as of right'. Please send an email to the exclusive agents for a complete brochure of the offering, including rent roll and operating financials.
