(Read more on the multifamily market.)
NEW YORK CITY-The Easton, a 21-story elevatored 158-unit residential and retail property located at 360 E. 65th St., is on the market.Brian Ezratty, vice chairman of Eastern Consolidated tells GlobeSt.com that pricing is around $130-million.
Approximately 57% of the residential units have free-market status with an average below-market rent of $47 per sf, and just under 43% of the units remain rent stabilized at a average of $17 per sf. The building's avenue retail space totals 9,700 sf and is currently 100% occupied at below average rents, with leases that expire from 2011 to 2014. The property's lease for its 69-car below grade garage space, a valuable amenity, expires in 2012.
"The new owner of 360 E. 65th St. will inherit a substantial current cash flow with significant upside potential, as leases on the market-rate apartments and regulated units expire," Ezratty, who is marketing the sale, explains. "Moreover, based on the number of existing market-rate units, the property immediately qualifies for a condominium conversion process, taking advantage of the continued strength in the Manhattan market for residential units in prime locations."
360 E. 65th St. is well-positioned in close proximity to Midtown's business center as well as all the upscale retailers on the Upper East Side including Bloomingdales, and the multitude of trendy restaurants and shops in the East 60s and 70s going Westward to Madison Avenue.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
