The Opportunity:
10022 Realty LLC mission is to purchase buildings in the midtown east area of Manhattan, with a view to renovating them and leasing them out. Their first building is a three story property with one commercial space and three walk through apartments. The property was purchased vacant and ready for renovation.
218 E52nd St provides a unique opportunity for renovation and upgrades. The neighboring propertieshave already completed similar, as-of-right, construction. Midtown East is home to countless retail storesand restaurants. The United Nations and the Midtown Office/Plaza District are within walking distance. Nearby public transportation includes the 6, E, and M subway trains.
The subject property is a perfect launch building into the midtown east locale, and the first of many projects in that zipcode.
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ASSET HIGHLIGHTS
Three-story multifamily property with commercial space
Easily accessible via 4, 5, 6, e, m, & future T subway lines
Quiet tree-lined block in turtle bay steps from countless neighborhood amenities, shops and restuarants
Benefits from bolstering second avenue retail corridor
Five blocks north of the united nations headquarters
The Neighborhood.
MIDTOWN EAST:
Midtown East, stretching from 42nd to 63rd Streets and Fifth Avenue to the East River is characterized by energized and diverse street life, bothday and night, prominent office towers, and easy access to transportation. From the prestigious flagship stores on Fifth and Madison Avenues to the Midtown office core on Park and Lexington, the western side of this neighborhood is all about business, tourism, shopping, and recreation. Moving eastward, Third, Second, and First Avenues are predominantly lined with post-war residential towers, with mid-rise elevator and walk-up apartment buildings filling in the side streets. United Nations employees, ambassadors, and visitors Flock to the area for its proximity to the UN on First Avenue and East 43rd Street.
In addition, two of the city’s most sought after residential enclaves – Sutton Place and Beekman Place– are located within Midtown East. This mix of office towers, retail flagships, foreign consulates, and desirable residential locations draw a diverse group of shoppers, commuting businessmen and women, tourists, foreign dignitaries, and young residents to visit, work, and live in Midtown East.
A MAJOR EMPLOYMENT CENTER:
The Greater Midtown business district is one of the largest job centers in New York City and one of the most high-profile business addresses in the world. The area spanning Fifth and Second Avenues between East 39th and East 57th Streets contains more than 70million square feet of office space, more than a quarter million jobs, and innumerable Fortune 500 Companies. Many of the world’s most iconic office buildings are located in Midtown East, including the Chrysler Building, the Graybar Building, the Helmsley Building, the Seagram Building, Lever House, the Empire State Building, and the metlife Building.
Midtown Manhattan continues to be one of the most sought-after office addresses in the New York metropolitan region. The neighborhood serves as The economic engine of the city and perhaps even the United States, drawing in more workers than any other American central business district. The area’s tenants have historically included prestigious financial institutions, law offices, hedge funds and private equity firms, largely because the proximity to Grand Central Station makes for an easy commute from Westchester and Fairfield Counties, from which many high-powered executives hail.
Area tenants serve as a who’s who of industry leaders including: NBC Universal, mcgraw-Hill, The New York Times, Colgate-Palmolive, jpmorgan Chase, Bank of America, pricewaterhousecoopers, and Cleary Gottlieb Steen & Hamilton.
LOCAL ATTRACTIONS:
Within just a few blocks are several landmarks of national and world renown such as Grand Central Terminal, the New York PublicLibrary, and the Empire State Building. Bryant Park, just a stone’s throw away, serves as an urban oasis to Midtown workers and tourists alike from morning to night throughout all seasons. To the west, Madison Square Garden, the “world’s most famous arena” and home of the New York Rangers and New York Knicks, plays host to Performances by the world’s most famous artists on a near nightly basis. Midtown East is also home to the United Nations at East 43rd Street and First Avenue, and many of the U.N.’s employees and dignitaries call the neighborhood home. Additionally, some of New York’s oldest and most prestigious private clubs are located in Midtown East, including the Yale Club and the University Club.
Points of Interest.
SHOPPING:
Midtown East is a submarket with no equal in regards to shopping. Recognized as one of only a handful of truly first-class shopping locations in the world, Fifth and Madison Avenues offer a staggeringly impressive display of elite retailers. Among theworld- class luxury brands and department stores that line Midtown East’s streets are Saks Fifth Avenue, Bergdorf Goodman, Barneys, Bloomingdale’s, Louis Vuitton, Prada, Giorgio Armani, Tiffany & Co., Cartier, Versace, and Jimmy Choo. Additionally, a wide array of middle-market retailers have appeared in recent years, including J. Crew, Zara, H&M, Banana Republic, and Urban Outfitters. The plentiful shopping options in the submarket continue to grow.
DINING:
The area’s dining options are as plentiful as they are diverse, offering something for every palate from hyper-trendy spots to oak bar classics. La Grenouille, Jean Georges, and Cipriani all offer traditional, white tablecloth experiences, while relative newcomers STK Midtown and Tao present more modern, high-end options. A variety of steakhouses, including The Palm, Capital Grille, and Smith &Wollensky, offer red-blooded slices of Americana and traditional corporate dining.
Nearly every one of the area’s restaurants serves as a nice spot for after-work drinks, yet there are a number of great bars and lounges to discover. Area hotels such as The Bryant Park Hotel (Cellar Bar), The Setai (Bar on Fifth), and The Gansevoort all offer chic locations to enjoy cocktails with coworkers, clients, or other Midtown workers that complement local watering holes like Park Avenue Tavern.
TRANSPORTATION:
Midtown East is one of the most transit-rich locations in the city. This area centers on Grand Central Terminal, one of the city’s major transportation hubs and famous civic spaces. Nearly 1,500,000 people pass through Grand Central Terminal each day on their way to Midtown’s offices, retailers, hotels, and restaurants. Individuals come via the 4,5,6 subways that serve the Entire east side of Manhattan, from Queens that runs West all the way to the Hudson Yards, or Metro-North trains that arrive from Westchester and Connecticut. Soon, that ridership figure will grow as the Long Island Rail Road adds a Grand Central stop on its way towards Penn Station.
The N, Q, R, F and M lines also drop residents from Queens, Brooklyn, the Upper West Side, Northern Manhattan, and the Bronx into the heart of Midtown, and almost every other train passes through nearby Times Square, just a shuttle ride away. Midtown Eastis also easily accessible by numerous bus lines.
Midtown Manhattan is the most connected neighborhood in the city. Getting to Midtown East from all corners of the five boroughs and the greater New York metro area is both simple and easy.