344 E. 59th St

Douglas Elliman Commercial has been exclusively retained by ownership to market for sale 344 E 59th Street, New York, NY 10022.

344 E 59th Street, famously the Ford Modeling Agency office building, is an opportunity to acquire a six unit retail mixed-use building located in Manhattan’s coveted neighborhood: Sutton Place. The property's location offers access to a diverse and high-end shopping demographic that actively benefits from a strong local economy.

There currently exists APPROX. 10,000 As-Built Sq. Ft. with 5,213 Sq. Ft. of additional air rights (R-8, R-10, C2-5 zoning).
There are a total of 5 floors consisting of 6 commercial units (5 offices + 1 retail).

Projected gross rent is $628,000. Current annual expenses are $184,600. Projected Net Operating Income is $443,400. Development potential offers 15,213 zoning SF to build residential.
 
Neighborhood landmarks and tenancy including, Sutton Place Park, serves as a community anchor, while Whole Foods, Bloomingdales, Home Depot and many more provide strong retail traffic and demand drivers. Located near the Lexington Ave / 59th Street subway station, which provides access across the city through the 4,5,6, N, R and W lines.

Investor or Owner/User, the property can offer immediate cash flow with free market tenants or can be delivered vacant.

Please contact broker to discuss details.