218 Madison Avenue
37th Street and 36th Street Murray Hill
This home has been sold
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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.
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Living in Murray Hill
Bordered by emblematic monuments like the Empire State Building and Grand Central Station, Murray Hill is a residential neighborhood tucked away from Midtown’s hustle and bustle. It was a desirable zip code for the city’s middle class at the end of the 1800s, and much of the Beaux-Arts architecture from this time period is perfectly preserved. Pre-war townhouses and Italianate mansions characterize this charming pocket of Manhattan. Cultural gems like the Morgan Library and Museum and Scandinavia House combine with the Indian restaurants of Curry Hill and boutiques of Madison Avenue. Popular with pet lovers, families and professionals alike for its laid-back atmosphere, Murray Hill invites a slower pace of life.