Introducing a rare and captivating opportunity for both owner-users and savvy investors seeking a 1031 exchange. Welcome to this extraordinary property, originally designed to attract New York's most affluent residents, where timeless architectural elegance blends seamlessly with modern potential. This majestic 9-unit building exudes charm and prestige, boasting many of its original divine architectural details, which have been meticulously preserved. The property presents a unique canvas for a variety of development ideas, making it an exceptional investment prospect. Consisting of 8 spacious three-bedroom apartments and 1 charming one-bedroom apartment, the building offers flexible living arrangements to cater to diverse tenant preferences. Additionally, the basement provides ample clean space for storage, with the exciting possibility of developing it into livable space, further enhancing the property's value. As an added convenience, the property features a spacious backyard with 5 garages, offering both parking facilities and an opportunity for additional rental income. This sought-after amenity in the heart of the city adds another layer of appeal to the property. Situated in the highly desirable neighborhood of Winthrop St, this area boasts an array of turn-of-the-century architecture that captivates the senses. Offering an attractive alternative to its neighboring areas across the Park, the emphasis on long-term rentals has spurred fast development of new apartments, making it a thriving location for individuals seeking a place to call home. The property's prime location is complemented by excellent transportation options, including easy access to shopping areas and close proximity to buses 41 and B, Q & S trains. Moreover, the area is experiencing a surge of development interest in residential and condo projects, indicating a bright future for investors. Zoned R6, the property opens up exciting possibilities for various residential developments, including apartment rentals or residential condos. With a long-term potential for growth, the Residential FAR of 2. 43 and Facility FAR of 4. 8 offer a generous scope for expansion and enhancement. As it stands, the usable floor area of 9, 834 sq. ft. showcases the existing property's substantial value. However, the unused FAR of 4, 826 sq. ft. presents an enticing opportunity for future development, making this an investment with immense potential.
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NMLS Mortgage Loan Originator ID 81725
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $960,000 | $960,000 | $960,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.125% | 6.750% | 6.500% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.430% | 6.851% | 6.664% |
Monthly Tax Payment | $1,593 | $1,593 | $1,593 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $5,833 | $6,227 | $8,363 |
Total Monthly Payment | $7,551 | $7,945 | $10,081 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.