X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.