Building: 228 East 22nd Street

228 East 22nd Street is ideally situated on a tree-lined Gramercy street conveniently located to Union Square, Gramercy Park, and all local transportation. Comprising eight (8), free-market units, this property provides a turn-key investment opportunity with upside potential and/or an owner-user opportunity with a beautifully renovated upper duplex unit that features generous ceiling heights, a mint condition renovation, CAC, chef’s kitchen, two large bedrooms and two bathrooms.

228 East 22nd Street currently has gross income of $292,000 per annum. Third exposure windows and current layouts make for seamless reconfiguration of studio units into one bedrooms and one bedroom units into two bedrooms with projected gross income of $366,000 per annum.

228 East 22nd Street has upgraded electrical, gas heat, generous ceiling heights and each unit has tenant controlled heating.The property is currently underbuilt offering a maximum build-able of approximately 9,282 square feet allowing for additional space or roof deck.This property is not located within the Historic District.

Description provided by Matthew Lesser