Building: 240 East 55th Street

240 East 55th Street was built in 1959 and converted to a cooperative in 1980. The underlying mortgage was refinanced in 2022 and there is an ample reserve fund. There is no flip tax and the financials of the building are very good. Unlimited subletting is permitted after one year of ownership subject to a monthly fee and co-op board approval.

The building employs a full-time, live-in superintendent, a full-time porter/handyman, and 2 full-time doormen. There are two passenger elevators. Laundry room and common storage room in the basement. Dogs are not allowed.

240 East 55th Street comprises 14 floors plus penthouse floor originally totaling 98 apartments. Several apartments have since been combined. Floors 1 through 11 were designed with 87 large alcove studios. Floors 12, 14, and Penthouse feature 1 bedroom residences – many of them with terraces. Room sizes and closets are generally very generous and most apartments on the south side of the building boast lots of sunlight and open city views.

Located just west of 2nd Avenue with the bustling East Midtown business district on one side and the quiet, residential Sutton Place neighborhood on the other, 240 East 55th Street benefits from the energy and convenience of both. Transportation is easy thanks to several subway stations and Uptown/Downtown/Crosstown buses. There are numerous fine restaurants, a Whole Foods, a Trader Joe’s, and other neighborhood essentials within a couple of city blocks.

Description Provided by Steen Rasmussen