51 Market St
5 Unit Apartment Building $4,799,000 ($959,800/Unit) New York, NY 10002
INVESTMENT HIGHLIGHTS
- Landmark Townhouse originally built in 1824, expanded in 1905,
- Situated just south of the Manhattan bridge this 200 year old asset represents an opportunity to own a single or multifamily townhouse
EXECUTIVE SUMMARY
This is an excellent opportunity for an investor to acquire a 100% free market property in a developing neighborhood, as future ownership has the potential to create significant value by renovating the five existing floor-through apartments boasting soaring ceiling heights (12’4” on parlor level) or maybe create two 1-BR loft units per floor (subject to architectural review), add a connecting rooftop studio and a private roof deck for the Penthouse apartment, to take advantage of the available air rights.
Alternatively, an ambitious visionary amateur of New York history may want to use this canvas and convert back this building into a unique and historic single-family masterpiece, as it was at the end of the 19th century.
Originally constructed as a 3-story home in 1824-5, the top 2 floors and rear extension to the entire building was constructed in 1905 to facilitate city water and plumbing for the units.
Alternatively, an ambitious visionary amateur of New York history may want to use this canvas and convert back this building into a unique and historic single-family masterpiece, as it was at the end of the 19th century.
Originally constructed as a 3-story home in 1824-5, the top 2 floors and rear extension to the entire building was constructed in 1905 to facilitate city water and plumbing for the units.
PROPERTY FACTS
| Price | $4,799,000 |
| Price Per Unit | $959,800 |
| Sale Type | Investment |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 7,675 SF |
| No. Stories | 5 |
| Year Built | 1824 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
1 of 1
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (88)
PROPERTY TAXES
| Parcel Number | 0276-0023 | Improvements Assessment | $142,894 |
| Land Assessment | $230,400 | Total Assessment | $187,559 |
ZONING
| Zoning Code | R7-2 (R7 Zoning is considered medium density residential. It is broken into 2 basic zoning districts R7-1 and R7-2. 7-2 has less parking requirements.) |
