Guys, I love this deal. It is for flippers or anyone wanting a solid townhouse in Gramercy.
I can’t show you the price, so call me if you want to know the real sales $, as well as discussing the total cost to buy and renovate this house.
The townhouse at 353 E 19th Street is The Meier Team Deal of the Season. This five-floor townhouse is currently configured as a three-unit rental, with two floor-through units and one duplex. The new owner could either leave this configuration in place and rent all three units or live in the duplex and rent the other two units. The monthly rental income would be $3,500 each for the floor through and $5,500 for the duplex or total yearly income of $150,000. Monthly real estate taxes would be $4,230, or $50,760 annually.
On the other hand, the townhouse can be reconfigured as a single-family home. The townhouse is 20’ wide and 50’ feet deep providing a generous 1,000 s/f per floor. The lot is 94’ feet deep providing 880 s/f of gardens and outdoor space. With the purchase come new approved (DOB) plans designed by Buck Projects. With a focus on modern and practical living, the new plans maximize ceiling heights, redesign front and rear facades to capture more natural light, upgrade the wonderful outdoor space, maximize the cellar space and redo the roof terrace. Currently listed at $4,295,000 the townhouse is priced at $1,075 s/f.
There are currently 3 other townhouses on the market in Gramercy Park neighborhood:
- 208 E 18th: $11,700,000 for 5,484 s/f or $2,133p/s/f
- 150 E 22nd: $15,750,000 for 5,200 s/f or $3,028 p/s/f
- 323 E 17th: $10,500,000 for 5,400 s/f or $1,944 p/s/f
The full renovation would run between $1,250,000 and $1,500,000 bringing the all in cost somewhere in the $5,500,000 range. The real estate taxes would most likely be modified downwards to reflect the single-family status versus the current three unit. We believe the townhouse, once fully renovated, would be marketable between $6,500,000 to $7,250,000. If you are looking to own a townhouse, make it your own and have equity in it after the renovation is completed, this is the one for you. Let us know if you would like to see it – call Brian Meier at 212-500-7054 or Doug MacFaddin at 212-500-7017.