Prudential MLBKaye Realty

Real Estate Weekly, Nov 24, 1999

Marilyn H. Kaye, president of Prudential MLBKaye Realty has been appointed marketing and exclusive selling broker for the property at 245 East 21st Street in Manhattan. Using value range marketing, the property is being offered at $15.35 million to $16.75 million.

The property is based on a lot that is 75 x 100 feet, and built 90 feet deep. The building has 16 stories plus two penthouses (bath with large terraces). One of the two penthouse apartments will be delivered vacant. Of the 92 apartments, several are currently vacant. The property also boasts a restaurant that faces Second Avenue, with floor to ceiling windows that can be left in entirety or divided for several stores. Additionally, the property has two professional apartments. All of the commercial space will be delivered vacant and can provide the owner with a sizeable income.

"This building offers the best of all worlds," explains Kaye. "New York's limited hotel space has created an optimal situation for building owners. The vacant apartments can be converted into furnished short-term rentals and are also perfect for a corporation that wants to create a suite of apartments for its executives. Additionally, the building is also ideal for conversion into either a cooperative or condominium."

"Furthermore," Kaye adds, "regardless of what the next owner chooses to do with the building, the reality is that it would be impossible in today's tight market to construct a building from scratch for the price that the property is being offered for."