Mixed-use building in Carnegie for sale

Real Estate Weekly, April 4, 2001

A four-story mixed-use building in a prime location of Carnegie Hill, on Madison Avenue between 92nd and 93rd Streets, is on the market for $2.3 million.

The property, at 1298 Madison Avenue, consists of a storefront and six walk-up apartments above. The store and one apartment will be delivered vacant in June.

"The 7,300-square foot property is ideally sited for ownership by an upscale retailer who will also enjoy a smooth cash flow from income from the residences," said Larry Michaels of Douglas Elliman, exclusive broker for 1298 Madison Avenue.

"Three apartments have been totally renovated, one is in great shape and two are rent stabilized," Mr. Michaels noted. "The building is in very good condition overall."

After taxes and estimated annual expenses, 1298 Madison Avenue is projected to deliver a net annual income of $l55,756.