327 17Th St New York, NY 10003

This exceptional value-add opportunity presents a 6-story, 10,208 square foot elevator building situated on a 22-foot wide lot in Manhattan's desirable Gramercy Park neighborhood. Located on the north side of East 17th Street, between First and Second Avenues, this property enjoys a prime location directly across from Stuyvesant Square Park. The building, previously utilized as a residential treatment facility by Beth Israel Hospital, is currently vacant, offering significant upside potential. The ground floor features office/lobby space and a rear patio. Floors two through six each contain three one-bedroom units, sharing a single and a half bathroom. Each floor has two front-facing and one rear-facing bedroom. The building boasts 16 units in total, with a lot size of 2,024 square feet and 4,000 square feet of available air rights. This presents a unique opportunity to capitalize on the building's potential. The property benefits from excellent accessibility, being just two blocks from the First Avenue L train station and a short walk from the 14th Street – Union Square station (4, 5, 6, and L lines). Its proximity to Gramercy Park, Friends Seminary School, and the vibrant culinary and retail scenes of Union Square and the East Village further enhances its desirability. The asking price is $6,950,000, translating to $680.84 per square foot and $434,375 per unit. The permitted zoning is R8A.