Description

Opportunity knocks! 1289 Madison Ave is a 5 story, mixed-use building, with 6 units in the heart of Carnegie Hill's Historic District. Situated on bustling Madison Ave, just off East 92nd Street. Enjoy the exceptional transportation & conveniences. A plethora of incredible independent restaurants, cafes, and bars nearby. Just blocks away from Central Park, Frank Lloyd Wright's Guggenheim Museum and Museum Mile. Close to the crosstown M96 bus, 4, 5, 6 & Q trains.

1289 Madison Ave is perfect for an investor or end-user alike. As an end-user, this is an opportunity to run your own business out of one of the commercial spaces and live in the penthouse above.

Large, new condo developments in the area will bring the desired foot-traffic for the ground floor commercial tenant.

BUILDING

This pre-war building is made up of 2 commercial spaces and 4 residential apartments. All units are free market and have been well maintained and cared for by the current owners.

1st Floor: Commercial space; Occupied by Rosa's Pizza, with over 1,200 sq ft, kitchen, storage, cellar. Note: Photos are of previous business.

2nd Floor: Commercial space; Currently occupied by an art school, with a lease through January 2027.

3rd Floor: Residential; Large, recently renovated, 3 bed, 1 bath apartment with outdoor space. Sun-filled, with eastern and western exposures. Open kitchen with stainless steel appliances, full gas range stove and a dishwasher. The primary bedroom fits a king-sized bed and leads to the extraordinary private terrace. Tons of storage and hardwood floors through the apartment.

4th Floor: Residential; Comprised of 2 units; 1-bedroom apartment and a studio. Each of these units have been recently renovated and are filled with great natural light. Open kitchens with stainless steel appliances, including gas ranges stoves and dishwashers. The 1-bedroom unit also has a private balcony. Beautiful hardwood floors throughout and decorative fireplace in each unit.

5th Floor: Residential; Top floor is currently configured as a 2 bedroom apartment. Awash in sunlight from the western and eastern exposures. Open kitchen, with skylight & dishwasher. Primary bedroom fits a king-sized bed. Large, windowed bathroom. Beautiful decorative fireplace and hardwood floors throughout.

Monthly Rent Roll:

1st Floor (Pizzeria): $15,000 + Portion of real estate taxes; May 2029

2nd Floor (Art school): $7,500 + Portion of real estate taxes; Lease ends January 2027

3rd Floor (3 bedroom): $4,995; Lease ends March 2025

4th Floor (1 bedroom): $2,995; Lease ends February 2025

4th Floor (studio): $2,495; Lease ends May 2025

5th Floor (2 bedroom): $3,995; Lease ends February 2025

Monthly Rental income: $32,985