Deadline looms for bids on Upper East Side building.The Easton, a 21-story elevatored 158-unit residential and retail property located at 360 East 65th Street, is on the market for sale exclusively through Brian Ezratty, vice chairman, Eastern Consolidated. Approximately 57% of the residential units have free market status with an average below-market rent of $47 per square foot, and just under 43% of the units remain rent-stabilized at a average of $17 per square foot. The building's avenue retail space totals 9,700 s/f and is currently 100% occupied at below average rents, with leases that expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. from 2011 to 2014. The property's lease for its 69-car below grade garage space, a valuable amenity a·men·i·ty n. pl. a·men·i·ties 1. The quality of being pleasant or attractive; agreeableness. 2. Something that contributes to physical or material comfort. 3. , expires in 2012. "The new owner of 360 East 65th Street will inherit To receive property according to the state laws of intestate succession from a decedent who has failed to execute a valid will, or, where the term is applied in a more general sense, to receive the property of a decedent by will. inherit v. a substantial current cash flow with significant upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar , as leases on the market-rate apartments and regulated units expire," noted Ezratty. "Moreover, based on the number of existing market-rate units, the property immediately qualifies for a condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. conversion process, taking advantage of the continued strength in the Manhattan market for residential units in prime locations." 360 East 65th Street is well-positioned in close proximity to Midtown's business center as well as all the upscale retailers on the Upper East Side including Bloomingdales, and the multitude of trendy restaurants and shops in the East 60's and 70's going Westward to Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. . The bid deadline, entertaining all cash offers, is today (Wednesday). |
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