Presenting a rare redevelopment opportunity at 37 East 83rd Street, a property with infinite potential, located on a picturesque tree-lined block just off Madison Avenue. This 5-story townhouse offers extraordinary opportunity for visionary buyers looking to capitalize on its vast air rights and flexible zoning. Interested buyers can request a comprehensive redevelopment package, expertly prepared by Legeard Studio. This package includes: a detailed zoning analysis, feasibility study that outlines potential redevelopment options, execution-ready illustrative redevelopment budget & timeline, and renderings to help envision the true potential of this asset. This property stands out as unique in the Upper East Side market, ideal for developers, investors and end-users seeking to maximize its potential. The non-landmarked status and significant air rights make it a prime candidate for redevelopment, whether the goal is to create monumental single family townhouse, rental building, condo development, mixed-use development, school, office, cultural institution, embassy or for a range of other uses. Property Highlights: Location: In the heart of the Upper East Side, one block from Central Park and the Metropolitan Museum of Art, and surrounded by the best of Madison Avenue. Lot Size: The property boasts an expansive footprint that is 18’ wide and 102’ deep. It is currently built with approximately 5, 760 square feet of interior living space. Redevelopment Potential: With an additional 12, 630 square feet of unused air rights, the total buildable space reaches up to approximately 18, 390 square feet. The flexible mixed-use zoning allows for a wide array of possibilities. Current Configuration: Currently configured as seven free-market residential units, including three one-bedroom apartments, one three-bedroom, one two-bedroom, and two studios. Non-Landmarked: The property is non-landmarked, and in a multiple zoning district, providing even greater flexibility for redevelopment. Delivery: The building can be delivered with the existing tenants or vacant. Property tours and redevelopment consultations are available by appointment. Additional renderings are coming soon. Please note all renderings are for illustrative purposes only.
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William Raveis Mortgage, LLC
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Sarah.Alvarez@Raveis.com
NMLS Mortgage Loan Originator ID 1880936
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $5,996,000 | $5,996,000 | $5,996,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.375% | 6.250% | 5.750% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 6.850% | 6.360% | 5.930% |
Monthly Tax Payment | $7,843 | $7,843 | $7,843 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $33,576 | $36,918 | $49,791 |
Total Monthly Payment | $41,544 | $44,886 | $57,759 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.