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Five-story rental building next to Turtle Bay Gardens now on the market

A five-story rental building next to the historic Turtle Bay Gardens is now on the market.

The property, located at 220 East 49th Street in Midtown East, is part of a two-building package that’s up for sale for $19.5 million. The other property in the portfolio, 313 East 53rd Street, is also a five-story rental building.

“This offering presents an excellent opportunity for investors to acquire two exceptionally well-located residential assets in Midtown East which offer in-place income and substantial upside potential by repositioning the buildings and leasing up the vacant apartments,” said Eastern Condolidated’s Adelaide Polsinelli. “The buildings are a short walk from one another, resulting in efficient management and operations, and are blocks from the United Nations headquarters and international missions.”

The 220 East 49th Street property, which is located between Second and Third Avenue, contains ten apartment units. The building’s rear yard abuts Turtle Bay Gardens, which contains a collection of ten townhouses that once housed celebrities such as Katharine Hepburn, Bob Dylan, Stephen Sondheim, and E.B. White. Meanwhile, 313 East 53rd Street, which is located between First and Second Avenue, contains nine apartments, the biggest of which is a duplex that occupies the first two floors.

Polsinelli is exclusively marketing the properties. Eastern’s Gary Meese, meanwhile, is the analyst for the listing.

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