Prime Gramercy Park Location. 129 East 17th Street is a rare gem nestled between Irving Place and Third Avenue. This prime location is just a short walk from Gramercy Park and is surrounded by an array of eateries, charming cafes, luxury townhomes and condos. Condo or Single-Family Home Conversion Play. Value-add potential for a condo can include upgrading interiors (kitchens/baths/finishes), adding in-unit amenities (smart systems, laundry), or rebranding with premium services to push prices toward the high end of the neighborhood’s strong $/PSF range. For a single family home conversion, combining units into a full-floor or townhouse-style residence can unlock a substantial premium by creating a rare product type in a dense Manhattan market. Protected Tax Class 2A. With 5 apartments, 129 East 17th Street remains tax class protected, providing a hedge against expense increases to any potential buyer. Tax increases are limited to 8% per year, no more than 30% over 5 years. 60% Delivered Vacant. 2 out of the 4 apartments can be delivered vacant along with the owner-occupied ground level office space. 100% Free Market. The asset is 100% free market with no rent regulation history. This is ideal for a condo or single-family home conversion where average condos and single-family homes are selling over $2,000 PSF.