Contact: Joelle Jensen +1.646.285.8809 Joelle.Jensen@elliman.com Licensed Real Estate Salesperson LIC: 10401320859 Contact: Bella Goldshmidt +1.917.848.4227 Bella.Goldschmidt@elliman.com Licensed Real Estate Salesperson LIC: 10401242360 Rare opportunity to acquire a pristine 100% FREE MARKET RENT mixed use brownstone, this 4-story building consists of 4 sun-flooded residential apartments, and 1-commercial unit, offering immediate income with significant upside through rent optimization reconfiguration, and air-rights development potential, 205 East 120th Street, New York, NY 10035 located just east of Third Ave, is situated in one of Manhattan's most dynamic growth corridors with super low expenses and 1031-Exchange ready. <p> The approximately 3,600+- SF property blends character, efficiency, and flexibility-ideal for both investors or owner-users seeking long-term appreciation with immediate cash flow. Each of the sunny apartments features their own separate heating and hot water systems contributing to streamlined operations and durable net income.<p> Building is in excellent condition; Recent capital improvements include all-new utility systems, fully updated gas lines, new video intercom, upgraded hallways, and major external improvements, allowing for clean ownership transition with ZERO near-term capital exposure.<p> The beautiful pre-war building has been well maintained, offers a large unfinished basement, and may be delivered with long time Super in place, plus excellent Free Market tenants; Ground floor retail unit is occupied by a longstanding commercial tenant providing stable income, while the 4 residential units are entirely free market, currently rented below projected market levels. A thoughtful renovation and reconfiguration strategy offers potential to significantly increase revenue, while maintaining the building's architectural integrity. Zoned C4-6 (R10 equiv.) and offering 9,322+- SF UNUSED AIR RIGHTS, the property also presents a compelling long term development story. Opportunity Zone designation further enhances its appeal for strategic investors.<p> Whether positioned as a value-add investment, live-in income producing residence, or a future redevelopment play 205 East 120 Street stands out as a rare, versatile asset in the heart of prime East Harlem on a lovely residential block, across from Hunter College's Silberman School of Social Work, PS 96, and one block from the Art Park sculpture gardens, with excellent grocery, shopping and dining options including Patsy's Pizzeria original location, and easy access to transportation including FDR, Harlem River Drive and RFK Bridge, 3rd Avenue Bus, 4/5/6 and Metro North.<p>