Cushman & Wakefield has been exclusively retained to offer for sale the 100% fee-simple interest in 315 East 58th Street (the "Property"), a fully renovated multifamily asset located in the heart of Midtown East, Manhattan.
Current ownership completed a comprehensive substantial rehabilitation of the Property pre-2024, including major upgrades to the building's plumbing, electrical, life-safety, façade and common-area systems, as well as complete gut renovations of the apartments. Residences feature Bosch washers and dryers, stainless steel kitchen appliances, quartz countertops, and red and white oak finishes. Through the Substantial Rehabilitation process, the property is 100% free-market, offering investors a turnkey residential asset with limited near-term capital requirements.
The Property benefits from strong in-place residential income, with units achieving average rents of over $5,000 per month and $87 per square foot. In addition, an existing rooftop antenna lease provides supplemental income at $4,370 per month.
315 East 58th Street is surrounded by some of Midtown East's most desirable amenities, including Trader Joe's on East 59th Street, Whole Foods on East 57th Street, the incoming Chelsea Piers on East 57th Street, Equinox on 2nd Avenue, and Bloomingdale's at 59th Street. Midtown East's restaurant corridor and the Midtown office core are also within a short walk, while the nearby 4/5/6/N/R/W/Q/M subway lines provide convenient connectivity throughout Manhattan.