East Side Townhouse Hits the Market at $7.2M
Lauren Elkies Schram July 17, 2014, 1 p.m.
A four-story East Side townhouse has hit the market with an asking price of $7.2 million, Commercial Observer has learned.
The 8,800-square-foot vacant building, at 321-323 East 58th Street, has 5,500 square feet of unused development rights, according to Eastern Consolidated. Victor’s restaurant used to occupy part of the 2,950-square-foot ground floor and a portion of the 2,000-square-foot cellar. The second floor (1,800 square feet), third floor (1,100 square feet) and fourth floor (1,000 square feet) are all residential. There are terraces on each of the top three floors.
The lot is “atypical,” said David Schechtman of Eastern Consolidated, at 30.4-feet wide and 100-feet deep. And the building itself is only 20-feet wide.
Mr. Schechtman and colleague Abie Kassin are exclusively representing the owner, East 58th Street Realty, LLC. The ownership entity is comprised of a conglomerate of private families.
East 58th Street Realty, LLC, bought the property in 2012 “at a foreclosure auction where their credit bid was the winning bid,” Mr. Schechtman said. The previous owner allegedly ran the building as an illegal hostel.
The building was hit with two lis pendens, or notices of default, early last year, PropertyShark records show.
“We’re selling this free and simple,” Mr. Schechtman said. “So any lis pendens that were filed will be remedied.”