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1289 Madison Avenue

1289 Madison Avenue

Opportunity knocks! 1289 Madison Ave is a 5 story, mixed-use building, with 6 units in the heart of Carnegie Hill’s Historic District. Situated on bustling Madison Ave, just off East 92nd Street. Enjoy the exceptional transportation & conveniences. A plethora of incredible independent restaurants, cafes, and bars nearby. Just blocks away from Central Park, Frank Lloyd Wright’s Guggenheim Museum and Museum Mile. Close to the crosstown M96 bus, 4, 5, 6 & Q trains.

1289 Madison Ave is perfect for an investor or end-user alike. As an end-user, this is an opportunity to run your own business out of one of the commercial spaces and live in the penthouse above. Large, new condo developments in the area will bring the desired foot-traffic for the ground floor commercial tenant.

BUILDING

This pre-war building is made up of 2 commercial spaces and 4 residential apartments. All units are free market and have been well maintained and cared for by the current owners.

1st Floor: Commercial space; currently owner occupied. Setup as a pizzeria, with over 1,200 sq ft, kitchen, storage, cellar and will be delivered vacant.

2nd Floor: Commercial space; Over 1,200 sq ft, currently occupied by the world-renowned Fred Astaire dance studio, with a lease through June 2024.

3rd Floor: Residential; Large, recently renovated, 3 bed, 1 bath apartment with outdoor space. Sun-filled, with eastern and western exposures. Open kitchen with stainless steel appliances, full gas range stove and a dishwasher. The primary bedroom fits a king-sized bed and leads to the extraordinary private terrace. Tons of storage and hardwood floors through the apartment.

4th Floor: Residential; Comprised of 2 units; 1-bedroom apartment and a studio. Each of these units have been recently renovated and are filled with great natural light. Open kitchens with stainless steel appliances, including gas ranges stoves and dishwashers. The 1-bedroom unit also has a private balcony. Beautiful hardwood floors throughout and decorative fireplace in each unit.

5th Floor: Residential; The owner-occupied penthouse apartment is currently configured as a 1 bedroom with a massive living room but can be easily converted back to a 2-bedroom apartment. Awash in sunlight from the western and eastern exposures. Open kitchen, with skylight & dishwasher. Primary bedroom fits a king-sized bed. Large, windowed bathroom. Beautiful decorative fireplace and hardwood floors throughout.

Monthly Rent Roll:

1st Floor (Pizzeria): $20,000 (Proposed/Currently owner-occupied)

2nd Floor (Dance studio): Yr. 1 $8,250, Yr. 2 $8,497.50, Yr. 3 $8,752.43; Lease ends June 2024

3rd Floor (3 bedroom): $4,995; Lease ends March 2023

4th Floor (1 bedroom): $2,995; Lease ends February 2023

4th Floor (studio): $2,450; Lease ends February 2023

5th Floor (2 bedroom): $5,000 (Proposed/Currently owner-occupied)

Potential Monthly Rental income: $43,690



OPEN HOUSE: By Appointment

Property Details

Address 1289 Madison Avenue
Unit
Neighborhood Carnegie Hill
Price $9,500,000
Beds 8
Baths 6
Rooms 15
Sq. Ft. 5000
Type Building
Listing ID 22121712

 

Peter Poljan

Licensed Real Estate Broker
Member, Real Estate Board of NY
Certified Negotiation Expert (CNE)

Poljan Properties, Inc.

1207 Cortelyou Road
Brooklyn, NY 11218

peter@poljanproperties.com

718.484.4776