56 Winthrop Street

Description

Introducing a rare and captivating opportunity for both owner-users and savvy investors seeking a 1031 exchange. Welcome to this extraordinary property, originally designed to attract New York's most affluent residents, where timeless architectural elegance blends seamlessly with modern potential. This majestic 9-unit building exudes charm and prestige, boasting many of its original divine architectural details, which have been meticulously preserved. The property presents a unique canvas for a variety of development ideas, making it an exceptional investment prospect. Consisting of 8 spacious three-bedroom apartments and 1 charming one-bedroom apartment, the building offers flexible living arrangements to cater to diverse tenant preferences. Additionally, the basement provides ample clean space for storage, with the exciting possibility of developing it into livable space, further enhancing the property's value. As an added convenience, the property features a spacious backyard with 5 garages, offering both parking facilities and an opportunity for additional rental income. This sought-after amenity in the heart of the city adds another layer of appeal to the property. Situated in the highly desirable neighborhood of Winthrop St, this area boasts an array of turn-of-the-century architecture that captivates the senses. Offering an attractive alternative to its neighboring areas across the Park, the emphasis on long-term rentals has spurred fast development of new apartments, making it a thriving location for individuals seeking a place to call home. The property's prime location is complemented by excellent transportation options, including easy access to shopping areas and close proximity to buses 41 and B, Q & S trains. Moreover, the area is experiencing a surge of development interest in residential and condo projects, indicating a bright future for investors. Zoned R6, the property opens up exciting possibilities for various residential developments, including apartment rentals or residential condos. With a long-term potential for growth, the Residential FAR of 2.43 and Facility FAR of 4.8 offer a generous scope for expansion and enhancement. As it stands, the usable floor area of 9,834 sq. ft. showcases the existing property's substantial value. However, the unused FAR of 4,826 sq. ft. presents an enticing opportunity for future development, making this an investment with immense potential.