Three New York townhouses on East 61st Street, including two adjoining ones, went on the market Wednesday for a total of $19.485 million, Mansion Global has learned.
Lenox Hill residences are available for the first time in more than 50 years and offer a variety of investment opportunities, according to listing agent Jaime Richichi of Compass. Between the three buildings there are 25 units, including a duplex which was the owners’ home.
“Whether it’s a soaring ceiling, a restored fireplace, or beautiful crown molding and architectural details, each unit has something that makes it special,” Ms. Richichi said.
Townhouses “can be purchased separately or as a set,” she added. Adjacent properties are priced at $5.495 million and $5.995 million, while the third, a few houses down, is asking for $7.995 million.
Several options exist for buyers, according to Ms. Richichi.
“Investors recognize that there is a huge opportunity, especially in New York right now,” she said. “The luxury sector market has, I think, never been stronger, contrary to what you read.”
Using the two adjoining buildings, “someone could create a 40-foot-wide single-family mansion or create a large rental building,” she said.
Alternatively, the buyer could live in the previous owners’ duplex, which includes garden space, and rent out the rest of the property, she noted. Or, an early investor could potentially buy the townhouses and start collecting rent immediately, perhaps renovating units as tenants change.
“Some units have updated kitchens and bathrooms, but there are definitely more updates that should happen, especially if you want to raise the rent to market value,” Ms. Richichi explained. “For someone who wants to do that, they can come in, remodel kitchens and bathrooms, not invest a huge amount of money in them, and then easily raise rents by 30%.”
Another possibility is to convert the third townhouse into a 24-foot-wide, 100-foot-deep single-family property with five levels and more than 8,450 square feet, the agent added.
Mansion Global could not determine at what price the properties last sold, or when. They are sold by a domain.