Multifamily Property Listed at 1670 York Avenue New York

The New York Multifamily team is pleased to exclusively offer for sale 1670 York Avenue, located in the Yorkville neighborhood. Located on the corner of 88th and York Avenue, this 32-unit Mixed-use property is comprised of approximately 17,540 square feet with 50’ of frontage. This property sits on a 50’x 75’ lot (Block: 1584 and Lot: 49). The property is zoned R10 and has an additional 20,250 BSF.

THE OPPORTUNITY

• Building Overview: This five-story multifamily building features 50 feet of frontage along York Avenue and contains 32 residential apartments. Of the 32 units, 18 are free market and 13 are rent-stabilized. The unit mix is composed of 16 studios and 16 one-bedroom apartments.

• Strong In-Place Retail: The retail component includes three established tenants, providing stable, long-term income. The corner space is leased to Heavenly Market, a highly reputable neighborhood health market with 15 locations across Manhattan, offering exceptional credit and proven tenancy. Slayton One Cleaners has operated since 2021, maintaining steady neighborhood demand, while Rivera Shoe Repair Company, which joined in 2024, adds complementary foot traffic and reliability to the retail mix.

• Rent growth opportunity: This property comprises 18 free-market units, all currently leased at below-market rents, offering investors the opportunity to capture immediate upside. At a low basis of $255,714 per unit, the asset provides strong potential for income growth and significant value creation through strategic rent adjustments and targeted capital improvements within the first year of ownership.

• Desirable Location: 1670 York Avenue sits just steps from the serene East River Esplanade, offering scenic waterfront walks and bike paths. The neighborhood blends quiet residential charm with easy access to some of Manhattan’s most beloved attractions, including Carl Schurz Park and the world-renowned Museum Mile along Fifth Avenue. Nearby, residents can enjoy acclaimed dining options such as Jones Wood Foundry, Uva, and J.G. Melon, alongside cozy cafés and upscale boutiques. Convenient transportation options include the Q train at 86th Street and multiple bus routes along York and First Avenues, ensuring seamless connectivity to the rest of the city.