Olshan Realty Inc. Listings

Townhouse Report Created: Sunday, August 23, 2020 - Listings Shown: 1

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58 West 85th Street (Click address for more details)		Listing #: 586039
Price: $6,950,000 Floors: 5 Approx Sq Ft: 5,785	Sect: Upper West Side

Video Available Upon Request. This is a rare opportunity to live off Central Park in a spacious 3,840 sq. ft triplex apartment and have your two free market rental apartments pay all of the real estate taxes, heat, electricity, insurance, super-everything!-and still have money left over to pay towards the mortgage. An historic townhouse, 58 West 85th Street is a beautifully restored and renovated 3-unit brownstone on one of the prettiest tree-lined townhouse blocks on the Upper West Side with approximately 5,785 square feet total interior space on 5 floors. Your triplex has one of the UWS's best gardens, 18' x 26' south facing and no intruding extensions. This house offers future opportunity to expand or adjust the living space to your evolving needs, convert to a single family or make a 3 unit condominium. And you bought it for half of what condos are selling for per sq ft on the UWS. Here are the economics: The two tenants are paying a combined $8,335 monthly which is $100,020 annually. The tenants pay their own electric. The owner pays the building's real estate taxes of $58,700 annually (this is a Class 1 house so increase in RET are limited to 6%/year) and the operating expenses (heat, electric, insurance, water, service contracts and maintenance) all of which comes to under $20,000 annually. That leaves an annual profit to the owner of about $21,000. No common charges, no real estate taxes. And a far better value than paying over $2,000 per square foot for a condo (call me and I will show you the math!) Layout: Garden This floor is accessed through a gated under-stoop entrance and has a front bedroom with full bath, a laundry room and a large media/family room/office. There is a wet bar and the first of three beautifully detailed wood burning fireplaces. The sun washed South facing garden is 18 x 26, has evening lighting which accents the elaborate plantings, dining seating for 6 and a convenient barbecue. Below the garden floor is a high ceiling cellar with approximately 1,000 sq ft of storage. Parlor Guests and tenants enter through the proper original box stoop with its restored stone details. The building vestibule includes 3" thick oak doors with OG glass, a large pier mirror and the original oak wainscoting and staircase. The Owner's triplex is entered here through a generous foyer. The front facing (in the old European style) eat in kitchen is 10 x 18, comfortable and bright with two nearly full floor to ceiling arched windows. Top of the line appliances are along both walls. The 16 x 25 formal living and dining spaces are conveniently at the rear and seamlessly blend classic detail and modern style. The highlight is the 11' high wall of windows which spans the entire rear of this floor, overlooking the magnificent gardens behind this home. The second wood burning fire place and a spectacular custom interior staircase add sophisticated character. There is also a small terrace overlooking the garden. Powder room is centrally located on this level. Third Floor Three bedrooms on this floor including large master suite with 3 closets, 3 windows over serene treetop views. Two full bathrooms and additional neatly configured storage are on this floor. Fourth Floor Apartment Free market, floor thru one bedroom apartment with large terrace. Tenant in place through August 2020 paying market rent. Fifth Floor Apartment Free market, floor thru two bedroom apartment. Tenant in place through September 2021 paying market rent.

All information regarding a property for sale, rental or financing is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description. All measurements and square footages are approximate and all information should be confirmed by customer.