58 West 85th Street – Upper West Side, New York

This is a rare opportunity to live off Central Park in a spacious and historic townhouse residence with sunny garden, substantial free market rental income and the opportunity to convert back at any time to single family. 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 6,650 square feet of interior space on 6 levels (and over 650 square feet of outdoor space on 3 levels), the $7,950,000 asking price comes to only $1,195 per square foot, the lowest of any renovated house currently for sale on a Central Park block. It is part of a row of four houses designed in the Renaissance Revival style by Gilbert A. Schellenger in 1888 and the house still has much original detail including the front door, foyer and staircase. The renovated owner’s triplex consists of 7 rooms, 4 bedrooms, 3 bathrooms and a powder room on the parlor floor with 2 wood-burning fireplaces. The outdoor space includes 2 south-facing balconies and a magnificent, 500 square foot sunny, south-facing garden, surrounded by other period houses and gardens. In addition, there are two free market rental apartments on the top two floors conservatively generating income of $100,000 per year which more than covers the low annual real estate taxes of $57,820. The fourth floor apartment includes a large bedroom and living/dining room with private 150 square foot south-facing terrace. The fifth floor apartment has two bedrooms and a spacious living/dining room. The house also has a high-ceilinged basement measuring approximately 1,000 square feet. The owners have opened up and extended the rear of the building, adding enormous windows overlooking the beautiful backyard. The most recent improvements are reconstruction of the original box stoop and a new roof last summer.