35-FOOT WIDE TROPHY PROPERTY FOR MIXED USE, COMMUNITY FACILITY OR SINGLE-FAMILY CONVERSION 41 East 62nd Street was originally built as a stable for Elbridge T. Gerry, a prominent lawyer whose mansion was located on Fifth Avenue and 60th Street. Alfred Zucker, the original architect for the property, constructed a three-story stable with a remarkably sophisticated faade that married neo-Tudor and Gothic Revival elements. The distinguished faade we now see was the result of an alteration in 1946. It is constructed of red brick laid in English bond with a recessed doorway at the east end of the property. Iron railings and stone lintels adorn the second-floor windows, while balustrades are set below the front slate mansard roof on the fourth floor where dormer windows were planned to be installed plus a setback fifth floor. The lot is approximately 35 feet by 100 feet with the building built 70-feet deep. The property consists of approximately 16, 000 square feet spanning five floors plus a full basement. Currently the remaining 35-foot by 30-foot two-story space in the rear is enclosed with a glass roof and was used as a community facility. The floors are generally finished as white box, with open layouts. Up to 5, 900 square feet may be allocated for commercial/office space use with the remaining square footage used as residential and/or community facility. For those interested in strictly residential use, it can easily be converted into a majestic single-family mansion with space to house all the requisite modern luxuries and amenities. It is also ideal for a foundation, an embassy or consulate, or live/work situation with gallery/studio or private family office below. A commercial elevator services all floors and an open staircase runs through the entire building. 41 East 62nd Street may be purchased individually or with 35 East 62nd Street, a 40-foot wide, 25, 000 sq. ft. commercial office building, which may be used as is or converted to residential or mixed use as well. When combined the two offer otherwise impossible to find opportunities to create: Option 1: A grand residence with an adjoining amenity building that includes a basketball court, spa, fitness room, swimming pool, guest suites, and separate staff and security residences. Option 2: A grand residence with an adjoining legal family office or foundation, gallery, guest suites plus staff and security quarters. Option 3: Multiple-unit family compound with adjoining family office/foundation/ gallery and amenity building. Option 4: Modern fully immersive luxury office experience building complete with private spa and wholeness floor, fitness and sports facilities, lounge areas, private bar, private ballrooms for special events, theater for launches and presentations, and residences that can be used by executives and staff. The once in a lifetime opportunity to combine two buildings of this prominence would result in an unprecedented 75 on East 62nd Street and approximately 40, 000 of interior square footage set on lots 100 deep with South-facing facades. The possibilities are simply endless.
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William Raveis Mortgage, LLC
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Sarah.Alvarez@Raveis.com
NMLS Mortgage Loan Originator ID 1880936
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $28,000,000 | $28,000,000 | $28,000,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.625% | 6.500% | 6.000% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 6.955% | 6.612% | 6.182% |
Monthly Tax Payment | N/A | N/A | N/A |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $161,184 | $176,979 | $236,280 |
Total Monthly Payment | $161,309 | $177,104 | $236,405 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.