Rare once-in-a-generation offering
Institutional-quality mixed-use asset rarely available in this submarket. Residential and commercial diversification with proven tenancy and long-term commercial leases.
01
Overview
Executive summary
343 East 66th Street, also known as 1225 First Avenue, is a 29-unit residential and commercial mixed-use property in the heart of Lenox Hill, combining stable cash flow, a strategic location and significant upside potential.
The property holds 25 residential units — 19 free market, 4 rent-stabilized, 1 rent-controlled and 1 vacant — generating $874,450 in gross annual residential income, plus four commercial spaces including a Dunkin' Donuts franchise generating $335,871 annually.
It sits within walking distance of Lenox Hill Hospital, Central Park, elite private schools and the Q and 4/5/6 subway lines, in one of Manhattan's most active luxury development corridors, with $400M+ of adjacent luxury residential pipeline.
The primary underwriting item
The Dunkin' Donuts franchise lease carries no buyout clause, and the seller is available to facilitate a direct introduction to the franchisee. One rent-controlled unit carries a lifetime tenancy. All items are known, quantified and negotiable.
02
Why this deal
Investment highlights
Confirmed income stream — $1.3M / yr
Residential income of $874,450 plus commercial of $335,871 plus a real estate contribution of $120,809.30 for Dunkin' Donuts. Fully verified rent roll as of October 2026.
Lowest vacancy cost profile on the UES
76% free-market tenant mix — 19 of 25 units — with zero vacancy cost at lease renewal. Only one rent-controlled unit.
Prime Lenox Hill — luxury pipeline
$400M+ in active luxury condominium development within a fifteen-block radius: 255 East 77th, 200 East 75th, 150 East 78th, 985 Fifth. The market is actively validating the developer thesis.
Strategic adjacency to the Hakimian site
The property sits adjacent to active development parcels, positioning it to benefit from neighbourhood revitalisation and increased demand from new residential units nearby.
Manageable and calculable encumbrances
All tenant liabilities are known, documented and quantified. The Dunkin' franchisee is available for direct negotiation. A clear path to repositioning and value creation.
03
The asset
Property information
Property details
- Address
- 343 East 66th Street
- Alternate
- 1225 First Avenue
- City / ZIP
- New York, NY 10065
- Neighbourhood
- Lenox Hill / UES
- Community board
- Manhattan 08
Building details
- Total units
- 29
- Residential units
- 25
- Commercial units
- 4
- Property type
- Mixed-use res / comm
- Owner
- White Mountain Realty Corp.
- Residential area
- 16,428 SF
- Commercial area
- 2,400 SF
- Building class
- C7 (walk-up w/ stores)
Zoning & site
- Zoning district
- C1-9
- FAR
- 12.0 w/ IH
- Lot size
- 3,750 SF (50 × 75)
- Gross floor area
- 18,828 SF
- Stories
- 6 + basement
- Built FAR
- 5.02
- Unused dev. rights
- 18,672 SF at 10.0 FAR
- Year built
- 1910 (alt. 2015)
Financial metrics
- Asking price
- $22,000,000
- Annual gross income
- $1,331,130
- Cap rate (pro forma)
- 5.41%
- Price / unit
- $758,621
- Price / GFA
- ~$1,168 / SF
04
Commercial units and portfolio summary
Commercial tenancies
| Unit | Tenant | Lease | Monthly | Annual |
|---|---|---|---|---|
| Store 1Ground floor | Dunkin' DonutsSebella Brands LLC | 18 yrs · no buyout | $20,761.16 | $249,134 |
| Store 2Ground floor | Vacant | Asking | $6,500.00 | $78,000 |
| Store 3Basement | LaundromatThe Bubble Room Corp | Month to month | $4,333.92 | $52,007 |
| Store 4Rooftop | Cell antennaT-Mobile USA | Month to month · 30-day | $2,894.15 | $34,730 |
| Total · 3 occupied units | $27,989.23 | $335,871 | ||
Commercial notes
The Dunkin' Donuts lease has no contractual buyout clause, so franchisee negotiation is required for vacant possession. The seller is available to facilitate a direct introduction.
Income summary
- Residential · 25 units
- $874,450
- Commercial · 3 of 4 leased
- $335,871
- RE contribution
- $120,809.30
- Gross annual income
- $1,331,130.30
Unit mix
Free market · 19 units76%
Rent-stabilized · 4 units16%
Rent-controlled · 1 unit4%
Vacant · 1 unit4%
Data source: White Mountain Realty Corporation property management system, exported 10/05/2026. Lease expirations to be confirmed during due diligence.
05
In place vs. pro forma
Revenue & expenses
In place
ActualIncome
| Residential gross | $874,450 |
| Less vacancy / credit loss (3%) | ($26,234) |
| Effective residential | $848,217 |
| Commercial gross | $335,871 |
| Less vacancy / credit loss (3%) | ($10,076) |
| Effective commercial | $325,795 |
| RE contribution | $120,809.30 |
| Effective gross income | $1,294,821 |
Operating expenses
| Property taxes | $314,000 |
| Water & sewer | $38,000 |
| Insurance | $27,500 |
| Fuel & gas | $35,000 |
| Electric | $1,200 |
| Repairs & maintenance | $20,000 |
| General & administrative | $9,000 |
| Super / payroll | $15,600 |
| Management fee (3.0%) | $38,845 |
| Total expenses | $499,145 |
Net operating income
$795,676
Pro forma
StabilizedIncome
| Residential gross | $1,216,800 |
| Less vacancy / credit loss (3%) | ($36,504) |
| Effective residential | $1,180,296 |
| Commercial gross | $413,871 |
| Less vacancy / credit loss (3%) | ($12,416) |
| Effective commercial | $401,455 |
| RE contribution | $120,809.30 |
| Effective gross income | $1,702,560 |
Operating expenses
| Property taxes | $314,000 |
| Water & sewer | $38,000 |
| Insurance | $27,500 |
| Fuel & gas | $35,000 |
| Electric | $1,200 |
| Repairs & maintenance | $20,000 |
| General & administrative | $9,000 |
| Super / payroll | $15,600 |
| Management fee (3.0%) | $51,077 |
| Total expenses | $511,377 |
Net operating income
$1,191,183
How the figures read
In-place net operating income of $795,676 is 3.62% on the asking price; the stabilized $1,191,183 is 5.41%. Both views apply a 3% vacancy and credit loss to residential and commercial income and a management fee of 3% of effective gross income. The operating expense ratio in place is 38.5%.
06
Lenox Hill · Upper East Side
Location & submarket
343 East 66th Street sits at the heart of Lenox Hill, one of Manhattan's most prestigious and economically vibrant neighbourhoods. The Upper East Side commands the highest concentration of private wealth, institutional anchors and elite educational institutions in the world.
The submarket is being reshaped by $400M+ of active luxury residential development within a fifteen-block radius. That pipeline validates the developer thesis and demonstrates sustained institutional demand for premium housing in this corridor. Medical expansion, park proximity, school excellence and active development together create a rare multi-generational appreciation narrative.
Lenox Hill Hospital
Northwell's flagship Upper East Side campus. A $2B two-tower expansion is underway, creating a long-term institutional demand anchor for premium residential in the immediate corridor.
Central Park
The world's most famous urban park spans 840 acres and attracts 42M+ visitors a year. Proximity consistently commands a significant premium in residential and development land pricing.
Transportation
Q train at 72nd Street, two blocks. 4/5/6 at Lexington Avenue. M66, M15 and M31 buses, with an FDR Drive on-ramp nearby.
Metropolitan Museum
The largest art museum in the Western Hemisphere, attracting 7M+ visitors a year. Museum Mile reinforces the cultural prestige and pricing power of the Upper East Side address.
Elite private schools
Chapin, Brearley, Spence and Hunter College High School are within walking distance. The UES school corridor is a critical driver of residential demand from high-income families.
Luxury pipeline — $400M+
255 E 77th (Naftali, $3,200/SF), 200 E 75th (EJS Group, $3,000/SF), 150 E 78th ($3,800/SF boutique), 985 Fifth ($6,000/SF ultra-luxury).
07
Exclusive listing brokers
Contact
All inquiries confidential · direct broker contact preferred.
The full offering memorandum
This page summarises the offering. The complete memorandum — including the unit-by-unit residential rent roll, regulatory status and lease detail — is released on a signed confidentiality agreement. Contact either broker above and it will be sent the same day.
Disclaimer. This page is for general information and does not contain all information necessary to evaluate an investment. Financial projections are for general reference only. The information contained herein is believed to be reliable; however, DMB Properties and the Owner do not guarantee its accuracy or completeness. Prospective purchasers are encouraged to conduct their own independent due diligence, including but not limited to review of the actual rent roll, lease documents, tax records, title, zoning and physical inspection of the property. The seller reserves the right to withdraw this offering or modify the asking price without prior notice. Rent roll data confirmed from the White Mountain Realty Corporation property management system as of October 2026.
08
Appendix · concept site and massing study · October 2026
What the lot could hold
A schematic study of the 3,750 square foot corner lot, tested two ways: the as-of-right condominium envelope at FAR 10.0, and the rental envelope the affordability bonus makes possible at FAR 12.0. Lot geometry is taken from the Department of Finance digital tax map for Block 1441, effective 10 September 2025; bulk controls from the Department of City Planning commercial districts table, which gives C1-9 a residential equivalent of R10.
Status of these drawings
Schematic massing study only — not an architectural design, a survey, a zoning determination or a filing set. A field survey still governs for design and filing, and neither scheme is buildable while the existing retail lease and the rent-controlled tenancy remain. Confirm everything with an architect and zoning counsel.