3 East 63rd Street is a 25-ft wide townhouse, which is ideally located between Fifth and Madison Avenue, feet from Central Park, Madison Avenue shops, gourmet stores, restaurants and other requisite neighborhood conveniences.Situated in a Manhattan Landmark Historic District on one of the Upper East Side's premiere townhouse blocks, the property is currently configured as 11 units on five floors, featuring high ceilings throughout including 14 ft. on the second floor. There are six wood burning fireplaces, too.As well as several other houses on the street, developer William Parsons built this house for himself in 1880. The current building totaling 9,975 sq. ft. retains the full-height projecting bay and original scale. It has been suggested that lot line windows on the western wall of the building might be added to further illuminate the interior of the house.Although located in a landmark district, the house itself is not a landmark. Thus, the new owner can renovate the interior with great freedom (subject to New York City building codes). This presents a rare opportunity to either convert it back to a single family home, in any style, or renovate into a multi-unit home that is complementary to 21st century living.
Manhattan’s Upper East Side extends from 59th St. to 96th St., east of Fifth Avenue and is known as one of the most prestigious neighborhoods in the city. The neighborhood consists of stylishly restored old mansions, luxury high rises, stately townhouses, and several of the best co-ops and condos in Manhattan. This district includes access to some of the finest public schools as well as elite private schools like The Dalton School and The Brearley School. Central Park is a quick westward stroll away. Art lovers will find that they can walk to their favorite museums, namely The Metropolitan, The Guggenheim, The Frick, and The Whitney. They can also visit the famous auction houses of Christie’s and Sotheby’s. Posh boutiques and upscale intimate restaurants enhance the area’s elegance.
With the recent unprecedented rate cut by the Federal Reserve, banks have been inundated with people looking to take advantage of lower interest rates. Because of the overwhelming demand, we have not yet seen a huge reduction in mortgage rates. While we aren’t there yet, it is likely that we will see a dramatic shift in the upcoming months, which raises the question, “What does a 1 point difference in interest rate do for my bottom line?”Read more