343 East 66th Street, also known as 1225 First Avenue, represents a rare once-in-a-generation investment opportunity in the heart of Lenox Hill. This 29-unit residential and commercial mixed-use property offers a compelling combination of stable cash flow, strategic location, and significant upside potential.
The property features 25 residential units (19 free market, 5 rent-stabilized, 1 rent-controlled) generating $848,000 in gross annual residential income, plus four commercial spaces including a Dunkin' Donuts franchise generating $412,291, Rooftop Antenna $34,729, Basement Laundromat $51,660, Ground Floor Hair Salon $83,604, and RE Contributions $161,131 annually.
Located within walking distance of Lenox Hill Hospital, Central Park, elite private schools, and the Q and 4/5/6 subway lines, the building sits in one of Manhattan's most active luxury development corridors, with $400M+ in adjacent luxury residential pipeline.
The Dunkin' Donuts franchise lease (no buyout clause) is the primary underwriting item — seller available to facilitate direct introduction to the franchisee. One rent-controlled unit (Unit 14, $231.53/month) with lifetime tenancy. All items are known, quantified, and negotiable. No hidden surprises.
| Address | 343 East 66th Street, New York, NY 10065 |
| Alternate Address | 1225 First Avenue |
| Neighborhood | Lenox Hill / Upper East Side |
| Community Board | Manhattan 08 |
| Total Units | 29 |
| Residential Units | 25 |
| Commercial Units | 4 |
| Property Type | Mixed-Use Residential/Commercial |
| Zoning District | C5-2 / R8B |
| FAR | 10 |
| Lot Size | 50' x 75' |
| Gross Floor Area | 18,828 SF (approx) |
| Asking Price | $25,500,000 |
| Annual Gross Income | $1,421,421 |
| Cap Rate (Pro Forma) | 4.68% |
| Price Per Unit | $879,310 |
| Unit # | Status | Type | Monthly Rent |
|---|---|---|---|
| 03 | Active | Free Market | $2,420.50 |
| 04 | Active | Rent-Stabilized | $836.37 |
| 05 | Active | Free Market | $3,432.00 |
| 06 | Active | Free Market | $2,650.00 |
| 07 | Active | Rent-Stabilized | $735.02 |
| 08 | Active | Free Market | $2,500.00 |
| 09 | Active | Free Market | $3,307.50 |
| 10 | Active | Free Market | $3,465.00 |
| 11 | Active | Free Market | $3,450.00 |
| 12 | Active | Free Market | $3,915.00 |
| 14 | Active | Rent-Controlled | $231.53 |
| 15 | Active | Free Market | $3,325.00 |
| 16 | Active | Rent-Stabilized | $2,475.00 |
| 17 | Active | Free Market | $3,950.00 |
| 18 | Active | Free Market | $3,625.00 |
| 19 | Active | Free Market | $2,350.00 |
| 20 | Active | Free Market | $3,350.00 |
| 21 | Active | Rent-Stabilized | $644.78 |
| 22 | Active | Free Market | $3,600.00 |
| 23 | Active | Free Market | $4,450.00 |
| 24 | Active | Rent-Stabilized | $2,208.00 |
| 25 | Active | Free Market | $3,175.00 |
| 26 | Active | Free Market | $3,175.00 |
| 27 | Active | Free Market | $3,400.00 |
| 28 | Active | Free Market | $3,996.00 |
| Unit | Tenant | Status | Lease Details | Monthly Rent | Annual Rent |
|---|---|---|---|---|---|
| Store 1 (Ground Floor) | Dunkin' Donuts (Sebella Brands LLC) | Active | 18 Years Remaining · No Buyout Clause | $20,191.42 | $242,297.04 |
| Store 2 (Ground Floor) | Hair Salon (Stella Park Madison) | Active | TBD | $6,967.00 | $83,604.00 |
| Store 3 (Basement) | Laundromat (The Bubble Room Corp) | Active | TBD | $4,305.00 | $51,660.00 |
| Store 4 (Rooftop) | Cell Antenna (T-Mobile USA) | Active | Month-to-Month · 30-Day Notice | $2,894.15 | $34,729.80 |
343 East 66th Street sits at the heart of Lenox Hill, one of Manhattan's most prestigious and economically vibrant neighborhoods. The Upper East Side commands the highest concentration of private wealth, institutional anchors, and elite educational institutions in the world. The immediate location benefits from being within walking distance to Lenox Hill Hospital (Northwell Health's flagship 2B+ expansion campus), Central Park, and multiple subway lines connecting to Midtown and Downtown.
The submarket is experiencing significant transformation driven by $400M+ in active luxury residential development within a 15-block radius. This pipeline validates the developer thesis and demonstrates sustained institutional demand for premium housing in this corridor. The combination of medical institution expansion, park proximity, school excellence, and active development creates a rare multi-generational appreciation narrative for income-producing real estate.