120 E 87th St Unit R14F, New York, NY 10128

Property Description

Investors Only! Tenant in place through October 2027. Current cap rate 3.8%. All showings by appointment with 24-hour advance notice. The Opportunity A rare opportunity to acquire a fully renovated, income-producing luxury condominium in one of Manhattan's premier white-glove buildings. 120 East 87th Street, Unit R14F is being offered with a high-quality tenant in place through October 2027, delivering immediate cash flow with no leasing risk or vacancy exposure. Currently generating an approximate 3.8% cap rate, the investment offers both stability and built-in growth. The existing lease steps to $10,750/month in November 2026, with current market rents for similar residences achieving approximately $11,500/month, presenting additional upside at renewal. This is a turnkey acquisition with income from day one, a near-term increase already secured, and future appreciation potential. The Apartment Meticulously renovated to an uncompromising standard, this 2-bedroom, 2-bathroom home features soaring 14-foot ceilings, southern exposure, and exceptional natural light throughout. The expansive living and entertaining space is defined by large soundproof windows with electric shades, white oak hardwood floors, recessed lighting, and bespoke custom finishes. The open chef's kitchen is thoughtfully designed with Bosch stainless steel appliances, a 5-burner gas range, Caesarstone countertops, a Kraus deep sink, custom floor-to-ceiling cabinetry, and a striking blue agate quartz backsplash with integrated LED lighting. The primary suite offers generous proportions, a large walk-in closet, and a spa-quality en-suite bath with premium fixtures, designer tilework, a soaking tub with shower, and a washer/dryer. The second bedroom is well-scaled with custom built-ins and access to a fully renovated second bathroom finished to the same high standard. A glass-enclosed staircase leads to an approximately 400-square-foot upper-level bonus space, ideal for a home office, media room, or flexible use, with additional storage throughout (not included in the stated square footage). The Building Located within Park Avenue Court, one of the Upper East Side's most sought-after full-service condominiums, residents enjoy a comprehensive suite of luxury amenities including an indoor swimming pool, fully equipped gym, yoga room and children's playroom. The Location Set in the heart of Carnegie Hill, this address offers timeless appeal and enduring value. Tree-lined streets, cultural institutions, and premier conveniences define the neighborhood. Contact us today for a tour of this exceptional property.