--- title: "323 East 116TH Street, New York, NY 10029" description: "323 East 116TH Street, New York, NY 10029 — NYC real estate listing on Real Estate Rebate Team. Priced at $2,450,000. Est. potential buyer savings up to $61,250 (subject to buyer-broker compensation received, lender approval, and applicable law)." url: "https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10029/323-east-116th-street-ny-10029" source: "Real Estate Rebate Team" --- # 323 East 116TH Street, New York, NY 10029 > **Listing Courtesy of:** Brown Harris Stevens Residential Sales LLC ## Description Exceptional Six-Unit Brownstone Investment Opportunity Rare opportunity to acquire a beautifully maintained income-producing brownstone offering strong in-place cash flow, timeless architectural character, and excellent long-term upside. The property 17X70 consists of six updated residential apartments, each with its own unique charm. The first-floor duplex features a private backyard and a versatile studio space, ideally suited for a live/work lifestyle-perfect for an artist, photographer, designer, or private professional practice. The second-floor apartment boasts a spacious private terrace overlooking the landscaped backyard, creating a peaceful outdoor retreat rarely found in city living. Every apartment has been thoughtfully updated while preserving the building's original character. Features include exposed brick walls, soaring ceilings, loft-like layouts with additional sleeping lofts or storage areas, oversized windows, decorative fireplaces, beautiful original wood doors, floor-to-ceiling mirrors, hardwood floors, and intricate wood moldings and trim throughout the living spaces. Each residence is filled with natural light and enjoys either tranquil garden views or charming tree-lined street views. The building currently generates approximately $197,800 in annual gross income from residential rents and additional income sources, providing stable cash flow with future upside as leases roll over. Based on the current income and operating expenses, the property offers an approximately 6% capitalization rate, presenting an attractive return compared to many traditional income-producing investments. Several leases extend into 2027, providing predictable income while offering future opportunities for rent growth. The property can be delivered vacant or with income-producing leases in place, offering exceptional flexibility for investors, owner-users, or those seeking a live/work opportunity. Additional highlights include: -Six residential apartments -Private backyard -First-floor live/work duplex with studio -Second-floor apartment with an oversized private terrace -On-site laundry providing additional income -Beautifully updated apartments with preserved architectural details -Attractive investment with strong current returns and long-term appreciation potential Ideally located near transportation, restaurants, shopping, parks, and neighborhood amenities, this is a rare opportunity to own a distinctive brownstone that combines historic charm, modern updates, and exceptional investment potential. The owner is currently in the process of obtaining an amended Certificate of Occupancy reflecting the conversion from four to six residential units. ## Property Details - **Price**: $2,450,000 - **Potential Buyer Rebate**: $61,250 - **Bedrooms**: 6 - **Bathrooms**: 6 - **Living Area**: 4,760 sqft - **Property Type**: Residential - **Year Built**: 1910 - **Building**: 323 East 116TH Street - **Neighbourhood**: East Harlem - **Area / Borough**: Manhattan - **Subdivision**: East Harlem - **Listing Office**: Brown Harris Stevens Residential Sales LLC - **State**: NY ## Estimated Potential Buyer Savings Real Estate Rebate Team estimates potential buyer savings of up to **$61,250** at closing. *Estimated by Real Estate Rebate Team. Subject to buyer-broker compensation received, lender approval, transaction terms, and applicable law. Not all listings qualify.* ## Related Links - [Building details](https://realestaterebatesnewyork.com/buildings//buildings/new-york-city/manhattan/323-east-116th-street) - [Neighbourhood guide](https://realestaterebatesnewyork.com/neighborhoods//neighborhoods/new-york-city/manhattan/east-harlem) - [Calculate your exact cash back and book a showing here](https://realestaterebatesnewyork.com/calculators/buyer-closing-cost-calculator) - [Contact Regis Roumila for more details](https://realestaterebatesnewyork.com/contact) --- > This advertisement does not suggest that the broker has a listing in this property or properties or that any property is currently available. > This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., All rights reserved.