It is common wisdom that in order to get the highest price for one's property, a townhouse owner has to be able to deliver their building unencumbered by any tenancy issues. In addition to making life difficult for your broker (never a nice thing to do!), a buyer assumes significant risk when buying property with tenants in place. Even without rent control or rent stabilization issues, a determined tenant can keep a landlord in court for years, preventing work from being performed on the property to maximize income or to create a single family residence.

As a result, historically a discount has been applied to tenanted properties versus those that are delivered vacant.

Three properties on the market today in the East 60's are testing that theory.

14 East 63rd Street is a 25' wide brownstone mansion across from the Safra Synagogue asking $25,000,000. For this price, a prospective purchaser will have to wait until the middle of 2017 for two tenants to vacate the premises.

One block further east, 45-47 East 63rd Street is also asking $25,000,000. It affords the buyer with the opportunity to combine two 16 foot townhouses into one 32' wide property. However, once again tenants have rights to the property until February of 2017.

Finally, the Scribner Mansion at 39 East 67th Street is asking $22,500,000. While the listing agent has been unclear as to the status of the various tenants inside, it is clear that any prospective purchaser will have tenants in place until at least 2016.

Of these three properties, the Scribner mansion is rumored to have a contract out just weeks after going to market. Priced below the other two properties featured here, 39 East 67th Street also has an attractive limestone facade and a storied past. But it remains to be seen whether tenancy issues will stand in the way of a quick sale.