Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Cushman & Wakefield Sells Mixed-Use Building in East Harlem

02/18/2015

A mixed-use building at 2162 Second Avenue, located on the northeast corner of Second Avenue and East 111th Street in Manhattan’s East Harlem neighborhood, was sold in an all-cash transaction valued at $2,650,000.

The four-story building contains approximately 5,832 square feet and sits on a 26’ x 75’ lot.  It consists of six, two-bedroom apartments and one retail store with attached garage.  The property was delivered vacant and it benefits from additional air rights.  The sale price equates to approximately $454 per square foot.

This property is ideally situated along one of East Harlem’s premiere retail corridors.  New ownership will benefit from the arrival of the Second Avenue subway and rising retail and residential rents in the surrounding neighborhood.

“This property presents a great opportunity for new ownership as a vacant, corner building along Second Avenue. A sidewalk corner café would be a perfect fit for the ground floor space and a tremendous benefit for East Harlem as the neighborhood continues its remarkable revival,” said Cushman & Wakefield’s Lev Kimyagarov, who exclusively handled this transaction.

"I am thrilled to have closed on our second transaction with Lev in East Harlem and very pleased to be adding to my portfolio of mixed-use and multifamily properties in the emerging area. Having Central Park a few blocks away, easily accessible mass transit, hospitals, schools and the Upper East Side moving north, I will continue to pursue this neighborhood and look forward to the excellent growth in the coming years,” said Shai Shustik, who purchased the property.

02/18/2015 - 14:45

Source

Cushman & Wakefield Capital Markets Group New York

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