Cushman & Wakefield Sells Mixed-Use Building on the Upper East Side
A mixed-use building, located at 970 Lexington Avenue between East 70th and East 71st Streets on Manhattan’s Upper East Side, was sold in an all-cash transaction valued at $7,425,000.
The four-story landmarked building contains approximately 3,168 square feet and sits on an 18’ x 60’ lot. The first two floors are retail units and the third and fourth floors are free market residential units. Located just two blocks from Hunter College, the retail benefits from foot traffic from the school. The property is conveniently located within short walking distance to the 68th Street station of the 6 train and the Second Avenue subway in the near future. The sale price equates to approximately $2,344 per square foot.
“This opportunity generated a lot of interest from investors, retail users, and 1031 exchange buyers which ultimately enabled the owners to capitalize on New York City's vibrant market, while allowing the buyers, local investors, to obtain a building on a prime retail corridor that is a candidate for immediate expansion of the retail space,” said Cushman & Wakefield’s Thomas D. Gammino Jr., who exclusively represented the seller in this transaction with Guthrie Garvin. “Lexington Avenue properties remain highly sought after, and we were thrilled to achieve a sales price of over $2,300 per square foot, a 3.5% cap rate for our client,” said Garvin. The buyer was represented by Nick Judson.