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

Massey Knakal Retained Exclusively To Sell Mixed-Use Properties On The Upper East Side

09/05/2014

Massey Knakal Realty Services has been retained on an exclusive basis to sell two contiguous mixed-use properties at 1703-1705 Second Avenue. The properties are located between East 88th and East 89th Streets on Manhattan’s Upper East Side. The asking price is $26,500,000.

The two five-story buildings combine for approximately 15,350 gross square feet on a 50’ x 75’ lot with one commercial and 16 residential units.  Previously home to the famous restaurant Elaine’s, the commercial space has been extended to the lot line and totally rebuilt with a new storefront, new mechanical system, gas service, water service including a sprinkler system, HVAC system, completely new kitchens, and a new black iron exhaust to the roof.  There are 16 residential units above the restaurant, of which 14 have been beautifully renovated.  The unit mix of the renovated free market units consists of two three-bedroom/two-bathroom apartments, 11 two-bedroom/one-bathroom apartments, and one one-bedroom/one-bathroom apartment. These apartments were completely gut renovated down to the structural framing, and the renovations include upgraded electric service and distribution, stainless steel appliances, new hardwood floors, washer-dryers, and new windows.  The two rent stabilized apartments consist of one one-bedroom/one-bathroom apartment and one studio.  Overall building renovations include structural steel improvements to the lower portions of the building, upgraded electric service throughout, new boiler/heat and hot water system as well as risers throughout the building. 

The C2-8 zoning designation permits a maximum residential FAR of 10.0 or approximately 37,500 square feet, which can be increased by 2.0 FAR or 7,500 square feet using an Inclusionary Housing Bonus for a total of 45,000 buildable square feet.  There are additional development rights available from adjacent buildings which could increase the size of a potential development on the site to over 60,000 square feet.  Furthermore, the site is surrounded by low-rise buildings providing additional light and air to any future development on the site.

The Upper East Side is poised for a major transformation as the first phase of the Second Avenue subway is scheduled to be completed in December of 2016.  New subway stations will be located on 72nd, 86th, and 96th Streets along Second Avenue and the Upper East Side is set to experience rapid retail and residential growth as the project nears completion.  The acquisition of 1703-1705 Second Avenue represents a unique opportunity to capitalize on the lack of residential inventory and guaranteed retail progression within one of Manhattan’s most coveted residential enclaves.

This property is being marketed exclusively by Massey Knakal’s Thomas D. Gammino, Jr.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

09/05/2014 - 10:37

Source

Cushman & Wakefield Capital Markets Group New York

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