Massey Knakal Sells Landmark Building On Upper East Side
A four-story building located at 1511 Third Avenue, on the northeast corner of Third Avenue and East 85th Street, has been sold by Massey Knakal Realty Services. The building was sold in a transaction valued at $60,000,000.
The subject property is an Italian Renaissance Revival landmark and approximately 60,000 square feet. It sits one block south of East 86th Street, the busiest and most important retail artery in Manhattan’s Upper East Side, and has 76.62’ of frontage on Third Avenue and 125’ on East 85th Street. The building is fully leased to two tenants: the Gap, which houses their Upper East Side flagship on the ground floor and basement, and Equinox, which leases the upper three floors as well as the basement. Both tenants have long-term leases. The building’s close proximity to the 4,5,6 subway lines, as well as the future Second Avenue line, allows the property to continue to benefit from the neighborhood’s strong retail rental growth.
“The demand for assets like this has been outstanding recently. We had many highly qualified buyers fighting over this asset. I wish we had a few more of these!” stated Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Vice President Thomas Gammino.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.