Massey Knakal Sells Mixed-Use Building in Midtown East
A mixed-use building at 963 First Avenue (aka 350 East 53rd Street), located on the corner of East 53rd Street and First Avenue in Manhattan’s Midtown East neighborhood, was sold in an all-cash transaction valued at $10,395,000.
The five-story building contains approximately 11,607 square feet on a 25.42’ x 100’ lot, with a ground floor retail space and 15 apartments above. The unit mix consists of one two-bedroom, seven one-bedroom, and seven studios, with five rent stabilized and ten free market units. The sale price equates to approximately $896 per square foot.
The property is zoned R10 with a C1-5 overlay but the air rights were sold to the Toll Brothers mixed-use development site located adjacent to the property. Construction is in progress and will create significant value on the block. Additionally, the property benefits from ongoing development in the neighborhood and the incoming Second Avenue subway.
“The buyer is going to make significant changes to the building and its unit layouts as they look to capitalize on the upswing in rents due to the resurgence of Midtown East and the Second Avenue corridor,” said Massey Knakal’s Clint Olsen, who exclusively handled this transaction.