Massey Knakal Sells Mixed-Use Building On Upper East Side
A mixed-use building at 1429 Third Avenue, located between East 80th and 81st Streets on Manhattan’s Upper East Side, was sold in an all-cash transaction valued at $3,500,000.
The four-story building is approximately 3,381 square feet and has nearly 7,400 square feet of air rights remaining. The ground floor is built full and encumbered by a retail tenant until 2022. The remaining floors are built 48’ feet deep and are occupied by free market residential tenants. The sales price equates to approximately $1,035 per square foot.
“The property is a stable asset that offers the owners the immediate opportunity to reconfigure and/or increase the residential square footage while enjoying the steady income from the retail tenant,” said Massey Knakal Vice President of Sales 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 4,200 transactions having a market value in excess of $15 billion.