Massey Knakal Sells Mixed-Use Building on the Upper East Side
Two mixed-use buildings at 1771 and 1773 First Avenue, located between East 91st and East 92nd Streets on Manhattan’s Upper East Side, were sold in an all-cash transaction valued at $14,525,000.
The two adjacent five-story walk-up buildings combine for approximately 21,640 square feet on a 51.17’ x 100.08’ lot. They total 40 residential units and two commercial spaces. The residential units consist of one studio, 12 one-bedroom, and 27 two-bedroom apartments. Recent capital improvements include a new gas boiler and burner as well as new entry and vestibule doors. The sale price equates to approximately $671 per square foot.
The buildings are located on Manhattan’s Upper East Side, known for its wide variety of national retailers, boutiques, museums, galleries, recreational options, restaurants, nightclubs, first class schools and healthcare facilities. Transportation is easily accessible via the 4, 5 and 6 subway lines located at Lexington Avenue and East 86th Street and the 6 line at Lexington Avenue and East 96th Street.
“This sale met the needs of both parties, enabling the sellers to divest themselves of some of their Manhattan holdings while allowing the buyers to gain a foothold in the Upper East Side and trade up in asset class,” said Massey Knakal’s Thomas D. Gammino, Jr., who exclusively represented the seller in this transaction with Chairman Bob Knakal and Robert M. Shapiro. The buyer was represented by Janet Sedaghatpour of Plaza Real Estate Group.