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

Massey Knakal Sells Mixed-Use Buildings On Upper East Side

07/30/2013

Two adjacent mixed-use buildings at 1160-1162 First Avenue, located between East 63rd and East 64th Streets on Manhattan’s Upper East Side neighborhood, were sold in an all-cash transaction valued at $13,125,000.

The five-story buildings contain approximately 16,850 square feet and sit on a 50’ x 81’ lot.  They currently consist of two retail stores, occupied by 7-Eleven and Lunetta Pizza, and 16 residential units, of which 12 are free market and four are rent stabilized.  The buildings have approximately 23,650 square feet of available air rights as well.  The sale price equates to approximately $779 per square foot.

“With strong current rents and future development possibilities, there is no mystery as to why these buildings were so highly sought after,” said Guthrie Garvin, who exclusively handled this transaction.

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.

www.masseyknakak.com

07/30/2013 - 13:37

Source

Cushman & Wakefield Capital Markets Group New York

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