Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of a four-building, 27,968-square-foot, mixed-use portfolio located on the border ofMidtown East and the Upper East Side. The asking price is $57,000,000.
The two sites, consisting of four buildings, 784-786 Lexington Avenue and 1020-1024 Third Avenue, are being marketed together and offer a total of approximately 77,000 gross buildable square feet.
Cushman & Wakefield brokerage team consisting of Executive Managing Director Clint Olsen,Associate Alex Woodlief, and Associate Will Conrad will be leading the marketing efforts for the portfolio.
“This is a retail driven portfolio of prime mixed-use assets in premium avenue locations between Midtown East and the Upper East Side,” said Executive Managing Director Clint Olsen. “The portfolio presents an opportunity for a purchaser to acquire prime avenue retail assets with significant in-place NOI and future development potential at an attractive basis. Below market residential rents also offer immediate upside.”
784-786 Lexington Avenue combines for approx. 8,593 existing square feet with wrap-around corner frontage and features three commercial spaces and 10 residential units. Commercial tenants include Sweetgreen and Baked by Melissa. 1020-1024 Third Avenue combines for approx. 19,375 existing square feet with 25 residential units and three commercial spaces. Two of the commercial spaces are newly vacant and the third is occupied by Chipotle.
Located on the border of two prime Manhattan neighborhoods, Midtown East and the Upper East Side, the sites benefit from heavy retail friendly foot-traffic. Both properties are just steps away from Bloomingdale’s flagship location and a number of neighborhood amenities which include dining, hotels, and entertainment. The properties are easily accessible by the 4, 5, 6, F, N, R, W and Q subway lines.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
