Cushman & Wakefield today announced that the real estate services firm has arranged the sale of an Upper East Side portfolio that consists of four contiguous buildings located at 212-218 East 85th Street in Manhattan. The property was sold for $30 million to an investment group led by the Glick Family, owners & operators of multi-family properties in Manhattan.
A Cushman & Wakefield team consisting of Senior Managing Director Paul Smadbeck, Executive Managing Director Thomas Gammino Jr., Director Hunter Moss, and Senior Associate Bryan Smadbeck represented the seller in the transaction.
“212-218 East 85th Street represented an exceptional opportunity to acquire 76 mostly free-market units with 100 feet of frontage in a stellar location just east of Third Avenue,” said Paul Smadbeck. “The apartments were renting at below-market rates providing a genuine value-add component. With its close proximity to both the Lexington and 2nd Avenue 86th Street subways, the prospect of long-term land appreciation is unequivocal. “
The properties, which total 37,500 square feet, sit on a 100-foot by 102.17-foot lot. The walk-up apartment buildings consist of 76 units – 70 residential, four office and two retail units – and offer a unit mix of studio, one bedroom and two bedroom apartments. The buildings offer the ability for reconfiguration due to the large portion of free market units. The property includes a rear garden for all the buildings which, in the past, was only accessible to ownership. The site also offers 3,368 square feet of additional air rights that can be used in the R8B zone.
The portfolio is situated on the south side of East 85th Street between Second and Third Avenues, with nearby access to the Lexington Avenue and Second Avenue subway stops on 86th Street. In addition, the property is located nearby an abundance of retail shopping and dining options, and it is within proximity to major attractions such as the Metropolitan Museum of Art and Central Park.
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.
