Team Represents SMA Equities in Off-Market Transaction that Includes Additional 12,000-Square-Feet of Air Rights
The Avison Young New York Capital Markets team is announcing it has arranged the$13 million sale of an 8,500-square-foot mixed-use building located at 1220-24 Lexington Avenue in Manhattan, New York. The property consists of four retail spaces, six offices, and eight residential units. The sale also includes 12,000 square feet of air rights to the new owner.
The Avison Young team comprises Charles Kingsley, Principal and Eric Karmitz,Associate,represented the buyer, SMA Equities in the off market transaction. The seller, the Silber Estate, owned the property since the 1960’s.
“The Upper East Side remains an attractive market for a variety of commercial real estate sectors in Manhattan,” said Karmitz, Avison Young. “The 1220-24 Lexington Avenue mixed-use property is a unique opportunity to secure residential, retail and office space in one location and the additional air rights enhanced the value of the deal even further. After engaging with the building seller, we were able to swiftly identify the ideal buyer for this off-market deal in SMA Equities, who already owns several buildings on the Upper East Side. We are pleased to have helped our client exceed their goals with this purchase.”
The 1220-24 Lexington Avenue property was first built in 1880 by real estate legend Joseph Richardson.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.