Four-Story Building at 1511 Third Ave Sells for $60M
The four-story building at 1511 Third Ave on the northeast corner of Third Avenue and East 85th Street has been sold in a transaction valued at $60 million.
Massey Knakal Chairman Bob Knakal handled this transaction with Vice President Thomas Gammino.
The property is an Italian Renaissance Revival landmark and approximately 60,000 square feet. It sits one block south of East 86th Street, the busy retail artery in Manhattan’s Upper East Side. It has 76.62’ of frontage on Third Avenue and 125’ on East 85th Street.
The building is fully leased to two tenants: the Gap, which houses their Upper East Side flagship on the ground floor and basement, and Equinox, which leases the upper three floors as well as the basement. Both tenants have long-term leases.
The building is in close proximity to the 4,5,6 subway lines, as well as the future Second Avenue line.