1020-1024 Third Avenue, New York, NY 10065

Upper East Side, Midtown East, New York, New York 10065

Listing ID Number

25162

Property Description

Cushman & Wakefield has been retained exclusively to arrange for the sale of two mixed-use sites each consisting of two (2) buildings (four buildings total) at 1020-1024 THIRD AVENUE and 784-786 LEXINGTON AVENUE. The retail driven, mixed-use properties are on the border of Midtown East and the Upper East Side. They combine for a total of six (6) commercial units and 35 residential apartments across approx. 27,968 SF. They also feature over approx. 49,000 SF of air rights for a total buildable square footage of approx. 77,000. Both sites benefit from in-place established retail tenants and the possibility of future development given the prime avenue locations and intact air rights.

1020-1024 THIRD AVENUE PROPERTY HIGHLIGHTS:
-Twenty-five (25) residential units.
-Three (3) commercial units.
-Chipotle occupies one of the commercial spaces, the other two are newly vacant.
-Residential units contain 9-studios, 15-one-bedrooms, and 1-two-bedroom.
-Of the residential units, 19 are free market, 5 are rent stabilized, 1 is rent controlled.
-Chipotle provides additional income in the form of tax reimbursement.

Combined these properties present the incredible opportunity to acquire prime cash-flowing assets with immediate value-add by leasing-up the retail and improving residential rents. The properties are adjacent a development site that sold for over $1,000/BSF and hold long-term development and assemblage potential.

Overview

Building Type:Apartment Buildings, Commercial Buildings, Development/Conversion Sites, Mixed-Use Investment Buildings
Location:West side of Third Avenue between East 60th & 61st Streets
Lot Dimensions:57' x 105' (irreg.)
Buildable Sq. Ft:53,450
Zoning:C1-9
Building Sq Ft:19,375

Investment Information

Net Operating Income:$1,273,404(proj.)

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Clint B. Olsen
Executive Managing Director
(212) 660 7747
clint.olsen@cushwake.com

Guthrie Garvin
Senior Managing Director
(212) 660 7786
guthrie.garvin@cushwake.com

Michael Gembecki
Director
(212) 660 7743
michael.gembecki@cushwake.com

Alexander Ball
Associate
(212) 660-7715
alexander.ball@cushwake.com

William Conrad
Associate
(212) 660 7740
William.Conrad@cushwake.com

Alex Woodlief
Associate
(212) 660 7713
alex.woodlief@cushwake.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.