1251 Lexington Avenue - Retail Condominium

Upper East Side, New York, New York 10028

$20,750,000  

Listing ID Number

25518

Property Description

Cushman & Wakefield has been exclusively hired to arrange for the sale of 1251 Lexington Avenue, a retail condo located on the southeast corner of Lexington Avenue and 85th Street. The unit is currently divided into four spaces, three of which have leases extending between 3 - 9 years, allowing an investor to capitalize on relatively long-term, predictable cash flow.

The space also offers a value-add component in the one vacancy, giving the buyer the opportunity and flexibility to build out, divide, and tenant the space however they see fit. Ceiling height on the ground floor is 17’ and has already been approved for a precipitator, making this a prime restaurant or retail space for an incoming tenant.

The 86th Street 4,5,6 subway stop — one of the top 10 most trafficked subway stations which services more than 20,000,000 passengers annually — is located steps from 1251 Lexington Avenue. Furthermore, the new 86th Street Q train is also located within a few blocks, an ideal opportunity for tenants to capture avenue foot traffic going to and from the local transportation hubs.

Overview

Building Type:Commercial Condo/Co-op
Location:Southeast Corner of Lexington and East 85th
Block/Lot:1513/1301
Unit Dimensions:101' x 102'
Unit Sq Ft:6,962 (On-Grade)
Units:5
Zoning:C1-8X
Assessment Value:$5,689,360
Taxes:$598,179

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Robert Burton
Senior Managing Director
(212) 660 7770
robert.burton@cushwake.com

Thomas D. Gammino Jr.
Executive Managing Director
(212) 660 7727
tom.gammino@cushwake.com

Robert A. Knakal
Chairman, New York Investment Sales
(212) 660 7777
robert.knakal@cushwake.com

Keegan Mehlhorn
Associate Director
(212) 660 7718
keegan.mehlhorn@cushwake.com

Hunter L. Moss
Director
(212) 589 5136
hunter.moss@cushwake.com

George D'Ambrosio
Director
(212) 660 7790
george.dambrosio@cushwake.com


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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.