A mixed-use building at 347 East 54th Street, located between First and Second Avenues in Manhattan’s Midtown East neighborhood, was sold in an all cash transaction valued at $2,700,000.
The four-story property is approximately 4,800 square feet and sits on a 20’ x 100.5’ lot. The building consists of a restaurant on the ground floor with five residential units above. Aside from the second floor, which is a floor-through unit, each floor has two studio apartments, all of which are in need of major renovation. The sale price equates to approximately $562.50 per square foot.
“We had a consistently high level of activity throughout the marketing process for this property due to the vacancy and significant air rights which offered immediate long and short term upside. We received over 40 offers and ultimately sold the property for more than the asking price to a local investor,” said Massey Knakal Vice President of Sales Tom Gammino who exclusively handled this transaction with First Vice President of Sales Clint Olsen.
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Neighborhoods: Midtown East