A mixed-use building at 1429 Third Avenue, located between East 80th and 81st Streets on Manhattan’s Upper East Side, was sold in an all-cash transaction valued at $3,500,000.
The four-story building is approximately 3,381 square feet and has nearly 7,400 square feet of air rights remaining. The ground floor is built full and encumbered by a retail tenant until 2022. The remaining floors are built 48’ feet deep and are occupied by free market residential tenants. The sales price equates to approximately $1,035 per square foot.
“The property is a stable asset that offers the owners the immediate opportunity to reconfigure and/or increase the residential square footage while enjoying the steady income from the retail tenant,” said Massey Knakal Vice President of Sales Thomas D. Gammino Jr.
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Neighborhoods: Upper East Side