A mixed-use building at 1061 Second Avenue, located on the corner of Second Avenue and East 56th Street in Manhattan’s Midtown East neighborhood, was sold in an all-cash transaction valued at $13,000,000.
The four-story building contains approximately 10,000 square feet and sits on a 25’ x 100’ lot. It comprises two ground floor retail tenants and five office tenants located in the three floors above. The building benefits from approximately 25 feet of frontage along Second Avenue and 100 feet on East 56th Street. The sale price equates to approximately $1,300 per square foot.
Located in the heart of one of Manhattan’s most vibrant neighborhoods, this building is situated directly across from a new 320-unit condominium complex that includes a Whole Foods market and two schools.
“The buyer here had a 1031 exchange and bought the property to operate, paying a price that reflects a cap rate slightly over 3%. The noteworthy aspect of the sale is that the buyer was able to outbid developers for the site in what is arguably the frothiest development market New York City has experienced,” said Thomas D. Gammino, Jr., who exclusively represented the seller in this transaction with Clint Olsen.
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Neighborhoods: Midtown East