A mixed-use building at 975 Second Avenue, located between East 51st and East 52nd Streets in Manhattan’s Midtown East neighborhood, was sold in an all-cash transaction valued at $5,100,000.
The four-story building contains approximately 4,400 square feet and sits on a 20’ x 70’ lot. The ground floor is configured as a bar/restaurant, with five free market residential units above. The second floor contains a three-bedroom apartment and the third and fourth floors each contain two, one-bedroom apartments. The sale price equates to approximately $1,159 per square foot.
“This property sold to an investor who plans on opening a restaurant and bar,” said Massey Knakal’s Clint B. Olsen, who exclusively handled this transaction. “The sale highlights a renewed and continued transformation of the Second Avenue corridor in anticipation of multiple luxury development projects and completion of the Second Avenue subway,” added Olsen.
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Neighborhoods: Midtown East