The Reel

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A blog for breaking sales and neighborhood real estate news.

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.

Click here for press release

Neighborhoods: Midtown East