A mixed-use building at 1004-1008 Second Avenue, located on the corner of Second Avenue and East 53rd Street in Manhattan’s Midtown East neighborhood, was sold in an all-cash transaction valued at $20,000,000.
The five-story building contains approximately 15,605 square feet and features excellent visibility with approximately 117’ of frontage on Second Avenue and East 53rd Street. It consists of two commercial units leased to restaurants and 25 residential units, of which 19 are free market, four are rent stabilized, and two are rent controlled. The building was delivered in excellent condition and the sale price equates to approximately $1,282 per square foot.
There are significant luxury condominium developments on the block, transforming the Second Avenue corridor. There is a subway stop on East 53rd Street and Third Avenue and the Second Avenue subway will have a station on East 55th Street, making transportation easily accessible.
“This sale and pricing was driven by the ongoing condo developments in the area and the anticipated retail values that will result,” said Cushman & Wakefield’s Clint Olsen, who exclusively represented the seller in this transaction. The buyer was represented by Ricky Braha of JTRE.
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Neighborhoods: Midtown East