The Reel

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1121-1123 First Avenue is a five story mixed-use building located between East 61st and East 62nd Streets. The property has been extremely well maintained where pride of ownership is evident. This is a prime mixed-use opportunity in the East 60's, where very few multifamily opportunities come to market. This walk-up property consists of two strong retail tenants on the ground floor - presently El Perron Restaurant and a nail salon - as well as 16 residential units upstairs. Of these residential units, four are studios, three are one bedrooms, and nine are two bedroom apartments featuring generous space and living areas. Fifteen of the units are rent stabilized and one is rent controlled. Although the units are above luxury decontrol, they are still registered as rent stabilized due to J51 tax abatements. Tenants receive rent stabilized leases with preferential rent riders. Additionally, there are 17,500sf of air rights in-tact, providing the opportunity to reposition as a development site for the future. There are also tenant washers and dryers operated by the landlord.

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Neighborhoods: Midtown East/ Agents: Robert Shapiro