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.
Click here for listing details.
Neighborhoods: Midtown East/ Agents: Robert Shapiro