A medical condominium at 915-919 Second Avenue, located on the southeast corner of East 49th Street and Second Avenue in Manhattan’s Midtown East neighborhood, was sold in an all cash transaction valued at $3,850,000.
The tenant, Medrite Care, had a 15-year lease with a five-year option. They were located on the ground and cellar floors of The Alexander Condominium, which is a new 24-story luxury residential condominium building comprised of 88 apartments. The retail condo benefits from about 20’ of frontage on Second Avenue and 2,433 square feet at grade plus a 1,000 square foot lower level. The sale price equates to approximately $1,582 per square foot or a 7.1% cap. The property was sold to a South American investor in an all equity transaction.
“This sale demonstrated a continued interest from foreign buyers looking for core assets in New York City,” said Massey Knakal Partner James P. Nelson who exclusively handled this transaction with First Vice President of Sales Clint Olsen.
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Neighborhoods: Midtown East