The Tri-State Investment Sales Group for Avison Young has been named an exclusive agent for the sale of the ownership shares in a commercial real estate portfolio comprised of 12 mixed-use and multi-family properties located in the Upper East Side neighborhood of Manhattan.
The properties include 418 East 77th Street, 422 East 77th Street, 441 East 75th Street, 1409 York Avenue, 1411 York Avenue, 423 East 77th Street, 305 East 75th Street, 439 East 74th Street, 327 East 75th Street, 442 East 75th Street, 309 East 91st Street and 425 East 75th Street. The asking price for the ownership shares in the portfolio is $100,000,000.
The portfolio is being marketed on behalf of ownership by an Avison Young team comprised of James Nelson, principal and head of tri-state investment sales; Director David Shalom; Associate Director Eric Karmitz; as well as Associates Carter Lovejoy, Hannah Bryon-Staples and Bradley Rothschild.
The properties are comprised of 261 residential units and two retail units spanning over 150,231 gross square feet. There are 102 studio units, 131 one-bedroom units, 25 two-bedroom units and three are three-bedroom units. Of the 261 residential units, 172 are free-market, 71 are rent-stabilized and 18 are rent-controlled.
“Located in the highly desirable Upper East Side neighborhood, this portfolio offers savvy investors a singular opportunity to capitalize on the package’s potential upside,” said Nelson. “Twenty percent of the apartments are also currently vacant which makes this an immediate value-add opportunity for its new owners with the opportunity to increase rents as well as room counts through renovations.”
The properties are all centrally located in the Upper East Side neighborhood in close proximity of each other, allowing for management efficiency. There are many transportation options nearby.
