The Tri-State Investment Sales Group for Avison Young announced the sale of 19 First Avenue, a 3,213 square foot, three-unit building in Manhattan’s East Village neighborhood. The property sold for $3.7 million.
An Avison Young team led by Principal and Head of Tri-State Investment Sales James Nelson, Senior Director Brandon Polakoff, Associate Director Alexandra Marolda and Associate Jeremy Stenberg arranged the sale of property on behalf of ownership.
The four-story building is comprised of two residential 100% free-market units along with a retail space on the first floor. The property includes a duplex unit with a finished and landscaped roof deck on the top two levels and a one-bedroom unit on the second level. The 1,275-square-foot retail unit is currently occupied by renowned restaurant Lil Frankies. The asset offers many benefits to its new owner, including its tax class 2A, which limits the amount its taxes can be raised, plus the building’s nearly 1,200 square feet of air rights and the fact that the property is not located in a historic district.
“There was plenty of strong interest in 19 First Avenue north of $1,000/SF when we began marketing the property, as it offered the opportunity to acquire a well-located asset with a renowned in-place retail tenant,” noted Polakoff. “After an exciting bidding war, the Avison Young team was able to close this transaction in a seamless and very expedient manner despite it being one of the most challenging investment sales environments in New York City history.”
The building is surrounded by several shops, restaurants and both Sara D. Roosevelt Park and Tompkins Square Park. The property is also only steps away from multiple transport alternatives ranging from different bus routes to the F train stop at Second Avenue and the F, M, J, and Z train stops at Delancey St. The neighborhood also enjoys access to major roadways such as the FDR Drive and the Williamsburg Bridge.
