The stunning six-story building with retail/residential space sold for $11.5 million
The Tri-State Investment Sales Groupfor Avison Young has arranged the sale of a newly-built six-story, mixed-use property at 242 East 58th Street in the Midtown East neighborhood of Manhattan. The property sold for $11.5 million, which was $500,000 higher than the asking price.
The sale was arranged on behalf of owner Lanson Properties by principal and Head of Tri-State Investment Sales James Nelson along with Director David Shalom,Associate Director Eric Karmitz and Associate Carter Lovejoy.
"I’m very proud of our team for swiftly completing the sale of this beautiful, turnkey asset at a figure that came in above the original asking price,” Nelson said. “Our team was the third firm to market this property and we’re happy that our teamput the property in contract and closed it in less than 30 days.”
Built in 2009,the fully-vacant 10,000-square-foot mixed-use glass and steel property, designed by Edward I. Mills + Associates, features floor-to-ceiling glass and a limestone envelope with ground floor, mezzanine and basement retail space along with two residential units on upper floors.
The residential units include one three-bedroom, 2.5-bath duplex apartment and one four-bedroom, 3.5-bath triplex apartment which can potentially be seamlessly combined into one unit. Both apartments have outdoor terrace space while the commercial units boast 11 to 24-foot ceilings. All floors enjoy direct keyed elevator access, custom climate controls in every room, as well as fire stairs and interior stairway egress.
The property is located on the south side of East 58th Street between Second and Third avenues in Midtown East, a high-profile neighborhood that has experienced a recent influx of economic activity that continues to increase demand for space in the area. This includes the Midtown East rezoning, which is set to renovate and expand existing commercial real estate in the area, as well as Cornell Tech’s recently-opened $2 billion dollar campus on nearby Roosevelt Island.
A full range of nearby public transportation includes the 4, 5, 6, N, R, W, E and M trains a short walk away, uptown and downtown bus service on First, Second and Third avenues, and cross-town buses along East 57th and East 60th streets. FDR Drive, within blocks of the property, provides vehicle access to all of Manhattan along with the Bronx, Queens, and Brooklyn.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
