Marcus & Millichap Facilitates Upper East Side Sale
The five-story asset on First Avenue fetched $17.8 million.
by Ioana Neamt
New York—Marcus & Millichap has arranged the $17.75 million sale of a five-story apartment property on New York City’s Upper East Side. The mixed-use building at 1269-1271 First Ave. changed hands in a deal brokered by John Stewart and Michael Sadowsky of Marcus & Millichap’s Manhattan office. The two represented the seller and also procured the buyer.
“Built around 1910 and family-owned since 1973, the building provides the new owner with a great opportunity to add value through comprehensive renovations,” Stewart said in a statement.
“Thanks to a high level of organization and professionalism from both our client and the buyer, we were able to work through what have become routine complications for families selling apartment buildings in New York City,” added Sadowsky.
Located on the eastern edge of the central Upper East Side area, near a plethora of acclaimed hospitals and medical education institutions, the property features three retail stores, eight studio apartments and 12 one-bedroom units. According to Marcus & Millichap, 18 of the 20 apartments are free market, while the other two are rent-stabilized units.
Image courtesy of Marcus & Millichap