Eastern Consolidated Represents Seller and Procures Buyer in $3M Sale

A four-story decontrolled walk-up building at 979 Second Avenue, which had been owned by The Gilbert family for more than 60 years, has just sold for $3 million through Eastern Consolidated.

New York, N.Y.–A four-story decontrolled walk-up building at 979 Second Avenue, which had been owned by The Gilbert family for more than 60 years, has just sold for $3 million through Eastern Consolidated.

Eastern’s Ety Lee, senior director, both represented the seller, the Gilbert family, and procured the buyer, 979 2nd Avenue LLC. The building contains 5,200 square feet plus 8,800 square feet of air rights. The building was completely renovated. It was fully occupied except for one residential unit that became vacant a few days before the closing. The adjacent buildings are low rise and decontrolled and will ultimately become a development site in the future.

“Interestingly, the contract to buy this property was signed on Jan. 1st, 2010, and could possibly be the first signed commercial contract of the year,” says Lee.“This building is a great investment opportunity; the building is in “move in” condition and offers tremendous long-term potential because of its sizeable air rights and excellent Midtown location.”

S. Mayer, Esq was the attorney for the seller, Takrorian and Takrorian was the firm that acted for the buyer.