Manhattan, NY Michael Ferrara, managing principal of investment sales brokerage firm Brax Realty completed the sale of a 7,951 s/f mixed-use building in the Upper East Side. The property, 240 East 75th St. located between 2nd Ave. and 3rd Ave., sold for $6.9 million. Ferrara exclusively represented the seller, The Serel Family, in this transaction and the purchaser was a private international investor.
The property is located in a prime area of the Upper East Side just west of 2nd Ave. and three blocks away from the new Q subway station at 72nd St. The building was comprised of 10 apartments and two retail stores, Lucky Foot & Back Spa and B.Cafe – a well-known Belgian Brasserie who has been a tenant in the building since 2006. Out of the ten apartments, three of them were rent stabilized and the remaining seven were free market. The property had an additional 2,265 s/f of air rights and the retail tenants had long term leases in place. The property sold for $867 per s/f and a going in cap rate of 4.43%.