Avison Young arranges $61 million portfolio sale

Manhattan, NY According to Avison Young’s NYC office, its Tri-State Investment Sales Group has arranged the sale of a 12-building mixed-use and multifamily portfolio on the Upper East Side for $61 million. The portfolio comprises 261 residential units and two retail units spanning 150,231 gross s/f between 2^nd and York Aves. and East 91^st and East 73^rd Sts.

Avison Young’s principal and head of tri-state investment sales James Nelson, principal and executive director of tri-state investment sales Brandon Polakoff, director David Shalom, associate director Eric Karmitz and senior associate Bradley Rothschild represented the seller in addition to procuring the buyer in the transaction.

All 12 properties are in close proximity, allowing for seamless management efficiency. The portfolio includes 418 East 77^th St., 422 East 77^th St., 441 East 75^th St., 1409 York Ave., 1411 York Ave., 423 East 77^th St., 305 East 75^th St., 439 East 74^th St., 327 East 75^th St., 442 East 75^th St., 309 East 91^st St. and 425 East 75^th St.

The sale of 100% of the shares in the corporations that owns the 12-property portfolio was executed through a managed bid process on the Ten-X web platform.

“The Upper East Side has a long-standing reputation as one of New York City’s most desirable neighborhoods for residential and retail investment. This portfolio provided a unique investment opportunity to acquire 12 well-located mixed-use properties with value-add potential and high net operating income.”