Fu of Eastern Consolidated brokers $8m sale of two-bldg. mixed-use prop.

Two adjacent mixed-used buildings situated at 303-305 East 53rd St. have traded for $8 million. Eastern Consolidated associate Charlotte Fu represented the buyer, Edro Realty, and found the seller, 303-305 Building LLC, of the two four-story properties. Jointly built on the same lot, the two properties comprise 33,440 s/f. Each building has commercial tenants on the ground and second levels, and residential tenants on the third and fourth floors. The current owner has just executed a new 10-year lease with a restaurant/lounge owner called Top Tune Entertainment on the ground floor, and the second floor tenant is a Japanese karaoke bar/lounge. "The air rights are currently leased to the neighboring cooperative, Connaught Tower," said Fu. "This sale is an excellent investment opportunity priced at a 6% cap rate." Albert Feinstein, Esq. acted for the seller; the name of the buyer's attorney was undisclosed. Founded in 1981, Eastern Consolidated is a full-service real estate investment services firm. Its services include the acquisition, disposition and finance of all types of properties, such as office and residential buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air right transfers,