News: Brokerage

Kingsley and Karmitz of Avison Young represent SMA Equities for $13 million sale; Silber Estate sells 8,500 s/f property at 1220-24 Lexington Ave.

Manhattan, NY The Avison Young New York Capital Markets team has arranged the $13 million sale of an 8,500 s/f mixed-use building located at 1220-24 Lexington Ave. The property consists of four retail spaces, six offices, and eight residential units. The sale also includes 12,000 s/f of air rights to the new owner.

Charles Kingsley,
Avison Young New York Capital Markets

 

Eric Karmitz,
Avison Young New York Capital Markets

 

The Avison Young team comprises Charles Kingsley, principal and Eric Karmitz, associate, represented the buyer, SMA Equities in the off market transaction. The seller, the Silber Estate, owned the property since the 1960’s. 

“The Upper East Side remains an attractive market for a variety of commercial real estate sectors in Manhattan,” said Karmitz, Avison Young. “The 1220-24 Lexington Ave. mixed-use property is a unique opportunity to secure residential, retail and office space in one location and the additional air rights enhanced the value of the deal even further. After engaging with the building seller, we were able to swiftly identify the ideal buyer for this off-market deal in SMA Equities, who already owns several buildings on the Upper East Side. We are pleased to have helped our client exceed their goals with this purchase.”

The 1220-24 Lexington Avenue property was first built in 1880 by Joseph Richardson.

MORE FROM Brokerage

Horvath & Tremblay Announces Strategic Integration of B6 Real Estate Advisors, Expanding New York City Presence

New York, NY Horvath & Tremblay, a premier real estate services firm specializing in investment real estate brokerage, 1031 exchanges, debt/equity placement, and appraisal & valuation services, announced the strategic integration of B6 Real Estate Advisors into the firm’s growing national platform.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
AI comes to public relations, but be cautious, experts say - by Harry Zlokower

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,