Moss, Gembecki, Jones, Faglione and Fabel of Cushman & Wakefield represent SBP Lexington in $7.95 million sale

Manhattan, NY Cushman & Wakefield (C&W) has arranged the sale of 833 Lexington Avenue, a 5,765 s/f mixed-use property in the Lenox Hill neighborhood. The final closing price is $7.95 million equating to $1,379 per s/f. C&W’s Hunter Moss, Michael Gembecki, Brad Jones, Alessandra Faglione and Austin Fabel represented the seller, SBP Lexington LLC.

833 Lexington Ave. is a five story, eight-unit mixed-use building located on the east side of Lexington Ave. between East 63^rd and 64^th Sts. The property consists of two commercial units and six residential units. The residential units will be delivered vacant.

“We were able to achieve strong pricing with a sophisticated buyer that is intimately familiar with this location. The buyer was able to capitalize on the current cash-flow of the retail and further maximize income by repositioning the residential unit,” said Gembecki. “New York City’s real estate market is rapidly evolving. While fundamentals are historically strong, each asset class has its own unique set of externalities that impact each transaction. Understanding and preparing for key touchpoints is imperative in this market.”

“Arranging the sale of assets with a residential component has become more complex in recent years,” said Moss. “Our platform provides us with access to resources that are not available to our competitors, allowing us to be fluid as the demands of a deal shift.”

The Lenox Hill area of the Upper East Side is a shopping corridor with retailers including Bloomingdale’s flagship store, Sephora, Mac, Home Depot and Equinox. The property is one block from the Lexington Ave. 63^rd St. Subway Station with access to the F, N and Q trains.