Manhattan, NY The tri-state investment sales group for Avison Young has brokered the $35.5 million sale of three residential buildings, located at 344, 346 and 348 East 62nd St. in the Lenox Hill neighborhood. The three properties total 40,612 gross s/f across 72 units, comprised of 70 apartments and two retail units.
The sale was arranged by an Avison Young group led by principal and head of tri-state investment sales James Nelson, along with director Brandon Polakoff and associate Bradley Rothschild. The group represented the sellers, private investors William Koch and Shimmie Horn. The buyer was a private investor.
“We introduced this investment opportunity to the market at the perfect time. We were able to quickly identify a 1031 buyer for all three properties,” said Polakoff. “Lenox Hill is one of the city’s most sought-after neighborhoods and also part of the Midtown East rezoning project, which will add 6.5 million s/f of new office space as well as over 28,000 permanent jobs to the region. This important process, paired with the area’s new Second Ave. Subway line and Cornell Tech Campus on Roosevelt Island, is fueling high demand for these types of assets.”
The property is located between First and Second Aves., with direct access to a number of transportation options, including the F, N, Q, R, W, 4, 5 and 6 subway lines. FDR Drive is easily accessible and there are bus lines on both First and Second avenues, allowing for connection to the rest of New York City. The area is also home to many dining and shopping options and convenient amenities including Gristedes, Equinox, Magnolia Bakery, and City Cinemas.