Polsinelli of Eastern Consolidated arranges $9.5 million sale of 1128 Third Avenue

Eastern Consolidated has arranged the sale of 1128 Third Ave. for $9.5 million. The 5,309 s/f Upper East Side property is anchored by ground floor tenant Starbucks, which recently signed a new long-term lease. "The value of this transaction was driven to a large degree by the strength of the building's existing retail," said Adelaide Polsinelli, senior director with Eastern Consolidated and head of Eastern's Retail Sales Group. "We were able to achieve an aggressive price, because of the retail tenant's commitment to this location. This stable property has great corner visibility on a prime Upper East Side avenue, and is an easy to manage asset." Polsinelli arranged this transaction on behalf of the seller, Chicago-based real estate investment firm L3 Capital LLC. The attorneys who represented the seller were Joel Rubin and Joshua Kurtz of Seyfarth Shaw, LLP. Ronda Rogovin, principal and senior director with Eastern Consolidated, represented the purchaser, a local investor. The attorney who represented the purchaser was Anthony Cornicello of Cornicello, Tendler & Baumel-Cornicello, LLP. "This income-producing building is an ideal addition to the investor's portfolio given its user-friendly nature, location, highly-stable, in-place revenue stream from the ground floor retail space, and value-add potential on the upper floors," Rogovin said. The four-story, mixed-use building — also known as 168 East 66th St. — consists of one retail store, one commercial floor, and two residential free market units. Located on the southwest corner of Third Ave. and East 66th St., 1128 Third Ave. is in close proximity to Hunter College and the Lexington Ave. subway stop at Lexington Avenue and 68th St.