Eastern Consolidated named exclusive agent for mixed-use buildings at 1435-1437 First Avenue

Eastern Consolidated has been named the exclusive agent to sell two adjacent, mixed-use buildings at 1435-1437 First Ave. on the Upper East Side. The properties are being offered for sale for the first time in 50 years. The five-story walk-ups total 21,395 s/f and feature 55 feet of frontage along First Ave. between East 74th and East 75th Sts. The buildings contain four retail stores, 36 apartments with future upside, and a rooftop antenna that generates additional income. "The current ownership has maintained the buildings in impeccable shape and invested in major capital improvements," said Ronda Rogovin, senior director and principal with Eastern Consolidated, who is exclusively representing the seller along with Associate Director Jamie Rogovin and Financial Analyst Wade Hazelton. "Building updates in recent years include the installation of new LED lighting in the common areas, which saves 40-50 percent annually on electric bills; a new video intercom system for both residential entrances; and granite steps in the common hallways." In addition, windows have been replaced and new parapet walls and roofs have been installed on both buildings. Nearby transportation includes the 4, 5, and 6 subway lines and the M15, M101, M102, and M103 buses. Phase One of the Second Ave. Subway, which will connect East 63rd Street to East 96th Street, is scheduled to be completed in December 2016. "The Upper East Side is already considered one of the best neighborhoods in which to live and the addition of the Second Ave. subway will further strengthen the allure of the area by providing an additional commuter option," Jamie Rogovin added. "An entrance to the new Q and T lines will be located at East 72nd Street and Second Avenue, and eventually commuters will be able to ride the T line to the Financial District, accessing connecting lines along the way."