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Brokerage
Posted: August 16, 2016
Stewart and Sadowsky of Marcus & Millichap broker $17.75 million sale; For 1269-1271 First Avenue, a five-story, mixed-use property
Michael Sadowski, Marcus & Millichap
John Stewart, Marcus & Millichap
1269-1271 First Avenue -New York, NY
New York, NY Marcus & Millichap has brokered the $17.75 million sale of 1269-1271 First Ave., a five-story, mixed-use elevator apartment building located between 68th and 69th Sts. on New York City’s Upper East Side.
“Built around 1910 and family-owned since 1973, the building provides the new owner with a great opportunity to add value through comprehensive renovations,” said John Stewart of Marcus & Millichap’s Manhattan office.
Stewart, along with Michael Sadowsky, also in the firm’s Manhattan office, represented the seller and procured the buyer.
The building is situated on the eastern edge of the central Upper East Side near one of the largest and oldest aggregation of hospitals and medical educational institutions in the world, which includes New York Presbyterian Hospital, Memorial Sloan Kettering Cancer Center, the Hospital for Special Surgery, and Rockefeller University. The average household net worth in the zip code is more than $1.3 million.
“Thanks to a high level of organization and professionalism from both our client and the buyer, we were able to work through what have become routine complications for families selling apartment buildings in New York City,” said Sadowsky.
The property features three stores, eight studio apartments and 12 one-bedroom units. Of the 20 apartments, 18 are free market and two are rent stabilized.
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