Weiss of Highcap completes $8.125 million sale

Manhattan, NY Jeff Weiss, senior director, of Manhattan-based investment sales brokerage firm Highcap Group arranged the sale of a 6,100 s/f mixed-use building in the Prime Upper East Side. The property, 1169 Second Ave., located between 61st St. and 62nd St. sold for $8.125 million. Weiss represented the buyer, Robert Jaffe and the seller, a long-term family ownership on this transaction. The property was built in 1920 and is situated on busy Second Ave., near the Roosevelt Island Tram Station (Manhattan side). With 27’ of frontage, the property has 6,100 s/f plus an additional 13,100 s/f of air rights. The ground floor has two retail spaces, and is currently occupied by 2nd Ave. Nail SPA and the other retail space is currently vacant. Floors two through four have two residential apartments per floor, six one-bedroom units in total. The property was family owned for over 45 years. “Considering its legacy the family wanted to ensure the best future for the building. Strategically introducing the right buyer for this deal was the first step in a several month long negotiation and they were able to execute on their word. The parties were extremely comfortable with each other and every one walked away pleased at the closing table,” said Weiss.