A deal with the 7/11 convenience store helped spark a bidding war over a Carnegie Hill property.
Eastern Consolidated’s Adelaide Polsinelli said even though the neighborhood is in the middle of the 2nd Avenue Subway construction zone, 1854 Second Avenue was sold for $726 per square foot, well beyond the asking price.
The corner elevatored apartment building traded for the record price of $9.8 million, said Polsinelli, who worked the deal with Marcia Rose Yawitz and senior financial analyst Paul Nigido, representing the seller and the buyer, a local investor.
“One of the major concerns we had was the disruption of the area due to the construction of the subway,” said Polsinelli. “However, the seller was successful in signing a 10-year corporate guaranteed lease with 7/11 for the retail space, underscoring the retailers’ confidence in the long-term viability of the Upper East Side precisely because of the soon-to-come expanded transportation system.”
According to Yawitz, “A competitive bidding war took place over the property, resulting in a sales price of $726 per square foot, well beyond the asking price. Despite the current inconvenience of subway construction, 1854 Second’s location is fabulous – Carnegie Hill has a special caché attracting both families and singles.
“There are approximately 9,000 s/f of unused air rights as well as an income-producing cell tower on the roof and two income-generating
billboards.”
Originally constructed in the 1920s, the six-story elevatored building was totally gut renovated in 1986 with a mixture of studios and one-bedrooms, as well as four duplex top floor apartments. All 25 rental units are decontrolled.
Attorneys in the transaction were Bruce H. Lederman, Esq. of D’Agostino, Levine, Landesman & Lederman, LLP who represented the seller, and Will B. Sandler, Esq. of Troutman Sanders LLP who represented the purchaser.
