The Tri-State Investment Sales Group for Avison Young has
arranged the $28.712 million sale of a retail condominium unit located at 1683
Third Avenue on behalf of the property’s ownership – a partnership headed by Extell
Development Company, the property’s developer.
The asset is located within the Yorkville submarket of Manhattan’s Upper East Side and situated at the base of The Kent, a newly constructed, 30-story luxury condominium building on the corner of Third Avenue and 95th street.
An Avison Young team comprised of Principals James Nelson,
Head of Tri-State Investment Sales, Vincent Carrega, Neil Heilman, Director
Brent Glodowski and Associate Angela Mulder, represented the owner.
The newly constructed property features 12,796 square feet
at grade and a 9,767-square-foot lower level selling space for a total of
22,563 gross square feet. The NYC School Construction Authority currently has a
long-term lease at the property occupying 11,492 square feet on the ground
floor, while the remaining 1,304 square-foot ground floor space and entire
9,767-square-foot cellar were available for lease at the time of the sale.
“The retail condominium at The Kent offered the opportunity
to acquire a newly constructed retail space in the base of a beautiful luxury
Upper East Side property with a built-in tenancy and an in-place cash flow, as
well as future upside with the remaining available space,” notes Nelson. “Even
in this challenging retail market, Avison Young found that there was
significant interest in this investment, driven primarily by the credit of a
long-term lease with the New York City School Construction Authority for a
Pre-K school, servicing thousands of residential units and young families in
the Yorkville neighborhood.”
The property features 212 feet of frontage (including 161
feet on Third Avenue and 51 feet on 95th Street) as well as 15 to 19-foot-high
ceilings on grade and 15-foot-high ceilings on the lower level. The investment
also includes a 421-a tax abatement benefit.
The heavily populated Upper East Side neighborhood is an
ideal location for any number of retailers including restaurants, shops,
medical offices, fitness centers and other retail uses. 1683 Third Avenue is
located just one avenue west of the 96th Street and 2nd Avenue subway station
serving the Q line and one avenue east of the 96th Street and Lexington Avenue
subway station servicing the 6 line.
