Long Island real estate investment firm Gould Investors has just bought 1269-1271 First Avenue for $17.6 million.
The property, a five-story mixed-use elevator apartment building, sits between 68th and 69th Streets on the Upper East Side. It initially went on the market with a listing price of $19 million.
The building contains 20 apartments and three retail spaces. Out of the total number of apartments, 18 are free market while two are rent stabilized. The building, constructed in 1910, also contains eight studios and 12 one-bedroom units.
“We were able to work through what have now become routine complications from rent stabilization due to a high level of organization and professionalism from both our client and the buyer,” said Marcus & Millichap agent Michael Sadowsky.
The seller was Vinsue Corporation. Sadowsky and John Stewart handled the listing.