Avison Young has been retained as the exclusive sales agent for 1675 Lexington Avenue, a five-story, mixed-use building in a prime section of East Harlem in Manhattan. Principal Charles Kingsley and Associate Eric Karmitz will oversee the assignment.
Karmitz told Real Estate Weekly that the seller is private investor who has owned the property for about 30 years.
“The market is at a certain point where he feels the values have peaked,” Karmitz said. “He wants to take advantage of today’s market.”
Karmitz added that a price tag on the building has not yet been established.
“We don’t have a ballpark,” he said. “We’re letting the market dictate the pricing here. There is no official ask.”
Located at the corner of Lexington Avenue and East 105th Street, the property consists of 12 apartments and one ground-floor retail space.
With the retail space being delivered vacant, the property offers immediate upside potential to prospective buyers. Additionally, four of the property’s apartments will be delivered vacant, offering new ownership the opportunity to add value.
The property is located two blocks from the 6 subway line at 103rd Street and Lexington Avenue, and is within walking distance to Central Park, Mount Sinai and Metropolitan hospitals.