Bestreich Realty Group Acquires Mixed-Use Building On Upper East Side For $4.9M
1301 3rd Avenue, New York City, New York 10021, United States
$4,900,000
$844/SF
Building Size
5,800 SF
Asset Type
Mixed-use
Closing
Jan 30, 2022
About this deal
AI
1301 Third Avenue, a 9-unit mixed-use building located on the Upper East Side, has been sold for a price of $4,900,000. Situated on Third Avenue between East 74th & East 75th Streets, the property offers a prime repositioning opportunity. The majority of the residential units are in need of renovation, with two units completely gutted, presenting the buyer with a near blank canvas. The sale also included the transfer of the remaining air rights at the property.
Summary of Transaction Details
- Property Type: Mixed-use
- Transaction Amount: $4,900,000
- Address: 1301 Third Avenue
- Market: Upper East Side
- Square Footage: 5,800
- Price per Square Foot: $844
- Buyer's Representative: Justin Zeitchik - Bestreich Realty Group
- Seller's Representatives: Guthrie Garvin & Jack Norton - JLL
JLL facilitated the sale of 1301 Third Avenue, with Guthrie Garvin and Jack Norton from JLL serving as the seller's representatives. Justin Zeitchik from Bestreich Realty Group acted as the buyer's representative in this transaction.
On the Map
$4,900,000
$844/SF
Mixed-use
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New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.24%
Cash-on-Cash
-0.93%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93