Mixed-Use Building At 934-940 Second Ave. In Midtown East Sells For $12M With Lee & Associates Brokers

The mixed-use property located at 934-940 Second Ave. in Midtown East was sold for $12,000,000 by the Wilson Evans Trust. The building spans 13,595 square feet, resulting in a price per square foot of $882.

Summary of transation details

• Property Type: Mixed-use
• Transaction Amount: $12,000,000
• Square Footage: 13,595

The sale was facilitated by Chris Varjan, Vickram Jambu, Jonathan Braun, and George Steffani, representing Lee & Associates. Jason Davidson from Rosenberg Estis served as the seller's counsel in the transaction. The buyer took a long-term approach to the property, considering its largely vacant state with several regulated tenants. They have plans for rehabilitation, aligning with their generational outlook.

In the past 60 days, Lee & Associates has successfully put several similar covered land deals into contract, indicating increased activity in the market. New investors and end-users have shown interest, and leasing teams have also experienced a surge in activity. The collaborative nature of Lee & Associates' office allows for real-time information, comps, and exceptional service to clients.