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

934-940 Second Avenue
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This Mixed-use property located in NY was sold for $12,000,000 almost 3 years ago. The brokers of the deal were Vickram Jambu, Jonathan Braun, George Steffani, and Chris Varjan

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.

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Deals
  • Location
    934-940 2nd Avenue, New York, NY, USA934-940 2nd Avenue, New York, NY, USA
  • Sale Price
    $12,000,000$12,000,000
    $882 PPSF$882 PPSF
  • Area
    13,595 SF13,595 SF
  • Asset Type
    Mixed-useMixed-use
  • Parties
    4 Brokers, 2 Agencies4 Brokers, 2 Agencies

Agents

Vickram Jambu

Vickram Jambu

Deals20
Financed$601.9M

George Steffani

George Steffani

Deals20
Financed$271.5M

Chris Varjan

Chris Varjan

Deals25
Financed$400.8M

Jonathan Braun

Jonathan Braun

Deals20
Financed$271.5M

Agencies

JLL

JLL

Agency
Deals5590
Volume$332.6B

Lee & Associates

Lee & Associates

Agency
Deals974
Volume$10B

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Deal Summary

SALE IMAGE: Jonathan Braun, Vickram Jambu, Chris Varjan & George Steffani DATE: 04/12/2021 ADDRESS: 934-940 Second Ave. MARKET: Midtown East ASSET TYPE: Mixed-use SELLER: Wilson Evans Trust BROKERS: Chris Varjan (@CVar23), @VickramJambu, Jonathan Braun (@BraunJon) & George Steffani - Lee & Associates (@LeeAssociatesNYC) SELLER’S COUNSEL: Jason Davidson @Rosenberg_Estis SALE PRICE: $12,000,000 SF: 13,595 ~ PPSF: $882 NOTE FROM @LeeAssociatesNYC: The building was delivered largely vacant with several regulated tenants in place. As a result, the buyer has taken a very long term approach to the property. The property will undergo a rehabilitation as part of the buyer's generational outlook. Lee & Associates has successfully put several similar covered land deals into contract over the past 60 days. We have seen a strong uptick in activity since the beginning of February with many new to market investors and end-users driving activity. We have also seen a big influx of activity from our leasing teams as the world continues to normalize. Here at Lee & Associates we take pride in the fact that we run an extremely collaborative office across all of our business lines. Today more than ever we are taking advantage of this structure to make sure our clients get the best real-time information/comps and service possible. Please feel free to reach us with any/all real estate needs. 👤Chris Varjan 📧 [email protected] ☎️ 212-776-1272

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934-940 Second Avenue

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