Avison Young arranges $61 million sale of 12-building Upper East Side portfolio31 Aug 2021
New York – Avison Young’s New York City office announced today that its Tri-State Investment Sales Group has arranged the sale of a 12-building mixed-use and multifamily portfolio on the Upper East Side for $61 million. The portfolio comprises 261 residential units and two retail units spanning 150,231 gross square feet between 2nd and York Avenues and East 91st and East 73rd Streets.
Avison Young’s Principal and Head of Tri-State Investment Sales James Nelson, Principal and Executive Director of Tri-State Investment Sales Brandon Polakoff, Director David Shalom, Associate Director Eric Karmitz and Senior Associate Bradley Rothschild represented the seller in addition to procuring the buyer in the transaction. The sale of 100% of the shares in the corporations that owns the 12-property portfolio was executed through a managed bid process on the Ten-X web platform.
“The Upper East Side has a long-standing reputation as one of New York City’s most desirable neighborhoods for residential and retail investment. This portfolio provided a unique investment opportunity to acquire 12 well-located mixed-use properties with value-add potential and high net operating income.”
All 12 properties are in close proximity, allowing for seamless management efficiency. The portfolio includes 418 East 77th Street, 422 East 77th Street, 441 East 75th Street, 1409 York Avenue, 1411 York Avenue, 423 East 77th Street, 305 East 75th Street, 439 East 74th Street, 327 East 75th Street, 442 East 75th Street, 309 East 91st Street and 425 East 75th Street.
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