BID DEADLINE - JANUARY 12, 2022
Cushman & Wakefield has been exclusively retained to arrange for the sale or NNN lease of 1571-1573 Third Avenue – two contiguous 25’ wide mixed-use buildings located in the Upper East Side neighborhood of Manhattan. The subject properties are located on the east side of Third Avenue between East 88th and 89th Streets. Spread across 17,560 gross square feet, the buildings are currently configured as 20 total residential apartments (separate entrances for each building) above an interconnected retail store that spans both buildings. Of the 20 residential units, 17 are Free Market, 2 are Rent Stabilized, and 1 is Rent Controlled, which is vacant. There is a varied unit mix with a combination of 10 studios, 6 one-bedroom, and 4 two-bedroom apartments. Wankel’s Hardware Store, the current owner/occupier, has been in business for over 125 years. The air rights for the buildings have been sold.
The buildings are an excellent opportunity for an investor to acquire or NNN lease a 50’ wide mixed-use building at an attractive basis in the coveted Upper East Side neighborhood. The building appeals to a wide variety of different investment opportunities. For the passive, long-term investors, it is a rare opportunity to add a mixed-use building to your portfolio. For value-add investors, there is tremendous upside in the in-place rents as well as the retail. A new investor can realize immediate upside through the implementation
