An Upper East Side mixed-use property at 1854 Second Ave., also known as 300 East 96 St., along the Second Avenue subway construction corridor, has been acquired for $9.8 million.
There was a "competitive bidding war" for the property, Marcia Rose Yawitz, a principal, senior director at Eastern Consolidated, said in a statement. The sale price of "$726 per square foot was well beyond the asking price," she said. The real estate group managed the sale of the property.
The six-story corner property contains retail square footage and more than two dozen residential units. The deal also includes air rights.
The seller is 300 East 96th Street LLC. An investment group of 96 & Second LLC in care of Walter and Samuels Inc. is the new owner, according to public records.
Bruce Lederman, a partner at D'Agostino, Levine, Landesman & Lederman and head of the firm's litigation practice, and associate Jared Van Vleet represented the seller.
Will Sandler, senior counsel at Troutman Sanders, represented the buyer. Partner Anthony Greene also represented the purchaser in obtaining a new mortgage from Deutsche Bank Trust Company Americas.
"One of the major concerns we had was the disruption of the area due to the construction of the Second Avenue subway," Adelaide Polsinelli, Eastern Consolidated's senior director, said in a statement. Polsinelli also procured the purchaser.
Constructed in 1920, 1854 Second Ave. was renovated in 1986 and has a mix of studio and one-bedroom apartments and two top-floor duplex units. Yawitz said that in addition to about 9,000 square feet of unused air rights, the building has a rooftop cell tower and two billboards that can generate income.
The seller succeeded in signing a "10-year corporate guaranteed lease" with 7-Eleven Inc. for the retail space, said Polsinelli, adding that the lease underscored the "retailer's confidence in the long-term viability of the Upper East Side precisely because of the soon-to-come expanded transportation system."
In addition to Yawitz and Polsinelli, Paul Nigido, senior financial analyst at Eastern handled the deal on behalf of the seller.
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