Upper East Side Retail Corner Co-op Hits Market

NEW YORK CITY-Extell Development Co. is putting a retail co-op occupied by Duane Reade on the market for an asking price of $17.4 million. The store is located on East 84th Street on the Upper East Side and has a cap rate of 5.75.

Locally based Eastern Consolidated has been hired to market the property, which consists of a 6,886-sf ground floor store with a 5,375-sf basement situated at 1235 Lexington Ave. Executive managing directors Eric Anton and Ronald Solarz, senior director David Schechtman, with senior financial analyst Paul Nigido and financial analyst Benjamin Fishkind are marketing the retail co-op.

Solarz tells GlobeSt.com that Extell is selling simply “to make a profit,” adding that the store has already generated “a lot of interest.” He further notes that interest has come from investors and 1031 exchange buyers who are attracted to the “prime location,” the quality tenant, and the long-term lease.