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NEW YORK CITY-With little new product available and increased competition for prime assets, commercial development opportunities on the Upper East Side are tightening up. But the New York City office of Avison Young has secured an exclusive to market the sale of 234-238 East 85th Street on behalf of Vanlan Holdings LLC, GlobeSt.com has confirmed with the brokerage.
“We are seeing interest from a variety of potential developers and users,” Neil Helman, a principal at Avison Young, tells GlobeSt.com. Built in 1930, the six-story, 53,221-square-foot property is currently utilized as a parking garage, but it can be redeveloped for residential or commercial use, he explains. Current zoning allows for a variety of potential conversions, including multifamily or office.
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