In Burgeoning Midtown East, Property Changes Hands
Midtown East has undergone a period of changes since its rezoning in 2017. The change that is happening has spiked real estate values, for instance, 242 East 58th St. in the Midtown East submarket has recently changed hands, selling for $11.5 million, $500,000 higher than the original asking price.
NEW YORK CITY – Midtown East has undergone a period of changes since its rezoning in 2017, seeing an influx of economic activity that has increased demand for space in the area in the form of renovations and expansions of existing commercial real estate properties.
The change that is happening has spiked real estate values, for instance, 242 East 58th St. in the Midtown East submarket has recently changed hands, selling for $11.5 million, $500,000 higher than the original asking price. Avison Young brokered the transaction.
“Our team was the third firm to market this property, and we’re happy that our team put the property in contract and closed it in less than 30 days,” said James Nelson, principal and head of tri-state investment Sales at Avison Young, in a prepared statement and who marketed the property on behalf of Lanson Properties.
Situated on the south side of East 58th Street between Second and Third avenues in Midtown East, the mixed-use glass and steel property is fully-vacant and spans 10,000 square feet. Edward I. Mills + Associates designed the building, which features floor-to-ceiling glass and a limestone envelope with ground floor, mezzanine and basement retail space along with two residential units on upper floors.
Built in 2009, the residential units include one three-bedroom, 2.5-bath duplex apartment and one four-bedroom, 3.5-bath triplex apartment, which has the possibility to merge into one unit. Both apartments have outdoor terrace space, while the commercial units feature 11 to 24-foot ceilings. All floors have direct keyed elevator access, custom climate controls in every room, as well as fire stairs and interior stairway egress.
Midtown East has also seen an injection of equity from Cornell Tech’s recently-opened a $2 billion campus on nearby Roosevelt Island. Nearby public transportation includes the 4, 5, 6, N, R, W, E and M trains, Uptown and Downtown bus service on First, Second and Third avenues, and cross-town buses along East 57th and East 60th streets. FDR Drive is within blocks of the property, providing access to Manhattan along with the Bronx, Queens and Brooklyn.