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NEW YORK CITY- A pair of mixed-use buildings in the Lenox Hill neighborhood of Manhattan's Upper East Side has changed hands. Located at 1364 and 1368 York Ave., the properties sold for $13.85 million. Jones Lang LaSalle represented the seller in the transaction.
At 1364 York Ave. is a five-story, 9,180-square-foot building that houses 18 residences, 11 of which are free-market units and seven that are rent-stabilized apartments. On the ground-floor are two retail spaces totaling 608 square feet occupied by Orlando News and Jamil Liquors.
The five-story property at 1368 York Ave. totals 11,191 square feet and features 19 residences, 18 of which are free-market units and one that is rent-stabilized. In addition, the property includes two ground-floor retail spaces totaling 4,184 square feet occupied by JSK Produce and Green Produce. The retail component offers 120 feet of wraparound frontage on both York Avenue and East 73rd Street.
The mixed-use buildings are situated on the east side of York Avenue between East 72nd and East 73rd Streets. Combined, the two sites offer 50,030 buildable square feet on a largely undeveloped corner of the Upper East Side.
"Ideally positioned a block from the hospital, the property boasts more than 120 feet of wraparound frontage on both York Avenue and the side street, which offers retailers maximum exposure to consumers," JLL Managing Director Guthrie Garvin added.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
