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NEW YORK—A retail condominium unit in Manhattan's well-to-do Upper East Side fetched $28.712 million, according to Avison Young, which represented the seller.
The seller was a partnership headed by Extell Development Co., which developed the property. Avison Young spokeswoman Gail Donovan said she was not allowed to disclose the name of the buyer.
Located at the base of The Kent, a new 30-story luxury condominium building at 1683 Third Ave., the property is split into 12,796 square feet at grade and a 9,767-square-foot lower level, for a total of 22,563 square feet. It has 161 feet of frontage on Third Avenue and 51 feet on 95th Street, and is located in the Yorkville submarket.
The NYC School Construction Authority occupies 11,492 square feet on the ground floor under a long-term lease. The remaining square footage is available for lease, according to Avison Young.
Representing the seller were Avison Young principals James Nelson, who is head of Tri-State Investment Sales, Vincent Carrega, Neil Heilman, director Brent Glodowski and associate Angela Mulder.
"The retail condominium at The Kent offered the opportunity to acquire a newly constructed retail space in the base of a beautiful luxury Upper East Side property with a built-in tenancy and an in-place cash flow, as well as future upside with the remaining available space," Nelson said. "Even in this challenging retail market, Avison Young found that there was significant interest in this investment, driven primarily by the credit of a long-term lease with the New York City School Construction Authority for a Pre-K school, servicing thousands of residential units and young families in the Yorkville neighborhood."
Earlier this year, a pair of mixed-use buildings in the nearby Lenox Hill neighborhood sold for $13.85 million. The five-story buildings at 1364 York Ave. and 1368 York Ave. have 608 square feet and 4,184 square feet of commercial space, respectively.
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Thomas Phillips
Thomas Phillips is part of the social media team at ALM Media.
