New York, NY – May 15, 2019 – Cushman & Wakefield announced today that the firm has arranged the sale of 833 Lexington Avenue, a 5,765 square foot mixed-use property in the Lenox Hill neighborhood of Manhattan. The final closing price is $7,950,000 equating to approximately $1,379 per square foot.
Cushman & Wakefield’s Hunter Moss, Michael Gembecki, Brad Jones, Alessandra Faglione and Austin Fabel represented the seller, SBP Lexington LLC, in this transaction.
“We were able to achieve strong pricing with a sophisticated buyer that is intimately familiar with this location. The buyer was able to capitalize on the current cash-flow of the retail and further maximize income by repositioning the residential unit,” said Michael Gembecki of Cushman & Wakefield. “New York City’s real estate market is rapidly evolving. While fundamentals are historically strong, each asset class has its own unique set of externalities that impact each transaction. Understanding and preparing for key touchpoints is imperative in this market.”
“Arranging the sale of assets with a residential component has become more complex in recent years,” added Hunter Moss. “Our platform provides us with access to resources that are not available to our competitors, allowing us to be fluid as the demands of a deal shift.”
833 Lexington Avenue is a five story, eight-unit mixed-use building located on the east side of Lexington Avenue between East 63rd and 64th Streets. The property consists of two commercial units and six residential units. The residential units will be delivered vacant.
The Lenox Hill area of the Upper East Side is a popular shopping corridor with retailers including Bloomingdale’s flagship store, Sephora, Mac, Home Depot and Equinox. The property is one block away from the Lexington Avenue 63rd Street Subway Station with access to the F, N and Q trains and is a few blocks away from the Lexington Avenue 59th Street Station with access to the N, R and W trains.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.