New York, NY – October 3, 2018 – Cushman & Wakefield today announced that the real estate services firm has been retained on an exclusive basis to sell a 4,384 square-foot, ground floor medical condominium located at 1559 York Avenue.
A Cushman & Wakefield brokerage team consisting of Senior Managing Director Robert Burton, Director Brett Weisblum and Senior Associate Bobby Carrozzo will represent the seller in all marketing efforts.
The medical space is currently occupied by a pediatrics office whose lease was recently extended until 2022. Rent has recently increased and is guaranteed by the four principles of the practice. Additionally, the owner benefits from a liquidated damages clause within the lease protecting them in the event the space is abandoned.
“Situated in Manhattan’s popular Upper East Side, 1559 York Avenue is ideally located and well-positioned to capitalize on the new Second Avenue Subway system,” said Robert Burton of Cushman & Wakefield. “An incoming investor will benefit from a stable cash flow for the remaining years of the lease and the upside of owning ground floor space with visibility into one of the world’s wealthiest demographic populations.”
1559 York Avenue is located among a wide variety of retailers, restaurants, prestigious schools and recreational options. The Upper East Side boasts the “museum mile,” a stretch of Fifth Avenue with a high concentration of nearby museums, in addition to easy access to Central Park and the esplanade along the East River. 1559 York Avenue is conveniently located near the new 86 Street – Second Avenue Subway Station with access to the Q line.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 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.