$13M for Air Rights, Apartments, Offices and Retail at 1220-24 Lexington

SMA Equities paid $13 million for a truly mixed-use building — including eight apartments, six offices and four retail storefronts — on Manhattan’s Upper East Side. The property at 1220-24 Lexington Ave. also includes 12,000 square feet of air rights.

“The additional air rights enhanced the value of the deal. We were able to swiftly identify the ideal buyer for this off-market deal in SMA Equities, who already owns several buildings on the Upper East Side,” said Eric Karmitz of the Avison Young New York Capital Markets team, who with Charles Kingsley represented the buyer in this off-market transaction. The seller, the Silber Estate, owned the property since the 1960’s.

The four-story, stone building was first built in 1880 by real estate legend Joseph Richardson.

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