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New York & Tri-State   /   May 20, 2019

Paul Bubny
By: Paul Bubny

Mixed-Use Lenox Hill Property Fetches $1,379/SF

Cushman & Wakefield arranged the sale of 833 Lexington Ave., a 5,765-square foot mixed-use property in Lenox Hill. The property traded for $7,950,000, or approximately $1,379 per square foot.

The firm’s Hunter Moss, Michael Gembecki, Brad Jones, Alessandra Faglione and Austin Fabel represented the seller, SBP Lexington LLC.

833 Lexington is a five story, eight-unit mixed-use building located on the east side of Lexington Avenue, between East 63rd and East 64th streets. The property consists of two commercial units and six residential units. The residential units will be delivered vacant.

“We were able to achieve strong pricing with a sophisticated buyer that is intimately familiar with this location,” said Gembecki. “The buyer was able to capitalize on the current cash-flow of the retail, and further maximize income by repositioning the residential unit.”

Added Moss, “Arranging the sale of assets with a residential component has become more complex in recent years.”

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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