New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Avison Lists Lenox Hill Apts. with “Unique Upside Potential”
Avison Young’s Tri-State Investment Sales group is marketing for sale three contiguous buildings totaling 45,112 gross square feet across 72 residential and retail units at 344, 346, and 348 E. 62nd St. in the Upper East Side’s Lenox Hill neighborhood. The asking price is $40 million.
“These three properties provide investors with unique upside potential,” said Avison Young’s James Nelson. “A comprehensive renovation of the properties, including the conversion of the current spacious one-bedrooms into two-bedroom units, could unlock possible increases in revenue.”
In addition, Nelson said, “The ground floor units of each building could also be expanded into the cellar to create spacious duplexes with access to backyards, a rare luxury in Manhattan residential real estate.”
Nelson leads a TSIS team that includes directors Brandon Polakoff and David Shalom, associate director Eric Karmitz and associates Philip Bowman and Bradley Rothschild, which is representing the 60-year-plus ownership.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
