New York & Tri-State + Uptown/Bronx + Retail | May 1, 2020

Avison’s Nelson Team Sells UES Retail Condo

Avison Young arranged the $28.712-million sale of a retail condominium unit located at 1683 Third Ave., on behalf of a partnership headed by Extell Development Company. The asset is located within the Yorkville submarket of Manhattan’s Upper East Side and situated at the base of The Kent, a newly-constructed, 30-story luxury condominium building.

An Avison Young team comprised of James Nelson, Vincent Carrega, Neil Helman, Brent Glodowski and Angela Mulder represented the owner.

The newly-constructed property features 12,796 square feet at grade and a 9,767-square-foot lower level selling space, totaling 22,563 gross square feet. The New York City School Construction Authority leases 11,492 square feet for a pre-K school on the ground floor.

“Even in this challenging retail market, Avison Young found that there was significant interest in this investment, driven primarily by the credit of a long-term lease with the School Construction Authority,” said Nelson.

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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