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East Village Mixed-Use Trades After “Exciting Bidding War”
Avison Young’s Tri-State Investment Sales Group closed the sale of 19 First Ave., a 3,213- square-foot, three-unit building in the East Village. The property sold for $3.7 million to an undisclosed buyer.
An Avison Young team led by head of Tri-State Investment Sales James Nelson, senior director Brandon Polakoff, associate director Alexandra Marolda and Associate Jeremy Stenberg arranged the sale on ownership’s behalf.
The four-story building contains two residential 100% free-market units along with a retail space on the first floor. The 1,275-square-foot retail unit is currently occupied by renowned restaurant Lil Frankies.
Going into the marketing process for 19 First, “there was plenty of strong interest,” said Polakoff. “After an exciting bidding war, the Avison Young team was able to close this transaction in a seamless and very expedient manner despite it being one of the most challenging investment sales environments in New York City history.”
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- ◦Sale/Acquisition
