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Lenox Hill Residential Trades in 1031 Exchange
A trio of Lenox Hill residential buildings totaling 72 units has traded for $35.5 million in a 1031 exchange to a private investor. Avison Young’s tri-state investment sales group represented the sellers, private investors William Koch and Shimmie Horn, in the sale of 344,346 and 348 E. 62nd St.
James Nelson (pictured) led an Avison team that also included Brandon Polakoff and Bradley Rothschild. Polakoff noted that the team introduced the investment opportunity “at the perfect time” and therefore was able to quickly identify a 1031 buyer for all three properties.
“Lenox Hill is one of the city’s most sought-after neighborhoods, and also part of the Midtown East rezoning project,” he said. “This important process, paired with the area’s new Second Avenue Subway line and Cornell Tech Campus on Roosevelt Island, is fueling high demand for these types of assets.”
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- ◦Sale/Acquisition
