Cushman & Wakefield has been retained to market The Parge House, a five-story mixed-use building at 866 Lexington Ave. on Manhattan’s Upper East Side, with an asking price of $12 million. A Cushman & Wakefield team, including Guthrie Garvin, Michael Gembecki and Alexander Ball, will lead the marketing efforts on behalf of the seller.
“The site presents purchasers with multiple options, including the opportunity to live in the beautiful triplex or the potential to expand the retail component to the second floor, taking further advantage of the property’s corner location in a strong retail corridor,” said Garvin.
The Parge House features two currently occupied commercial units on the ground floor. Its residential component includes a 3,375-square-foot owner’s triplex with an outdoor terrace, and a total of three free-market units on the fourth and fifth floors above. The building features 14,697 gross buildable square feet, and 7,557 square feet of air rights.
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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