Meridian’s Team Doshi Closes Sale of Carnegie Hill Trio
Meridian’s Amit Doshi and Shallini Mehra recently closed on the sale of three contiguous, mixed-use buildings located at 1256, 1258 and 1260 Lexington Ave. in the Carnegie Hill section of Manhattan’s Upper East Side. The package, which sold for north of $13 million, features eight residential units as well as four commercial spaces with both national and regional tenants, including Subway and Taco Bell.
“This highly visible and heavily trafficked corner is a major retail thoroughfare on the Upper East Side, which allowed us to achieve a high price-per-square-foot of just under $900 and a low cap rate of under 5%,” said Mehra.
Doshi added, “We’ve been diligently working on this asset for over two years and at one point had the properties in contract, which did not materialize. This is truly a covered land play, as the assets have over 40,000 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).