Upper East Side Office Building on the Block
Jotham Sederstrom May 11, 2011, 3:16 p.m.
It’s one of few commercial office buildings on the Upper East Side, and it’s just gone on the block, CB Richard Ellis brokers told The Commercial Observer yesterday. And based on recent activity in the area, the six-story office and retail building at 1556 Third Avenue could fetch nearly $65 million when prospective buyers begin looking at the asset. The price is partially the result of Duane Reade, the ubiquitous New York convenience store that just signed a 20-year, 17,000-square-foot lease on the ground floor of the Muss Development-owned asset.
The property is being marketed by CB Richard Ellis’ Bill Shanahan and Robert Garrish. “The property benefits from its status as one of the few dedicated office buildings within the Upper East Side submarket,” Mr. Garrish told The Commercial Observer yesterday afternoon. “The diversification of the asset’s revenue stream coupled with its flexible leasing profile provide for a variety of ownership strategies.”