Eastern Markets $9.8 Million UES Mixed-Use Building
Billy Gray Oct. 3, 2013, 7:45 a.m.
A four-story mixed-use Upper East Side building is on the market for $9.8 million, The Commercial Observer has learned.
The 5,309-square-foot property at 1128 Third Avenue (aka 168 East 66th Street) is anchored by a ground-floor Starbucks. Current commercial tenants also include Tao Yoga & Tai Chai and a third-floor office user. In addition to the three commercial spaces, the building holds one residential apartment on the fourth floor.
“There’s no imminent turnover,” said Adelaide Poslinelli, who is leading the assignment for exclusive marketer Eastern Consolidated. “Everbody is solid and signed up. Starbucks just signed a new lease, so they’re there for another decade. This makes it a really stable property and a great portfolio piece.”
In addition to its proximity to Hunter College and the Lexington Avenue subway stop at Lexington Avenue and 68th Street, the building stands to see increased traffic with the projected 2016 opening of the Second Avenue subway line.
“This property is so well-received by the locals,” Ms. Polsinelli said. “You’re right by Hunter. The line to get in sometimes stretches outside. It’s one of Starbucks’s busiest and most profitable locations. The subway will further add to that. The building really does rely on commuters, transients and locals.”
Ms. Polsinelli emphasized the “user-friendly” nature of the asset: “It’s a perfect gem and ideal vehicle for a 1031 Exchange investor, someone who doesn’t want the headaches of management.”