1390 1/2 2nd Avenue

New York, NY

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Offering Memorandum

1390 1/2 2nd Avenue OM

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Building Overview

Summary

Asking Price $3,950,000
Building Size 3,755 SF
Stories 4
Units 4

Avison Young is pleased to present an opportunity to acquire 1390 ½ 2nd Avenue (the “Property”), a value-add mixed-use asset steps away from the 72nd Street subway station. The Property is located in the highly desirable Upper East Side neighborhood of Manhattan, between 71st Street and 72nd Street.

The Property is a 3,755 square feet, 4-story walk-up building. It consists of two free-market residential units, each occupying a full floor, and two floors of vacant commercial space. An investor can generate value by leasing up the vacant ground floor retail space and second floor office space, while bringing the existing residential tenant rents to market, given existing below market rents.

In addition, there are 6,645 SF of unused air rights that may be purchased separately.

Highlights

Value-Add Opportunity: Potential to increase revenue through leasing vacant office and retail spaces, and release below market residential rent

Fully Free-Market: Residential units are free-market, providing flexibility in lease structuring

Protected Tax Class: Tax class 2A caps assessed value increases at 8% per year and prevents increases from surpassing 30% over 5 years

Proximity to Central Park and John Finley Walk: Close to Central Park’s iconic attractions and John Finley Walk along the East River, offering residents access to green spaces and river views