1672 3rd Ave 16 Unit Apartment Building $14,587,364 CAD ($911,710 CAD/Unit) 5.75% Cap Rate New York, NY 10128

Cushman & Wakefield has been exclusively retained to arrange for the sale of 1672 Third Avenue – a five-story mixed-use building located in the Upper East Side/Carnegie Hill neighborhood of Manhattan. The subject property is located on the west side of Third Avenue between East 93rd and 94th Streets. Spread across approximately 10,845 gross square feet above grade, the building is currently configured as a ground floor restaurant with 16 total residential units above of which 7 are one-bedroom units, 8 are
two-bedroom units, and 1 is a studio unit. Of the 16 units, 14 are Free Market, and 2 are Rent Stabilized. Ownership recently completed a substantial rehabilitation of the property and has obtained a final order of completion determining that the building is exempt from rent regulation. This certificate is critical as it certifies any future buyer is protected from any future claims of rent stabilization thus deeming the building and its deregulated units as statutorily free market. Additionally, once the two remaining rent
stabilized units vacate, a new owner can convert those units into market rate apartments, driving rents and income even further. The offering is an excellent opportunity for a purchaser to acquire a strong cash flowing mixed-use property, with no deferred maintenance. The building went through a complete renovation and substantial rehabilitation over the last couple years, with units boasting condominium like finishes attracting a varied tenant pool whether it be young professionals living with roommates or families seeking a more charming and convenient location to call home. The ground floor restaurant is a successful neighborhood staple that has been in business for years servicing the surrounding area. 1672 Third Avenue is situated in the Carnegie Hill area of the Upper East Side, with plentiful restaurants, shops, schools, hospitals, museums, green spaces, and parks. It is also centrally located between the Q subway line on 2nd Avenue, the 4 , 5 , and 6 lines at Lexington Avenue, buses and the FDR.