2329 1st Ave
New York, NY 10035
Multifamily Property For Sale · 3 Units

Meridian Investment Sales is pleased to exclusively present the sale of 2329 First Avenue, a 4-story mixed-use boutique walk-up building in the East Harlem neighborhood of Manhattan. The property offers three full-floor residential units above an 800 SF retail space with exclusive access to the 600 SF backyard. The 100% free market building features condo-like finishes replete with in-unit washer/ dryer, stainless steel appliances including a wine cooler and dishwasher, marble bathrooms, exposed brick throughout, and crown moldings. The retail is occupied by NY Blinds and Shades Store through November of 2022 at a below market lease allowing investors the opportunity to increase rents upon expiration. Investors will also have the option to utilize the 9,860 SF of air rights and develop additional floors or sell to a neighboring site. In addition, the building is located in a protected tax class, capping increases at 8% annually or 30% over five years. Overall, the offering presents investors with a prime opportunity to purchase a luxury 100% free market, cash flowing building in a rapidly growing neighborhood with substantial air rights.