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587-593 First Avenue 4 Multifamily Properties in New York, NY
INVESTMENT HIGHLIGHTS
- Premier corner location with 146 feet of combined frontage
- Stable income from 30 residential units and six retail spaces
- Excellent transit access via 6 train, bus lines, and FDR Drive
- Directly across from NYU Langone Health, ensuring constant foot traffic
- Anchored by Starbucks and other strong neighborhood operators
EXECUTIVE SUMMARY
587–593 First Avenue offers an exceptional opportunity to acquire a prime mixed-use property in one of Manhattan’s most vibrant neighborhoods. Positioned at the highly visible corner of First Avenue and East 34th Street, this asset commands attention with approximately 146 feet of combined frontage, ensuring maximum exposure in a bustling corridor directly across from NYU Langone Health.
The property consists of four contiguous, four-story walk-up buildings totaling approximately 21,342 square feet. It features 30 well-maintained residential apartments complemented by six ground-floor retail spaces occupied by a diverse mix of national and local tenants, including Starbucks, NY Bagels & Café, Panini Tozt, The Gyro Project, Makas Barbershop, and Pizza 34 LLC. This strong retail presence caters to the daily needs of the surrounding community and benefits from constant pedestrian traffic driven by the nearby medical campus.
Murray Hill and Kips Bay are among Manhattan’s most desirable submarkets, known for their dynamic blend of historic charm and modern convenience. Residents and visitors enjoy tree-lined streets, excellent transit access, and proximity to Midtown, making this location ideal for long-term growth. The property’s connectivity is unmatched, with the 6 train, multiple bus routes, and FDR Drive all within immediate reach.
This offering represents a rare chance to secure a fee-simple, income-producing corner property in a neighborhood that continues to attract young professionals, medical staff, and students. With strong demographics, vibrant retail, and enduring appeal, 587–593 First Avenue stands out as a premier investment in the heart of Manhattan.
The property consists of four contiguous, four-story walk-up buildings totaling approximately 21,342 square feet. It features 30 well-maintained residential apartments complemented by six ground-floor retail spaces occupied by a diverse mix of national and local tenants, including Starbucks, NY Bagels & Café, Panini Tozt, The Gyro Project, Makas Barbershop, and Pizza 34 LLC. This strong retail presence caters to the daily needs of the surrounding community and benefits from constant pedestrian traffic driven by the nearby medical campus.
Murray Hill and Kips Bay are among Manhattan’s most desirable submarkets, known for their dynamic blend of historic charm and modern convenience. Residents and visitors enjoy tree-lined streets, excellent transit access, and proximity to Midtown, making this location ideal for long-term growth. The property’s connectivity is unmatched, with the 6 train, multiple bus routes, and FDR Drive all within immediate reach.
This offering represents a rare chance to secure a fee-simple, income-producing corner property in a neighborhood that continues to attract young professionals, medical staff, and students. With strong demographics, vibrant retail, and enduring appeal, 587–593 First Avenue stands out as a premier investment in the heart of Manhattan.
PROPERTY FACTS
| Sale Type | Investment | Individually For Sale | 0 |
| Status | Active | Total Building Size | 43,320 SF |
| Number of Properties | 4 | Total Land Area | 0.33 AC |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 4 |
| Individually For Sale | 0 |
| Total Building Size | 43,320 SF |
| Total Land Area | 0.33 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 591 First Ave, New York, NY 10016 | Multifamily | 27,039 SF | 1910 | - |
| 593 1st Ave, New York, NY 10016 | Multifamily | 6,174 SF | 1930 | - |
| 587 First Ave, New York, NY 10016 | Multifamily | 5,709 SF | 1930 | - |
| 589 First Ave, New York, NY 10016 | Multifamily | 4,398 SF | 1930 | - |
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CONTACTS
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Dimitri Venekas -
Craig Waggner -
John Ciraulo -
Dylan Walsh -
Josh Neustadter -
Jack Stephen -
Cushman & Wakefield
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587-593 First Avenue
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