1160 Third Ave
New York, NY 10065
The Frost House · Multifamily Property For Sale · 110 Units

Cushman and Wakefield has been retained on an exclusive basis to arrange the sale of the retail condominium located at the base of the 1160 Third Avenue condop. This premier retail frontage is situated on Third Avenue between East 67th and 68th Streets, on the same block as Hunter College and steps away from the six train subway station on 68th Street and Lexington Avenue. The retail condominium occupies the ground level of a nineteen story mixed-use building and consists of 7,352 square feet above grade (gross) with an additional 4,100 square feet of basement space. The current tenant Walgreens, whose lease is guaranteed by parent company Walgreens Co. Credit has gone dark but continues to fulfill their lease obligation. The lease will expire August 31, 2021. The base rent is $2,050,313 ($279/GSF) and additional income from a tax pass-through (100% of real estate tax increases over base year 2005/2006) is $474,663 leaving a total gross effective revenue of $2,524,976 ($343/GSF). The annual common charges are $20,400 and R.E. taxes are $706,155 giving you a net operating income of $1,798,421. There is also the possibility of partitioning the space which increases the tenant pool. The property can be delivered with tenant in place or vacant. All commercial uses permitted. 1160 Third Avenue offers the opportunity to acquire an asset in a luxury retail market bolstered by dense foot traffic produced by Hunter College and ease of accessibility from both the Lexington and Second Avenues subways.