Cushman & Wakefield has been exclusively retained to arrange for the sale of 963 1st Avenue, a 5-story mixed-use residential building located on the southwest corner lot of East 53rd Street and First Avenue. The 11,607 SF building consists of 15 residential units and one ground-floor retail space. As an additional source of income, the building’s roof contains a cell tower.
The ground floor retail unit is 2,000 SF and currently leased to Parnell’s Pub & Restaurant until May 31, 2023. The building has 125’ of wraparound frontage and
heavy foot traffic, making it a great space for a retail tenant. The building also includes a cellar for food prep and storage space.
The residential breakdown of the property consists of 15 units- 12 free market and 3 rent-stabilized- configured as a mix of studio, 1 bedroom, 2 bedroom, and 3
bedroom apartments. The property is an outstanding opportunity for an investor to capitalize both short and long-term, as many of the existing residential units have
undergone renovations. The ideal and central location in Midtown East makes the building easily accessible to multiple forms of transportation; a 5-minute walk to the E, M & 6 lines and a 12-minute walk to the N, R,4,5 & W lines.
