Eastern Consolidated Arranges Sale of Retail Condo in Midtown East
NEW YORK, NY – February 7, 2018 – Eastern Consolidated has announced the sale of a ±7,039 -square-foot retail condo leased to Chase Bank and Dunkin’ Donuts that is located at the base of the 113-unit Grand Beekman Condominium at 900 First Avenue in Midtown East. The asset traded for $10,875,000.
Eastern Consolidated’s Ben Tapper, Senior Director and Principal, represented the sellers, Dalan Management and Standard Property Company, and Brian Ezratty, Vice Chairman and Principal, procured the buyer, BLDG Management Co. Gary Meese, Senior Director, Financial Services, was the analyst for the deal.
“This was a highly desirable investment because of the stable cash flow generated by two very strong tenants,” Ezratty said. “Chase is an investment grade anchor while the Duncan Donuts is run by a successful and experienced operator with two dozen sites in Brooklyn and Queens.”
Tapper added, “The site attracted interest from a number of investors because of the tenancy, potential future upside, and ideal corner location just two blocks north of the United Nations in Midtown East. In the last 10 years, Chase’s customer deposits have increased over 630 percent, which is the largest percentage increase of any Chase branch in the entire zip code.”
The retail condo offers ±5,324 square feet on the ground floor and ±1,715 square feet on the lower level, plus ±130 feet of frontage along First Avenue and another ±35 feet of frontage along East 51st Street, encompassing the corner.
The property is three blocks from the 6 train at the 51st Street-Lexington Avenue Station, four blocks from the E and M trains at the Lexington Avenue-53rd Street Station, within three blocks of the FDR Drive access ramps, and eight blocks from the Ed Koch Queensboro Bridge (a.k.a. 59th Street Bridge).
Manhattan’s East Side along the East River is home to the United Nations and East Side Medical and Biotech Corridor, which has a roster of state-of-the-art hospitals, research centers, and teaching colleges including New York-Presbyterian/Weill Cornell Medical Center, Memorial Sloan Kettering Cancer Center, NYU Langone Medical Center, Bellevue Hospital, Alexandria Center for Life Sciences, and Rockefeller University. Roosevelt Island where the state-of-the-art Cornell Tech campus is being built is a short train or tram ride away.
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter @EasternConsol.
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