1356 First Avenue
Upper East Side
A five-story mixed-use, 15,817 SF elevator building in Manhattan's esteemed Upper East Side Neighborhood
|Neighborhood||Upper East Side|
|Size||15,817 Square Feet|
|Units||28 Residential units and one occupied commercial unit|
Meridian Investment Sales is pleased to exclusively present the sale of 1356 First Avenue (“Property” or “Asset”), a five-story mixed-use elevator building in Manhattan’s esteemed Upper East Side neighborhood. The Property stands 15,817 SF and contains 28 residential units and one occupied commercial unit leased to the restaurant, Petaluma, through February of 2029.
Importantly, as a testament to the strength of the location and tenant, Petaluma executed their five-year renewal option on July 1, 2021. Located in a flexible C1-9 zoning district (R-10 equivalent), this 86% free market asset offers an existing maximum base buildable area of 45,020 SF with the potential to increase to over 54,000 SF with an inclusionary housing bonus. 1356 First Avenue presents investors with the opportunity to continue to operate the Property as a mixed-use rental, sellout individual units as condominiums, or reposition the asset by utilizing the significant development rights available as of right. In addition, the restaurant lease has a demolition clause.
Located on the southeast corner of 73rd Street and First Avenue, just one block from the new 2nd Avenue Subway Station, the
Property benefits from significant foot traffic and visibility. With excellent corner exposure and soaring ceiling heights, the units are flooded with natural light. Given the Property is 86% free market with just three rent-stabilized units and one rent-controlled unit plus a termination option for the commercial tenant, there is a potential path to vacancy to allow for a reposition to utilize the air rights.