Meridian Capital Group

Meridian Exclusively Lists a 4,900 Square Foot Mixed-Use Corner Property in Midtown East

May 24, 2018

 

May 24, 2018

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, is pleased to present exclusively for sale 1024 Second Avenue, a mixed-use property located in the Midtown East neighborhood of New York, NY. Senior Executive Managing Director, David Schechtman, and Managing Director, Inbal Himelblau-Denman, are representing the seller in this transaction.

Located at 1024 Second Avenue, the four-story property contains five residential units, one commercial unit, and spans 4,900 square feet. Situated in the heart of the Midtown business district, investors benefit from built-in commercial foot traffic and a flourishing residential market. Located on the northeast corner of East 54th Street and Second Avenue, residents of the building enjoy direct access to Equinox, Soul Cycle, and a plethora of food and entertainment options on the block. The offering consists of five free market apartments and one office space renting at below-market rents, allowing potential investors a strong in-place cash flow with future upside in repositioning the units. The ground floor retail space is currently leased to Lenny’s, one of the fastest growing food and beverage chains in the country, until December 2022.

Bounded by East 42nd Street to East 59th Street from Fifth Avenue to the East River, Midtown East is known for its luxurious restaurants, world-class retail, and iconic architecture that is recognized around the globe. The area has blossomed into a diversified live-work-play neighborhood that attracts young families and high net-worth individuals. Midtown East is also home to some of the premier amenities and landmarks in Manhattan, most notably Central Park, the Empire State building, the Headquarters of the United Nations, and the Chrysler Building.

1024 Second Avenue is easily accessible via the E and M subway lines at the Lexington Avenue– 53rd Street station and the 4, 5, 6 and N, R, W trains at the Lexington Avenue–59th Street station. Midtown East is currently in the midst of two major infrastructure projects, including East Side Access, which will provide Long Island commuters with access to East Midtown through a new LIRR station at Grand Central Terminal, and the expansion of the Second Avenue Subway, which will continue throughout Midtown East to Houston Street.

Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 debt transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com

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