Meridian’s Amit Doshi and Shallini Mehra recently closed on the sale of three contiguous, mixed-use buildings located at 1256, 1258 and 1260 Lexington Ave. in the Carnegie Hill section of Manhattan’s Upper East Side. The package, which sold for north of $13 million, features eight residential units as well as four commercial spaces with both national and regional tenants, including Subway and Taco Bell.
“This highly visible and heavily trafficked corner is a major retail thoroughfare on the Upper East Side, which allowed us to achieve a high price-per-square-foot of just under $900 and a low cap rate of under 5%,” said Mehra.
Doshi added, “We’ve been diligently working on this asset for over two years and at one point had the properties in contract, which did not materialize. This is truly a covered land play, as the assets have over 40,000 square feet of air rights.”