$49,500,000
Updated 7 years ago
Off Market

1264 Lexington Ave

Upper East Side, Manhattan | East 85th Street & East 86th Street

23,598 Square FeetIncome Property

$49,500,000
floors / apts7 / 23
Lot Size37'x102'2"
ZoneC5-1A
Building TypeLow-Rise
RE Taxes$292,697
Price Per SF
$2,098

Building Amenities

  • Voice Intercom
  • Elevator

Property Description for 1264 Lexington Ave

Ariel Property Advisors presents 1262-1270 Lexington Avenue, a prime corner mixed-use building with 136 feet of wraparound frontage, located on the northwest corner of Lexington Avenue and 85th Street on the Upper East Side of Manhattan. This 23,598 square foot, seven-story elevatored building is comprised of 2 ground-floor retail units, 1 lower-level retail unit, 1 second-floor retail/office unit, and 23 residential units. The residential unit mix consists of 2 studios, 13 1BRs, 3 2BRS, 4 3BRs and 2 4BRs (17 free market, 2 rent controlled and 3 rent stabilized). While the existing structure provides cash flow with immediate upside, there are an additional 14,205 square feet of unused air rights. 1262-1270 Lexington Avenue is conveniently accessible via the 4, 5, 6 trains with the subway station located steps away on the corner of 86th Street and Lexington Avenue. Additional transportation options include the Second Avenue Subway, the East 90th Street Ferry and the nearby FDR Drive. The property’s nearly 10,000 square feet of corner retail space serves as a unique amenity opportunity for nearby notable residential buildings, which include The Lucida at 151 East 85th Street (18-story, 110 units) and Citizen360 at 1711 First Avenue (34-story, 84 units), as well as the 18-story, 61 unit building at 151 East 86th Street that is estimated to be completed in 2019. Additional benefit is gained from the high volume of pedestrian traffic as the property is surrounded by national destination retailers, including, but not limited to, Whole Foods Market, Fairway Market, Best Buy, H&M, The Gap and Barnes & Nobles. With exceptional scale, easy accessibility and a prime corner location in a thriving residential neighborhood, 1262-1270 Lexington Avenue stands out as a premier Manhattan opportunity.

Listing History for 1264 Lexington Ave

Now
03/07/2019
POM by Howard Raber
Ariel Property Advisors
2019

Building Details for 1264 Lexington Ave

OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePost-War
AccessElevator
Year Built1985
Floors/Apts7/23
Learn More About the Building

Transit and Citi Bike

Subway

86 St
0.04 miles
86 St
0.24 miles
77 St
0.42 miles

Citi Bike

E 84 St & Park Ave
0.09 miles
E 85 St & 3 Ave
0.13 miles

Contact Agents

Contact Agents

Howard Raber
Ariel Property Advisors
Shimon Shkury
Ariel Property Advisors
Victor Sozio
Ariel Property Advisors

Upper East Side | Manhattan

Quick Profile

Exuding a cosmopolitan, refined air that is reminiscent of Paris or other European cities, the Upper East Side (the UES, to local cognoscenti) has a reputation as being a bastion of wealth and privilege. Even though it was built by American “royalty” families like the Vanderbilts, Roosevelts, Kennedys, Carnegies and Rockefellers, whose elaborate mansions once anchored Fifth Avenue, there are affordable housing options throughout the neighborhood. The further east you move, away from Central Park and the more commercial avenues, the more likely you are to find quiet, tree-lined streets with historic townhouses and brownstones. Keep your eye out for reasonably priced apartments in pre-war low-rise and even a few high-rise buildings.

With abundant, beautifully landscaped green spaces, including the oasis of Central Park acting like a backyard, the area is quiet and lushly green. You can relax and unwind in John Jay Park, Carl Schurz Park or take a stroll along the East River Promenade. The whole neighborhood seems isolated from the workaday chaos of the city at large. Add to that the history of the neighborhood and the abundance of cultural institutions, and you have a uniquely welcoming neighborhood.

Known for its abundance of high-end retail shopping, especially on Madison Avenue, the Upper East Side is host to the Barneys New York flagship department store. Here you can find upscale goods, fashion and home decor items. You will also find the edgy runway-inspired Alexander McQueen collections. If you are dying to treat your feet to red-soled opulence, be sure to visit the Christian Louboutin boutique. These are only a small sampling of this high-end shopper’s paradise that features everything from designer boutiques that offer the ultimate in haute couture to resale shops where you can find last season’s best on sale at hefty discounts .

There are many unique dining experiences, from fine dining to the casual bite-on-the-go, awaiting you in the UES. Sushi is going through a renaissance in the city, and the best omakase-style sushi can be found at Sasabune on E 73rd Street. Omakase sushi means that you leave the choice of ingredients, preparation method and presentation to the chef. Elegant French cuisine can be experienced at JoJo, E 64th Street, housed in gorgeous townhouse. Just for fun, visit the Lexington Candy Shop on Lexington Avenue, to get a taste of an old-fashioned soda fountain.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 74659TH