350-352 Third Ave

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of 350-352 Third Avenue, a turn-key, 44’ wide, 5-story mixed-use building located in the core of Manhattan’s east side between 25th and 26th Streets. Nestled at the intersection where Gramercy meets NoMad, the building is just a few blocks away from Gramercy Park, Madison Square Park and the Flatiron District. The building contains 2 retail stores and 14 apartments, of which 10 are Free Market and 4 are Rent Stabilized. All of the Free Market apartments have been pristinely renovated to include ebony hardwood floors, recessed lighting, Carrara marble counter-tops, cherry wood cabinets, stainless steel appliances, video intercoms, exposed brick, and in-unit premium Bosch washers & dryers. Furthermore, the building features high ceilings on most floors, security cameras throughout and a roof large enough to accommodate a finished roofdeck. The 4 rent stabilized units rent for an average of $31 per net rentable square foot, approximately 72% below market. The 2 retail stores are currently vacant and being offered for lease for $18,000 ($171/SF) and $22,000 ($165/SF) per month, respectively. The property’s air rights had been sold in 1996 to the adjacent luxury rental building, Manhattan Promenade. 350-352 Third Avenue presents an excellent opportunity for an investor to acquire a well located, low maintenance, mixed-use building with significant in-place cash flow and remaining upside. The building will be sold on an as-is, where-is basis.