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JLL has been retained on an exclusive basis to arrange for the sale of 1301 Third Avenue a 20’ wide, 5,800 GSF, predominantly Free Market building located on the east side of Third Avenue between East 74th and East 75th Streets on the Upper East Side. Built in 1910, the 5-story property features 8 apartments, 4 Free Market, 2 Rent Control and 2 Rent Stabilized. Of the 4 free market apartments, all are delivered vacant allowing an investor to add substantial value. The ground floor commercial unit at the Property is occupied by Benefit Cosmetics, a subsidiary of LVMH, who currently pays $281,820 in rent annually. Upon expiration of Benefit Cosmetic's lease in January 2022, a new tenant will occupy the space for 4 years at $225,000/annum ($225/SF) with 3% escalations, as well as reimburse 50% of the Property's annual Real Estate Taxes. The unit breakdown consists of all spacious one-bedroom apartments. Free market units 1R and 4R have been completely gutted by current ownership, providing a blank canvas for potential investors.
In regards to connectivity, the property is located in a neighborhood with a rich culture of fine cuisines and high-end retailers (home to stores such as Equinox, The Milton, Starbucks, and Whole Foods), and is within close proximity to the 72nd Street - Second Avenue subway station, which services the N, Q, + R trains, and a few blocks from the 68th Street – 6 train subway stop. 1301 Third Avenue presents an excellent opportunity for investors to acquire a well located, low maintenance, protected tax class multifamily building with significant upside with avenue presence in an excellent location.