1299 First Avenue

BKREA has been exclusively retained to arrange the sale of 1299 First Avenue (“The Property”), a 25.5’ wide building containing six residential units, all of which are three bedroom apartments. 100% of the apartments are Free Market, providing an opportunity to grow revenues as rents continue to appreciate. The property is situated on the southwest corner of 70th Street and 1st Avenue, within a short walking distance to the Q and 6 trains, as well as a variety of shops, restaurants, and vibrant nightlife options. The property features apartments with exposed brick, renovated marble bathrooms, and spacious kitchens equipped with dishwashers. The three-bedroom apartments offer living room spaces complete with hardwood floors and recessed lighting. The Free Market units are currently renting for an average of $4,898 per month, and with light value-add improvements, the rents can be increased to an average of $5,000. The commercial space is leased to eScript360 Pharmacy, which pays $24,400 per month, while T-Mobile leases the roof space for a cellular tower, generating $3,222 in monthly revenue. Regarding the building’s infrastructure, it is heated by a gas-fired boiler and is individually metered for electricity. The property is located near popular public green spaces such as John Jay Park and some of the top medical facilities in the country. Additionally, public schools like Eleanor Roosevelt and prestigious private schools such as Dalton and Nightingale are all within a short walking distance. Positioned in a prime Upper East Side location, 1299 First Avenue is poised to benefit from strong demand drivers, making it an attractive opportunity for investors seeking a well-located property with light value-add potential.BKREA has been exclusively retained to arrange the sale of 1299 First Avenue (“The Property”), a 25.5’ wide building containing six residential units, all of which are three bedroom apartments. 100% of the apartments are Free Market, providing an opportunity to grow revenues as rents continue to appreciate. The property is situated on the southwest corner of 70th Street and 1st Avenue, within a short walking distance to the Q and 6 trains, as well as a variety of shops, restaurants, and vibrant nightlife options. The property features apartments with exposed brick, renovated marble bathrooms, and spacious kitchens equipped with dishwashers. The three-bedroom apartments offer living room spaces complete with hardwood floors and recessed lighting. The Free Market units are currently renting for an average of $4,898 per month, and with light value-add improvements, the rents can be increased to an average of $5,000. The commercial space is leased to eScript360 Pharmacy, which pays $24,400 per month, while T-Mobile leases the roof space for a cellular tower, generating $3,222 in monthly revenue. Regarding the building’s infrastructure, it is heated by a gas-fired boiler and is individually metered for electricity. The property is located near popular public green spaces such as John Jay Park and some of the top medical facilities in the country. Additionally, public schools like Eleanor Roosevelt and prestigious private schools such as Dalton and Nightingale are all within a short walking distance. Positioned in a prime Upper East Side location, 1299 First Avenue is poised to benefit from strong demand drivers, making it an attractive opportunity for investors seeking a well-located property with light value-add potential.