Manhattan Mixed-Use Fetches $14M

The property comprises 16 units and includes ground floor retail space, which is fully leased to Katagiri, the oldest Japanese grocery store in the U.S.
224 E. 53rd St.

Cushman & Wakefield has arranged the sale of an 11,827-square-foot mixed-use property in New York City for $14 million. The company represented the seller, Itzhaki Acquisitions. The asset features ground-floor retail and 16 apartment units.

Situated at 224 E. 59th St., the property is in Manhattan’s Midtown East neighborhood, between Second and Third avenues. The location provides access to public transportation, near the Lexington Avenue/59th Street subway servicing the 4,5,6 N, R and W trains.

The retail space is fully leased to Katagiri, a Japanese grocery store which has been operating in the U.S. for more than 100 years. Katagiri recently renewed its lease for approximately $187 per square foot. According to PropertyShark, the retail component encompasses 1,860 square feet. The five-story building features six rent-stabilized and 10 free-market units, including a mix of studio, one- and two-bedroom residences.

“This is a perfect example of Cushman and Wakefield’s unique approach of engaging the outside brokerage community in our marketing process,” said Clint Olsen, executive managing director of Cushman & Wakefield, in prepared remarks. “We were brought a foreign buyer who had not transacted in New York City and who paid a premium over the other interested parties.”

The brokerage team included Olsen and Associate Will Conrad. In January, the company arranged the sale of two mixed-use properties located in Manhattan.

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