JLL has been exclusively retained to sell 1262-1270 Lexington Avenue, a prime corner mixed-use building located at the northwest corner of East 85th Street and Lexington Avenue in the Upper East Side neighborhood of Manhattan. The building stands 7 stories tall, contains an elevator and measures approximately 23,598 gross square feet above grade. Furthermore, the building features 139’ of valuable wraparound retail frontage and is positioned steps away from the Lexington Avenue/86th Street Subway entrance, one of New York City’s busiest subway stations per annual ridership.
1270 Lexington Avenue consists of 23 residential units and 4 commercial units. Of the residential units, 18 are free market, 3 are rent stabilized and 2 are rent controlled. The 3 retail/commercial units above grade are all leased to quality tenants including Metropolitan Bank, Paris Baguette and AVW Partners (a co-working company on the second floor). These tenants have long term commitments to the property with the nearest lease expiration in 2027. The remaining commercial unit is located in the basement and contains approximately 1,500 square feet, providing immediate upside for prospective investors. Furthermore, the property possesses approximately 14,202 square feet of air rights for future redevelopment or expansion of the existing structure.