The Real Deal New York

Upper East Side building’s price soars 46% in three years

January 02, 2014 02:34PM

A building at 1128 Third Avenue Near East 66th Street has sold for $9.5 million — a jump from the $6.5 million it fetched in 2010.

Chicago-based investment firm L3 Capital handed off the 5,300-square-foot, four-story site to an undisclosed investor. Adelaide Polsinelli of Eastern Consolidated, who represented L3 Capital in the deal, said the 46 percent increase in price is part of the neighborhood impact of the upcoming Second Avenue subway renovation.

Ground-floor tenant Starbucks signed a 12-year lease in July to extend its stay at the 1,300-square-foot space, Crain’s reported. The building also holds two residential units and a commercial floor. [Crain’s]Mark Maurer