Case Study - 1114 Second Avenue
One mixed use building consisting of rent controlled apartments and two retail shops near Manhattan's East Fifty-Ninth Street. This building was located on the eastern side of Second Avenue near the Queensborough Bridge.
This rent-controlled building was in a block that had yet to experience significant re-development in the early 1960s. Rumors abounded that the local transit authority would be building a new subway line which could lead to eminent domain proceedings against local property owners. Properties of this sort were often traded without the participation of real estate brokers.
BENEFITS TO CLIENT
The owners enjoyed a staggering return on their investment when this property was sold to a developer who built a high-rise luxury residential tower at the corner of Manhattan's East Fifty-Ninth Street and Second Avenue