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Parke Leatherman sells 101 First Avenue

East Village property spans 7K SF

101 First Avenue (Credit: Google Maps)

Dr. Manocher Mehrfar has acquired 101 First Avenue in Manhattan from Parke Leatherman for $8 million. The East Village mixed-use building spans 7,040 square feet, containing four residential units and one ground floor retail unit. It traded at a 4.5% cap rate.

Dig Deeper: The property sits at the corner of 1st Avenue and East 6th Street, and possesses 2,804 of unused development rights. Marysia Beauty Salon occupies the building’s retail space.

Transportation access: The property is located five blocks from the 2nd Avenue Station with access to the F train.

Flashback: The seller paid $6.3 million for the property in 2017.

Brokers: Peter Von Der Ahe, Joe Koicim  Corey Isdaner, and Jared Bernstein of Marcus and Millichap brokered the deal.

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