East Village property spans 7K SF
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.