1055-1057 Second Avenue

JLL has been retained on an exclusive basis to arrange for the sale of 1055-1057 Second Avenue (the “Properties”) two adjacent 4-story buildings located on Second Avenue between 55th Street and 56th Street.

The properties have a combined 50 square feet of frontage and consist of 21 residential and 4 retail units. 82% of the units in 1055 are free market and 10 of the 11 units are studios with 1 two bedroom. 1057 Second Avenue has 8 studios and 2 two bedroom apartments and is 50% free market with 4 rent stabilized and 1 rent controlled unit.

Ownership of the properties is developing a luxury residential tower at 1059-1061 Second Avenue and may agree to lease the 600 SF retail space in 1055 Second Avenue for 30 months at $75 per square foot to provide additional cash-flow as they complete construction. Ownership’s adjacent development is expected to total approximately $200M and speaks volumes to the strength of the location where demand for high-end rental and for-sale product in a walk-to-work

location exceeds supply.