Three-story, mixed-use property sells for $19.75M

NEW YORK, October 19, 2021 — JLL Capital Markets announced today that it has closed the $19.75 million sale of a fully leased, 4,960-square-foot mixed-use property at 991 Third Ave. in New York City.

JLL marketed the building on behalf of the seller, Heskel Elias, who they originally sold the building to in 2012. Land Finance Corp. acquired the property for $19.75 million, which equals to just over $3,981 per square foot.

Located on the northeast corner of East 59^th St., the three-story building at 991 Third Ave. stands directly across from Bloomingdale’s department store at the entrance to the 59th Street Subway Station servicing the 4, 5, 6, N, R and W lines. The property contains an additional 1,664 square feet of basement space and benefits from its position along a powerful retail corridor that includes IKEA, Dylan’s Candy Bar, Home Depot and Zara. The building is triple net leased to the tenant with 10 years remaining on the current term and an additional 10-year option.

The JLL Capital Markets team representing the seller was led by Managing Director Clint Olsen, Chairman-NY Investment Sales Bob Knakal, Managing Director Jonathan Hageman and Analyst Stephen Godnick.

“991 Third Avenue is a rare asset – a triple-net-leased, stand-alone property that benefits from the demographics of one of Manhattan’s leading neighborhoods,” Olsen said. “This is an ideal long-term investment.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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