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Successful Sale of 1053 Second Avenue in Upper East Side, Manhattan
Bob Knakal successfully arranged the sale of 1053 Second Avenue, a mixed-use property located in the heart of the Upper East Side, Manhattan. The property was sold on August 5, 1992, for $1,260,500 to Salvatore Venezia, operator of the well-known Venezia Pizzeria.
Located on one of the most traveled commercial corridors in the neighborhood, the three-unit building represented a rare user-driven acquisition. The transaction, completed for a price of approximately $238.73 per square foot, highlights strong demand from owner-occupants seeking well-located assets in prime Manhattan neighborhoods.
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Sale Details
This successful sale represents a meaningful transaction for both the seller, Arthur Lewis, and the buyer, a seasoned local business operator. Bob Knakal’s team ensured a smooth closing process and helped deliver favorable terms for all parties involved.
- Sale Price: $1,260,500
- Price per SF/BSF: $238.73
- Buyer: Salvatore Venezia (Venezia Pizzeria)
- Seller: Arthur Lewis
- Sale Date: August 5, 1992
- Asset Type: Mixed-Use, User
Transaction Highlights:
- Ground-floor retail use with residential units above
- Ideal for owner-operators or investors seeking stable, street-level commercial presence
- Strong pedestrian traffic on Second Avenue
- Opportunity for long-term hold or repositioning
Property Details
Situated midblock on Second Avenue between East 55th and East 56th Streets, 1053 Second Avenue enjoys a location that caters to both residential and commercial demand. This stretch of the Upper East Side is known for its vibrant mix of neighborhood-serving retail, high-rise apartments, and nearby institutions.
- Address: 1053 Second Avenue, New York, NY 10022
- Submarket: Upper East Side, Midtown East border
- Zoning: Mixed-Use
- Lot: Block 1329, Lot 24
- Square Footage: 5,280 SF (BSF)
- Units: 3
Investment Highlights:
- Prime frontage on Second Avenue retail corridor
- Mix of commercial and residential uses
- Stable tenancy with strong upside potential
- Highly accessible location near mass transit
Market Strategy and Positioning
In the early 1990s, user-driven acquisitions were a hallmark of Manhattan’s retail streets, especially in established neighborhoods like the Upper East Side. Many local business owners sought to control their long-term real estate costs by owning their buildings. This sale to a restaurateur underscores that trend. By positioning the property to appeal to both investors and users, the team created competition and delivered the best outcome for the seller.
Neighborhood Overview
The Upper East Side is among the most established and iconic neighborhoods in New York City. Known for its elegant residential buildings, luxury retail, and proximity to Central Park, it remains a top destination for residents and visitors alike.
Neighborhood Highlights:
- Retail Corridors: Second Avenue and Third Avenue offer a dense mix of dining, shopping, and convenience retail.
- Transportation Access: Close to multiple subway lines including the E, M, and 6 trains.
- Cultural Appeal: A short distance from institutions like the Museum of Modern Art and the Rockefeller University campus.
- Residential Stability: High concentration of owner-occupied and rent-stabilized buildings maintains long-term appeal.
Conclusion
The sale of 1053 Second Avenue demonstrates the value of strategic advisory, especially in cases involving user-buyers. Bob Knakal’s guidance and market expertise ensured a seamless process for both parties and reinforced the demand for mixed-use properties in high-traffic corridors of the Upper East Side. With retail and residential demand remaining resilient, this transaction highlights the continued appeal of prime mixed-use assets in core Manhattan neighborhoods.
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Frequently Asked Questions
Q1: What type of property is 1053 Second Avenue?
1053 Second Avenue is a mixed-use property with ground-floor commercial use—formerly a pizzeria—and residential units above. The property is designed for owner-users or investors seeking rental income.
Q2: Why was this property appealing to the buyer?
As the operator of Venezia Pizzeria, the buyer saw long-term value in owning the building where he operated. This allowed him to stabilize rental costs and gain equity in a key Manhattan corridor.
Q3: How large is the property in terms of square footage and layout?
The building comprises 5,280 square feet and includes three units. The ground floor is likely dedicated to retail use, while the upper floors are residential, consistent with similar assets in the area.
Q4: What makes the Upper East Side a strategic location for investment?
The Upper East Side boasts a mix of residential affluence, consistent pedestrian traffic, and proximity to major transit and cultural institutions. Its strong demand fundamentals make it a prime location for mixed-use assets.
