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Successful Sale of 1087 Second Avenue in Midtown East, Manhattan
Bob Knakal successfully closed a mixed-use property located at 1087 Second Avenue in the heart of Midtown East, Manhattan, successfully changed hands in a transaction totaling $1,375,000.
This sale was the second time the property had traded, signifying its enduring value as a user-driven investment opportunity. Positioned on the east side of Second Avenue between East 57th and East 58th Streets, the building attracted interest for its visibility, stable layout, and potential for long-term occupancy.
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Sale Details
This user-occupied asset was sold to Bae Cleaners, a retail operator looking to secure a strategic location for their business. The seller, Makin Aryeh, transacted as a private party.
Sale Date: July 2, 1990
Sale Price: $1,375,000
Price per SF/BSF: $381.94
Asset Class: Mixed-Use, User
Key Transaction Details:
- Located on a prime retail corridor with steady pedestrian traffic
- Comprised of four total units over a single building
- User purchase by retail operator Bae Cleaners
- Strategically acquired for long-term retail operations
Property Details
The building at 1087 Second Avenue, New York, NY 10022, lies within the Midtown East submarket—a central Manhattan hub known for its combination of high-density residential, institutional, and retail use.
Although modest in size, this mixed-use property provided both street-level exposure and multi-unit flexibility ideal for a user buyer like Bae Cleaners.
Property Highlights:
- Year Built: Estimated prior to 1990 (exact date undisclosed)
- Stories: Not disclosed, presumed walk-up construction
- Units: 4 total units, likely split between residential and commercial
- Building Size: 3,600 SF
- Lot Location: Between East 57th and East 58th Streets, near the Queensboro Bridge
- Block/Lot: 1331/23
This property's scale and location made it especially attractive to owner-users seeking to establish long-term retail tenancy while generating income from upper-level residential units.
Market Strategy and Positioning
The Midtown East market has historically seen strong demand from owner-users and retail operators seeking visibility and accessibility in central Manhattan. In the early 1990s, as New York's commercial corridors evolved, local business operators began to invest in bricks-and-mortar spaces they could control.
This deal is reflective of a broader pattern in the era: small-scale users securing ownership stakes to stabilize occupancy costs and benefit from asset appreciation over time.
1087 Second Avenue's compact footprint, ground-floor retail opportunity, and residential upside aligned well with market demand, making it an ideal user acquisition.
Neighborhood Overview
Midtown East is one of Manhattan’s most enduring commercial and residential neighborhoods. Known for its proximity to key transportation and high foot traffic, the area supports a thriving mix of retail, office, and residential properties. Notable nearby attractions include:
- Bloomingdale’s (Lexington Avenue & 59th Street)
A flagship shopping destination drawing both locals and tourists, boosting retail foot traffic in the surrounding area. - The Roosevelt Island Tramway
Just a few blocks east, offering a unique commuting experience and visual appeal that enhances the neighborhood’s distinct character. - Citigroup Center
A modern office skyscraper and landmark known for its slanted roof and public plaza—supporting Midtown East's commercial vitality. - Sutton Place and East River Esplanade
A serene residential pocket with lush river views, balancing the district’s dense commercial activity with quiet luxury living.
These attractions contribute to Midtown East's reputation as a balanced, high-value area for both investment and long-term business positioning.
Conclusion
The sale of 1087 Second Avenue showcases the value of small-scale, user-occupied mixed-use assets in Midtown East, Manhattan. The property's location, unit configuration, and retail potential made it a highly appealing option for a retail user buyer.
This transaction reflects the importance of strategic site selection for user-buyers and the ongoing appeal of Midtown East’s vibrant streetscape and connectivity. The successful closing reinforces the neighborhood's status as a magnet for long-term investment and user occupancy.
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Frequently Asked Questions
Q1: What type of property is 1087 Second Avenue?
1087 Second Avenue is a mixed-use building containing four units, likely configured with ground-floor retail and upper-level residential space, ideal for owner-occupancy or long-term leasing.
Q2: Why was this property attractive to a retail user?
The building’s location on Second Avenue provided strong pedestrian visibility and access to a steady customer base. Its manageable size and mixed-use flexibility made it an ideal long-term operating location for a retail business like Bae Cleaners.
Q3: How large is the building and what was the price per square foot?
The property is approximately 3,600 square feet in size. It sold for $1,375,000, equating to a price per square foot of $381.94—a competitive figure for the Midtown East market in 1990.
Q4: What are some benefits of owning property in Midtown East?
Midtown East offers high visibility, strong transit connectivity, and a mix of residential and commercial foot traffic. Properties in this area often see stable demand from both investors and users seeking reliable long-term value.
