The Sterling Plaza Portfolio

Cushman and Wakefield (“C&W”) has been exclusively retained to offer for sale the retail condo at 923- 937 Second Avenue, the mixed-use building at 253 East 49th Street, and the multifamily building at 248 East 50th Street in the Midtown East neighborhood of New York, NY. The Portfolio is located on the southwest corner of Second Avenue and 49th Street, mid-block on Second Avenue, and on the south side of 50th Street.
THE RETAIL CONDO is situated entirely along 2nd Avenue with 75’ of frontage, shared by 3 tenants. The two larger stores are occupied, one by a restaurant called Ubani and the other by a fine wine and spirits shop. The vacant store is the smallest space and was previously a convenience store. The Retail Condo sits at the base of the Sterling Plaza Condominium building which was constructed in 1985. The building contains 172 units across 32 stories with its entrance located on East 49th Street. More details of the retail condo are as follows:
• The retail condo is spread across 2 tax lots with 5,069 square feet above grade.
• The restaurant and fine wine shop have lease expirations in 2034 and 2033 respectively.
• The restaurant and wine shop pay a collective 89% of the tax increases over base year 2023-2024, offering significant passthroughs during the lease term.
THE ADJACENT BUILDINGS in the offering are 253 East 49th Street and 248 East 50th Street. Each building has 6 rentstabilized studio apartments. The 49th Street property has a well-respected tenant, QQ Nails, with a lease extending to 2033.
• QQ Nails at 253 East 49th Street is paying 70% of the tax increases over base year 2023-2024.
• Parts of the ground floor and basement of 248 East 50th Street and 253 East 49th are connected to the retail condo at the Sterling Plaza, through physical openings and easements.