PRESS RELEASE: A 'Freshly-Brewed' Exclusive: Starbucks-Anchored Corner Asset Offered For $9.8M

New York, NY – Good news for coffee lovers: a four-story, Starbucks-anchored mixed-use building at 168 East 66th Street, a.k.a., 1128 Third Avenue, is on the market exclusively through Eastern Consolidated for $9.8 million.

Eastern Consolidated’s Senior Director Adelaide Polsinelli is spearheading the marketing efforts for the 5,309-square-foot property.

Surrounded by the city’s top hospitals and cultural institutions on the prime Upper East Side corner of Third Avenue and 66th Street, the asset consists of two other commercial stores including Tao Yoga & Tai Chi as well as one residential apartment, in addition to the ground-floor income-producing Starbucks.

“Given its hard corner location and strong rent roll, this property is sure to make any investor perk up,” Polsinelli said, noting that Starbucks has a base rent that will reset.  “The coffee chain provides built-in revenue that will only increase as the neighborhood continues to attract singles and young families.”

The building is located only two short blocks from the 68th Street/Lexington Avenue “6” train subway station and will realize significant appreciation in rents and value when the $4 billion Second Avenue subway project is completed in 2016. The property is also within walking distance from Museum Mile, Central Park and world-class restaurants, cafes and shopping.

For further information in acquiring the building, please contact Ms. Polsinelli at Eastern Consolidated’s Midtown offices at 212-499-7700.

Eastern Consolidated

Founded in 1981, Manhattan-based Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, offering unrivaled expertise in the greater New York marketplace to an impressive worldwide roster of institutional and private investor clients. The 40-person team of brokers, who, combined, offer fluency in 11 languages, come from a wide diversity of entrepreneurial and professional backgrounds.  With annual sales up to $4 billion, Eastern Consolidated focuses on the acquisition, disposition and finance of all types of properties.

TAGS: Investment