1771-1775 First Avenue NYC, 2011

Torresco Realty LLC was engaged as exclusive broker to sell the “brick and mortar” real estate asset remaining at this location after a substantial air rights assignment sale in 2007. The inherent air rights expanded by area upzoning were sold to the adjacent developer who built a new residential tower. This left a finite five and a half story occupied building to be sold in 2011. The existing property had been lot merged in 1959 combining two uniquely separate apartment buildings into one larger building by employing the use of structural scissor stairs which created the extra half floor. The apartment building was sold as an “off market” investment based on its current and future income potential.

Torresco Realty LLC was the sole broker in this transaction.