First Avenue Properties consist of three mixed-use buildings and over 26,000 rentable square feet in Manhattan’s Upper East Side. Two of the buildings are five-story walkups with ground-floor retail, while the third building is a four-story walkup with commercial space. Cumulatively, the properties consist 5 retail tenants and 31 apartments; 1 three bedroom unit, 9 two bedroom units and 21 one bedroom units. Margules Properties acquired the building in 1995.
The First Avenue Property is located in the heart New York’s important neighborhood the Upper East Side. The area is known as one of the most affluent districts in the country and is one of the most expensive real estate markets in the country. The First Avenue Property is ideally situated to take advantage of the numerous offerings of the neighborhood, including the world-renown Museum Mile along Central Park. The stretch is home to the Metropolitan Museum of Art and the Guggenheim Museum, among others.