First Sale in 35 years, Spacious Turtle Bay commercial condo hits the market….
Adelaide Polsinelli, Vice Chairman of Compass, a publically traded, technology-driven, real estate platform, along with Suzanne Sunshine, also of Compass, have been hired to market for sale, an exceptional ground floor, condo at the base of 309 East 49th Street, between 1st and 2nd Avenues, walking distant to The United Nations, Midtown East and Medical Mile.
The condominium consists of a commercial unit in a 22-story residential condominium building. The building overall contains an estimated 125,881± square feet of gross building area and was constructed in 1982 and converted to condominiums in 1989.The unit contains of approximately, 3,934 square feet and is occupied by the American Psychoanalytic Association.
The commercial unit will be delivered vacant for a user. The location and size make this property an excellent candidate for medical, education, of non-profit use.
“This exceptional retail condo offers generous 80’ frontage on 49th Street, making it ideal for multi-tenanted use as well as any combination of owner-user possibilities,” Polsinelli commented. “The expansive size and midtown location, makes this a unique opportunity for medical, educational and office uses,” Polsinelli continued.
“As New York City’s real estate landscape evolves, I am seeing a surge in owner users stepping up to purchase real estate for their own businesses,” concluded Polsinelli.
While the pandemic dealt a major setback to New York City, the shift in retail shopping patterns to e-commerce, added a double blow to an already struggling retail market. Fortunately, we are finally seeing signs of a strong resurgence as more retailers committing to long term positions. This boost in activity is just what Manhattan needed to remind retailers and investors that we are in a “once in a cycle” opportunity.
“As we turn the corner on Covid, more businesses will be placing bets on real estate”, added Polsinelli. “What better time to buy, than at the bottom of a ten year cycle?” Polsinelli concluded.
About Polsinelli:
With over 30 years of experience, Polsinelli has sold over 1,500 properties, valued at over $40 billion in every asset class including multifamily, retail, office, development, note sales, air rights, partnership interests, unsold shares and retail condos. She has sold over $1.5 billion in the last few years, spanning NYC, Miami, Boston, Chicago and most of the northeast corridor. Prior to joining Compass, she was a Principal at the now defunct, Eastern Consolidated.
About Compass: is a technology-driven real estate platform dedicated to creating a seamless and intelligent buying, selling, and leasing experience. Combining the country’s top agents, proprietary market insights, and integrated mobile and web technologies, Compass is developing the future of real estate decision-making. With $1.95 Billion in revenue, and $77 Billion in sales volume, Compass has 238 offices with locations in 122 markets, including New York City, Washington DC, Boston, Miami, Los Angeles, Santa Barbara, the Hamptons, and Aspen. New funding fuels international expansion, enhanced technology developments for agents and consumers. Compass was founded by Ori Allon, who sold two previous companies to Google and Twitter, and business partner Robert Reffkin, a former White House Fellow and Chief of Staff to Goldman Sachs’ President & COO.
