Two 86th Street buildings sold for $6M

Two mixed-use buildings on 86^th Street between Fifth and Gelston Avenues have been sold in an all-cash transaction for $6 million.

The buildings at 526-528 86^th Street and at 514 86^th Street, which house TJ Maxx, Starbucks Coffee and Motherhood Maternity, have been up for sale through Massey Knakal Realty for the past several months as part of the Century Portfolio that includes a total of 28 buildings, valued altogether at $250 million.

Local investor Ira Lifshutz purchased the property earlier this month.

“The strength of the retail property market is clear from the tremendous activity we had on these assets,” said Massey Knakal Chairperson Bob Knakal, who exclusively handled this transaction with brokers Stephen Palmese, Mark Lively and Brendan Maddigan.

Knakal told this paper that the buildings’ use will not change.

“The buildings will be completely upgraded,” he said. “The new buyers are considering doing a fairly extensive renovation of the buildings.”