249 East 48th Street, New York City, NY 10017-1535

Avison Young, as exclusive agent, is pleased to offer for sale three retail condominium units (the "Property") totaling 7,418 square feet at the base of Turtle Bay House, located at the corner of East 48th Street and Second Avenue in one of Midtown Manhattan's most established residential neighborhoods. Featuring 112' of frontage on 2nd Avenue, this offering represents a rare opportunity to acquire a fully occupied, income-producing retail portfolio underpinned by long-term tenancies, meaningfully below-market rents, and a compelling value-add thesis through tax remediation.

The Property is 100% occupied by six neighborhood-service tenants including a gourmet market, barber shop, dry cleaner, nail salon, frame shop and Turtle Bay Chemists, an apothecary established in the 1960s. These tenants collectively deliver steady, cycle-resistant cash flow. With a weighted average lease term of 8.5 years, an investor acquires not only immediate income but exceptional near-term cash flow visibility.

Current in-place rents average approximately $77 per square foot against a market that supports rents in the range of $130 per square foot, representing a discount of more than 40% to prevailing market levels. This gap is the product of long-standing tenant relationships and a historically passive ownership structure, and it translates directly into meaningful mark-to-market upside as leases roll. Further upside lies in the potential to contest taxes which are currently outsized as relative to the typical NYC benchmark.

249 East 48th Street presents a compelling combination of in-place income stability and clearly defined value-add potential, making the Property an attractive acquisition for investors seeking a low-risk entry point into Manhattan retail with measurable upside through mark-to-market rents and a potential tax certiorari.