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NEW YORK—A retail condominium unit in Manhattan's well-to-doUpper East Side fetched $28.712 million, according to Avison Young,which represented the seller.

The seller was a partnership headed by Extell Development Co.,which developed the property. Avison Young spokeswoman Gail Donovansaid she was not allowed to disclose the name of the buyer.

Located at the base of The Kent, a new 30-story luxurycondominium building at 1683 Third Ave., the property is split into12,796 square feet at grade and a 9,767-square-foot lower level,for a total of 22,563 square feet. It has 161 feet of frontage onThird Avenue and 51 feet on 95th Street, and is located in theYorkville submarket.

The NYC School Construction Authority occupies 11,492 squarefeet on the ground floor under a long-term lease. The remainingsquare footage is available for lease, according to AvisonYoung.

Representing the seller were Avison Young principals JamesNelson, who is head of Tri-State Investment Sales, Vincent Carrega,Neil Heilman, director Brent Glodowski and associate AngelaMulder.

"The retail condominium at The Kent offered the opportunity toacquire a newly constructed retail space in the base of a beautifulluxury Upper East Side property with a built-in tenancy and anin-place cash flow, as well as future upside with the remainingavailable space," Nelson said. "Even in this challenging retailmarket, Avison Young found that there was significant interest inthis investment, driven primarily by the credit of a long-termlease with the New York City School Construction Authority for aPre-K school, servicing thousands of residential units and youngfamilies in the Yorkville neighborhood."

Earlier this year, a pair of mixed-use buildings in the nearby Lenox Hillneighborhood sold for $13.85 million.  The five-storybuildings at 1364 York Ave. and 1368 York Ave. have 608 square feetand 4,184 square feet of commercial space, respectively.