Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Cushman & Wakefield Sells Apartment Building on the Upper East Side

06/02/2015

An apartment building at 409 East 87th Street, located between First and York Avenues on Manhattan’s Upper East Side, was sold in a transaction valued at $6,500,000.

The five-story walk-up building contains approximately 8,590 square feet on a 25’ x 100.71’ lot.  It consists of 20 free market units, with 18 studios and two duplexes.  The sale price equates to approximately $757 per square foot.

The property is located less than a block from Carl Schurz Park in the heart of Yorkville.  It is within a short walking distance to the 86th Street statin of the 4, 5, and 6 trains and the Second Avenue subway in the near future.

“Highly contested at a sub 3.5% cap rate, this transaction demonstrates the solid fundamentals and assured appreciation found on the Upper East Side,” said Cushman & Wakefield’s Thomas D. Gammino Jr., who exclusively represented the seller in this transaction with Bob Knakal, Chairman, New York Investment Sales.  The buyer was represented by John Corrado of Weichert, Realtors – The Franzese Group.

06/02/2015 - 20:15

Source

Cushman & Wakefield Capital Markets Group New York

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